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Someone please correct my impression here, but why aren't both macro- and micro-econ viewed as a largely academic ideal that completely ignores many realities o
by imglorp 7y ago
Someone please correct my impression here, but why aren't both macro- and micro-econ viewed as a largely academic ideal that completely ignores many realities of human civiliation?
I'm thinking specifically of malice and manipulation, at all levels of all systems: if there is a way to enrich (ie steal), motivation is towards it happening and towards weakening rules and oversight. For example, who wants to quibble over peanuts like $1T federal deficits or $10T NASDAQ total caps when there are $370T tied to the LIBOR, which has a big fat steering wheel on it? Your econ textbook doesn't have a nice chart for that.
https://www.bloomberg.com/news/articles/2018-05-06/libor-refuses-to-die-setting-up-battle-for-benchmark-supremacy https://www.bloomberg.com/news/articles/2018-05-06/libor-ref...
- ur-whale 7y ago> why aren't both macro- and micro-econ viewed as a largely academic idea Because it's easier to get funding when you claim to be a science. The fact that the discipline has exactly zero predictive power is rarely brought up by practitioners (of course), nor particularly noticed from the people who consume the by-product of said discipline.
- baja_blast 7y agoEconomists are the Wizards/Shamans of today, both pretend to have special insight and knowledge of how future outcomes will unfold only difference is instead of cutting off the head of a chicken and seeing where it lands, they have "models".
- paulddraper 7y agoFor the same reason that computer science focuses on academic ideals more than user privacy, social engineering, censorship, fraud, addiction, etc. Those do affect how computing is done in the real world, but they are very squishy and opinionated topics.