Field of Economics in a nutshell.

Original post by ChaoticButterfly

Economist 1: "Maybe we should rethink our models."

Economist 2: "Nah"

I prefer Economic History.

Reply 2

Summertime99

4

Me : I agree! It's a stupid field

Also me: *continues to study it

Reply 3

that's austerity for you

Reply 4

chemting

16

"I can calculate the motion of heavenly bodies, but not the madness of people." - Isaac Newton

Reply 5

Original post by mangala

that's austerity for you

How dare we not continue spending.

Reply 6

Original post by Aceadria

How dare we not continue spending.

austerity > hurts poor working people
taxing the rich > they cant buy as many sports cars

so why do we have austerity instead of temporarily taxing the rich higher until the economy recovers?

Reply 7

Original post by mangala

austerity > hurts poor working people
taxing the rich > they cant buy as many sports cars

so why do we have austerity instead of temporarily taxing the rich higher until the economy recovers?

You're right, taxation solves everything. I mean look at what happened in France when Hollande tried to tax the rich. Swell.

Reply 8

Original post by Aceadria

You're right, taxation solves everything. I mean look at what happened in France when Hollande tried to tax the rich. Swell.

*completely ignores the collapse of greece because of austerity*

Reply 9

FriendlyPenguin

20

Original post by mangala

austerity > hurts poor working peopletaxing the rich > they cant buy as many sports carsso why do we have austerity instead of temporarily taxing the rich higher until the economy recovers?

Because the rich will go somewhere else, and we get NO tax from them

Original post by mangala

*completely ignores the collapse of greece because of austerity*

*completely ignores other reasons such as the debt Greece hid, bad employment practices, black economy, rapidly ageing population and generous pensions, ridiculously large public sector and corruption...*

(edited 8 years ago)

Reply 10

High Stakes

18

Spoiler

Lol I find these arguments kind of silly. Economics is not accurate at forecasting, yes, I think everybody agrees on that. The field attempts to predict decisions humans make predicated on the assumption that we are all rational. The problem with Economics is that we make a lot of assumptions in our models. But as the field develops and progresses are models ought to become more and more accurate. If everyone gave up now and didn't even try to further the field we won't be any nearer to better understanding our economy. Duh.

Reply 11

Original post by Mathemagicien

Because the rich will go somewhere else, and we get NO tax from them

we barely get tax from them anyway loooooooool

Reply 12

Original post by mangala

*completely ignores the collapse of greece because of austerity*

Economic History 101: there's more to the status quo than the last decade.

Reply 13

Original post by mangala

we barely get tax from them anyway loooooooool

Who fault is that? You can tax the rich £1 for every £1 they earn, it will make no difference as long as tax loopholes are around.

Reply 14

Original post by High Stakes

Spoiler

Lol I find these arguments kind of silly. Economics is not accurate at forecasting, yes, I think everybody agrees on that. The field attempts to predict decisions humans make predicated on the assumption that we are all rational. The problem with Economics is that we make a lot of assumptions in our models. But as the field develops and progresses are models ought to become more and more accurate. If everyone gave up now and didn't even try to further the field we won't be any nearer to better understanding our economy. Duh.

Economic History - the hint is very much in the name.

Reply 15

Original post by Mathemagicien

*completely ignores other reasons such as the debt Greece hid, bad employment practices, black economy, rapidly ageing population and generous pensions, ridiculously large public sector and corruption...*

its bad employees? it was a combination of the rich not paying tax and running a 200% deficit budget

Reply 16

Plagioclase

21

Original post by Mathemagicien

Because the rich will go somewhere else, and we get NO tax from them

So your solution is to worship the ultra-wealthy and do everything possible to appease them? You seem to be advocating allowing the wealthy to bully the rest of society.

Reply 17

Original post by Aceadria

Who fault is that? You can tax the rich £1 for every £1 they earn, it will make no difference as long as tax loopholes are around.

the rich, because the rich run the country and have put /left those loopholes there

Reply 18