The charge is that economists suffered from “physics envy” which led them to formulate elegant theories and models – using sophisticated mathematics with impressive quantitative finesse – deluding themselves and the world at large that their models have more exactitude than they actually did. Is economics like physics? 11.
But, the lack of access to credit remains a major barrier to the further development and sustainability of MSMEs. As of end-December 2019 or prior to the onset of the COVID-19 pandemic, MSME loans of the Philippine banking system only account for 8.8 percent of total business loans and 6.1 percent of total loans. This is mainly attributed to two factors.