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Economics is not physics. It has no laws. And the field could not exist if it were zero-sum. Edit: I should clarify that economics does not have laws in the sa
by LaMarseillaise 5y ago
Economics is not physics. It has no laws. And the field could not exist if it were zero-sum.
Edit: I should clarify that economics does not have laws in the same way physics does. The ‘law of diminishing returns’, for example, is more of a trend or generalization than an absolute, and is frequently violated in a way that gravity is not.
Economics is also still not a well understood field. There may be government policies with unexpected effects due to that incomplete understanding. We have seen this many times.
- yardstick 5y ago> And the field could not exist if it were zero-sum. Is that an Economics law?
- WalterBright 5y agoThe money supply increases naturally with supply & demand. Inflation happens when the government prints money it has no intention of ever covering. > Economics is not physics Countries often deny the reality of economics, until their economies crash. Not one has successfully repealed the laws of economics.
- atlantas 5y agoLook up power laws.
- barrenko 5y agoWe don't understand our actions. We call it economics. But does not mean there are no laws because we don't want to see them.