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The more interesting question would be what problems has economics solved?
by mrfusion 4y ago
The more interesting question would be what problems has economics solved?
- Mikeb85 4y agoAsk any bank or mega-corp who hires economists for 7 figures what problems they solve... Up-thread it was pointed out that Amazon hires many economists.
- kolbe 4y agoI can't speak for Amazon, but in finance, employers are much more interested in the tools that Economists learned in the process of getting their degrees than they are in their economic forecasts.
- Mikeb85 4y agoWell forecasting is a small part of macroeconomics. For lots of traders and firms it also doesn't really matter and if it does, it would be only one small team of many. Most of the stuff I learned that I've used in my career is related to things like consumer choice, price bundling and profit optimization, game theory, stats and econometrics.
- martincolorado 4y agoRoth and Shapely won the 2012 Nobel Prize for theoretic work that helped match donors with patients in need of organ transplants: https://www.npr.org/sections/health-shots/2015/06/11/412224854/how-an-economist-helped-patients-find-the-right-kidney-donor https://www.npr.org/sections/health-shots/2015/06/11/4122248...
- danielmarkbruce 4y agoIf you add "Macro", then yeah, valid question.
- colinmhayes 4y agoFiat currency has lead to the longest period of growth in human history. America was in a 50 year depression prior to the introduction of fiat because the government wasn't able to control deflation, which it turns out is about the worst thing that can happen to an economy.
- danielmarkbruce 4y agoI guess so - but is a fiat currency an outcome of the study of macroeconomics? I think they had fiat in china a thousand years ago. Maybe someone at that time and place was making up some theory which would reasonably be regarded "macroeconomics" ?
- colinmhayes 4y agoWell Google/facebook/the entire internet are built on the back of auction systems designed by economists to start.