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Saturday, 15 December 2018
quote [ complaints of students who said they’d studied economics to understand issues like poverty, inequality ... but faced years of abstract economic
When the global economy went into free fall, economists suffered a severe loss of credibility. They were vilified for not anticipating the financial crisis and further berated for their inability to offer credible ways to speed up the weak recovery, It has prompted a period of soul-searching among economists to try and correct their errors. ] My memory of Econ 101 was supply and demand, everyone makes rational economic decisions. I never believed everyone makes the rational economic decisions, and knew universities were teaching BS, just had to suck it in to get on the tread mill of economic survival.
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Comments
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arrowhen said @ 4:48pm GMT on 15th Dec
An economist is someone who will walk past a $20 bill they find on the sidewalk because somebody would have already picked it up.
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backSLIDER said @ 6:28pm GMT on 15th Dec
[Score:1 Funny]
Well there must be an equivalent cost associated with bending over to get it other wise it wouldn't be there.
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rylex said @ 12:03am GMT on 17th Dec
I see you have never played 'poo dollar'
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lilmookieesquire said @ 11:52pm GMT on 15th Dec
Economic theory takes place in a simplified universe. Its a good stab at a model, but woefully lacking. The joke is finance is how things work and economics tries to justify it.
Economics is quite fine as long as the assumptions built into the theory aren’t glossed over. (They are always glossed over) |
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arrowhen said @ 12:00am GMT on 16th Dec
[Score:2 Good]
Assume a spherical cash cow.
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Bruceski said @ 3:02am GMT on 16th Dec
[Score:1 Insightful]
If people don't act how the model predicts, clearly the people need to be corrected.
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arrowhen said @ 4:15am GMT on 16th Dec
Or at least accounted for in the model.
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Bruceski said @ 5:04am GMT on 16th Dec
That's crazy talk. Look how elegant the model is, it can't be wrong!
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hcuser said @ 6:10pm GMT on 16th Dec
Don't ask what the model can do for you; ask what you can do for the model!
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Fish said @ 3:26pm GMT on 20th Dec
[Score:-1 Boring]
filtered comment under your threshold |
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steele said @ 6:18pm GMT on 16th Dec
"Everything taught in Economics 101 is oversimplified bullshit." - Economics 201
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Bruceski said @ 8:11pm GMT on 16th Dec
I've been spoiled by physics where everything you learn early on may be "wrong" but only for edge cases. It works fine until then, and so learning more detailed physics is just expanding the edge.
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steele said @ 6:04pm GMT on 17th Dec
Physics doesn't care about your feelings. ;)
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TM said @ 12:15am GMT on 17th Dec
Three economists go out deer hunting together. They're standing side by side when a magnificent 16-point buck steps out of the forest, just yards away. The first economist fires, but all his buckshot go in front of the deer. The second economist fires, but all his buckshot go behind the deer. The third economist doesn't even pull the trigger: he just starts jumping up and down, joyfully yelling "We got it! We got it!"
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mechavolt said @ 2:52am GMT on 17th Dec
A physicist, an engineer, and an economist are stranded on a desert island. They manage to salvage a single can of food for their survival, and set about the task of opening it. The physicist begins scribbling in the sand, determining exactly how much force would open the can and at what angle it should applied. The engineer gets fed up waiting and begins dropping rocks on the can, throwing it against a tree, trying anything to see what sticks. Meanwhile, the economist confers with the physicist, "Okay, so assume that we have a can opener..."
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mechanical contrivance said @ 4:57pm GMT on 17th Dec
Someone needs to hurry up and perfect psycho-history.
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