Economicsgirl08
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#1
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Hey, I'm writing an essay with the title whether or not economics is a failing subject and would like to express the views of members of the student room in it. Please reply with anything you have to say regarding this topic, thanks!
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NikolaT
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What do you mean by failing?

Failing in terms of popularity, usefulness, or what?
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gr8wizard10
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Hell no. Best subject to date.
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Bloxorus
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Well you need to change the essay title to something you can actually write about because the answer to you're current title is "no".
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idelaghetto
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lol
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MrEFeynman
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The current forms economics take today are all inevitably going to fail. As they all assume growth (GDP) can carry on indefinitely, even though growth requires more of nature's resources, to be able to happen at all. It is a fact that the Earth is rapidly being drained of it's natural resources at an exponentially growing rate. Couple this with the percentage of the global population that consume the vast majority of those resources, then add to the mix the economic development of the low consumption population, so they begin to consume as much resources as us in the west. Well the outcome should be pretty obvious.

Another factor is the piss poor design of the global currency system (fiat currency). Once markets decoupled profits from natural resources, and added speculation on money, property, etc. Things which are not natural resources, the amount of money in the global economy increased dramatically. At this point in time, the amount of currency compared to actual physically solid assets is 5 - 1. Meaning that there is too much money sloshing around in economies, which naturally creates speculative bubbles that will always burst and crash economies.

The fact that so much of this money is owned by a very small Group of people, means it does not get redistributed around the economy in a balanced way. Hence why Investment Banks and Hedge Funds are so wealthy. The money is used to speculate on items of no real value, with 0 benefit to the public, or societies around the World.
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Bulbasaur
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(Original post by MrEFeynman)
The current forms economics take today are all inevitably going to fail. As they all assume growth (GDP) can carry on indefinitely, even though growth requires more of nature's resources, to be able to happen at all. It is a fact that the Earth is rapidly being drained of it's natural resources at an exponentially growing rate. Couple this with the percentage of the global population that consume the vast majority of those resources, then add to the mix the economic development of the low consumption population, so they begin to consume as much resources as us in the west. Well the outcome should be pretty obvious.

Another factor is the piss poor design of the global currency system (fiat currency). Once markets decoupled profits from natural resources, and added speculation on money, property, etc. Things which are not natural resources, the amount of money in the global economy increased dramatically. At this point in time, the amount of currency compared to actual physically solid assets is 5 - 1. Meaning that there is too much money sloshing around in economies, which naturally creates speculative bubbles that will always burst and crash economies.

The fact that so much of this money is owned by a very small Group of people, means it does not get redistributed around the economy in a balanced way. Hence why Investment Banks and Hedge Funds are so wealthy. The money is used to speculate on items of no real value, with 0 benefit to the public, or societies around the World.
This this this!
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ParetoOptimum
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What analytical viewpoint are you taking? Economics' value as a theoretical framework of human activity? Economics' value as a subject taught in school and universities? Or economics' place in policy-making circles?

The answer will be very dependent on the above. For example, as some posts above have alluded to, economics is always being bashed as a poor way of explaining how societies function and/or should function. But within governments and beyond, economics is the top social science in terms of authority and respect. Governments, agencies (and businesses) employ economists by the bucket-load to help research and shape policies of shapes and sizes
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