I don’t know enough about economics as a field to properly discuss it.
Yes, this is correct. String theory is a very elegant mathematical theory, which at the moment has absolutely no relationship to the real world other than the fact that it’s consistent with quantum field theory. And although string theory gets all the press, it’s far from the only field of ‘physics’ which is basically just maths — my department has a research group specialising in quantum information theory and black holes, and from what I’ve seen it’s not that different there.Oh, and if you listen to Hossenfelder, string theory.
That being said, being ‘basically just maths’ doesn’t invalidate a research area in any way. Pretty much the entirety of theoretical quantum computation is physically unrealisable at the moment, but that doesn’t mean it can’t be applied one day. I know quite a few people in quantum optics, and they spend most if not all of their time doing theory too. This kind of thing is why I feel that mathematics is so important in actually doing physics. I might summarise my position as: ‘physics is the mathematics of the real world’.