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How relevant is economics? Watch

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    (Original post by Maker)
    I bet the CEO at Lehman Bros wished he had someone who advised him do things differently before the bank collapsed.
    I bet after an exam you always think 'i should have done x y z before. There's always a chance something could happen unless you know with certainty it's unlikely you'd make a bold choice especially when it goes against what other competitors are doing.
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    (Original post by JakePearson)
    It's a social science. The problem is that people treat it like an actual science where the results of every action are the same every time - this is not the case.
    That's also true for 'actual' science.
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    (Original post by TableChair)
    That's also true for 'actual' science.
    If I add 2 and 2 I'm going to get 4, no matter where I do the sum and at what point in time. Trade, and dealing with humans based on praxeological principles, is very different. People can ignore economics but as long as humans act (which is always) then the laws of economics will apply, but they are contingent on the time, the circumstances and the desires of the humans involved.
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    (Original post by JakePearson)
    If I add 2 and 2 I'm going to get 4, no matter where I do the sum and at what point in time. Trade, and dealing with humans based on praxeological principles, is very different. People can ignore economics but as long as humans act (which is always) then the laws of economics will apply, but they are contingent on the time, the circumstances and the desires of the humans involved.
    That's maths, not science. There are a bunch of physical systems that exhibit a certain degree of unpredictability, hence why there are so many statistical physicists working in the financial sector. I agree with your second point, but the fact that it the same conditions do not necessarily lead to the same outcome is not a reason that it isn't a science as such.
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    Economics is relevant since humans allocate resources in our societies.

    Economics though will never be an exact science, since you can't predict how millions/billions of people will behave economically, since everybody is different. Also, politics and economics are tied at the hip. So people will always push their political stances on things. Even though the Great Depression ended long ago, economists still don't understand what caused it. This mainly is about macroeconomics though, microeconomics is IMO superior and more relevant. Topics like market forms, theory of the firm, supply and demand, etc., are more straightforward and can be proven to exist.
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    I would agree with various points of view put across.

    It is guess work. Seriously, stuff that you know by common sense economists theorise with outlandish diagrams and complex theories.
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    (Original post by yoyo462001)
    I bet after an exam you always think 'i should have done x y z before. There's always a chance something could happen unless you know with certainty it's unlikely you'd make a bold choice especially when it goes against what other competitors are doing.
    Banks should stop empoying idiots.
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    Lets be honest most of the people on this thread wouldn't know basic economics so their opinions are not exactly qualified.
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    So true.
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    (Original post by MagicNMedicine)
    Lets be honest most of the people on this thread wouldn't know basic economics so their opinions are not exactly qualified.
    Which basic opinions? Supply and demand makes perfect sense, in that all things being equal it costs more to produce a product, and that all things being equal more persons are willing and able to buy a product when the price falls. this is descriptive. The fact that industries are structured differently is also a fact/descriptive, as are cost concepts and short-run and long-run costs.

    Economics falls when predictions or theories of what should be are made. Most if not all of the major trends in macroeconomics have failed. Nobody really is Keynesian or monetarist again, since in their pure forms none of these schools worked when applied. I think basically that macroeconomics should be discarded, calling it a science is *******s.
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    (Original post by abcdefghijklmnopqrstuvwxyz)
    its not

    economics is just stupid guess work
    You are stupid yoursel, and I am not even an economicst
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    (Original post by murray29)
    You are stupid yoursel, and I am not even an economicst
    i am though
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    too bad... wrong school maybe?
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    I think it has some relevance but due to its subjective nature it is not as relevant as it was due to the unpredictability of the financial world in paticular
 
 
 
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