Does control system engineering have a place in economics?
Economists have been exploring control theory applications to macro economics for decades. For example, here is a 40 year-old research paper written in 1976 on the topic.

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  In the past decade, a number of engineers and economists have asked the question: "If modern control theory can improve the guidance of airplanes and spacecraft, can it also help in the control of inflation and unemployment?"


Non-linear adaptive human behavior, uncertainty and governmental decentralization of control (i.e., democracy) are the main reasons I believe control theory has not become a more common tool for policy makers. Economics is simply not an exact science. Whereas engineering is more so. So control theory is more useful in the engineering discipline.