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Articles paywalled. But the irony of an economist trying to explain why they aren't wrong using the failed quasi science that is economics is lulzy as hell. Ec

Articles paywalled. But the irony of an economist trying to explain why they aren't wrong using the failed quasi science that is economics is lulzy as hell. Economics isn't a science it's a collection of hypotheticals which rarely maintains consistency in results. To place such weight on these hypotheticals as we do, well we reap what we sow as they say.

colinmhayes 5y ago
This is just a strawman. No one is claiming economics is a science with ground truth. That being said, people on the aggregate do generally act rationally, and they absolutely respond to incentives, which is pretty much all you need for economics to be useful.
- gtvwill 5y ago
  Actually mate they try pass economics of as a science so regularly they use it to influence policy. Which if the title of this article is correct. It's been part of the reason our environmental policiea globally have been so woeful ("you can't do that you'll ruin the economy"). It's the case here in aus and most of the western world, your telling yourself porky pies if you think it's not happening. Economics places be all and end all weight on growth and dollars. When for the most of us that results in detrimental outcomes. For example as I write this I'm currently in a motel because my house is flooded out by a 1 in 100 year flood, the 2nd time this month....
  - colinmhayes 5y ago
    > Actually mate they try pass economics of as a science so regularly they use it to influence policy. I don't see how economics influencing policy means people think econ is a physical science. What I do know is that "you can't do that you'll ruin the economy" is not something economists ever say. That's something politicians say. Economists widely support policy that may have negative short term effects in order to achieve long term gains, but these policies aren't politically viable, so they are ignored. The idea that climate change is in some way caused by economics is misguided. Climate change is caused by human nature. People are extremely unwilling to make sacrifices when they aren't sure they'll see the results. That's why our environmental policies have been so woeful, not because economists object.
geysersam 5y ago
Agree 100%. Economic theory is more moral philosophy and religion than science. To begin with, its fundamental motivation rests on utilitarianism. But then it also fails to accomplish that goal because it values the utility of a rich person buying something expensive more than it values ten poor persons buying something essential. That's also why a carbon tax does not work.

colinmhayes 5y ago

This is just a strawman. No one is claiming economics is a science with ground truth. That being said, people on the aggregate do generally act rationally, and they absolutely respond to incentives, which is pretty much all you need for economics to be useful.

gtvwill 5y ago
Actually mate they try pass economics of as a science so regularly they use it to influence policy. Which if the title of this article is correct. It's been part of the reason our environmental policiea globally have been so woeful ("you can't do that you'll ruin the economy"). It's the case here in aus and most of the western world, your telling yourself porky pies if you think it's not happening. Economics places be all and end all weight on growth and dollars. When for the most of us that results in detrimental outcomes. For example as I write this I'm currently in a motel because my house is flooded out by a 1 in 100 year flood, the 2nd time this month....
- colinmhayes 5y ago
  > Actually mate they try pass economics of as a science so regularly they use it to influence policy. I don't see how economics influencing policy means people think econ is a physical science. What I do know is that "you can't do that you'll ruin the economy" is not something economists ever say. That's something politicians say. Economists widely support policy that may have negative short term effects in order to achieve long term gains, but these policies aren't politically viable, so they are ignored. The idea that climate change is in some way caused by economics is misguided. Climate change is caused by human nature. People are extremely unwilling to make sacrifices when they aren't sure they'll see the results. That's why our environmental policies have been so woeful, not because economists object.

geysersam 5y ago

Agree 100%. Economic theory is more moral philosophy and religion than science. To begin with, its fundamental motivation rests on utilitarianism. But then it also fails to accomplish that goal because it values the utility of a rich person buying something expensive more than it values ten poor persons buying something essential. That's also why a carbon tax does not work.