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You have a point, but unfortunately, the only discipline which claims any real insights into fixing the economy is economics. You know, the "dismal science." It
by gcv 18y ago
You have a point, but unfortunately, the only discipline which claims any real insights into fixing the economy is economics. You know, the "dismal science." It is the discipline in which the introductory books outline the basic rules. Supply, demand, production possibilities curves, all that sensible, good stuff. It all makes sense --- experts in economics should be able to wisely guide nations and markets, right?
Then, the intermediate-level books and classes teach you that some of that intro-level supply-demand stuff is pretty wrong. It only operates under all sorts of unrealistic conditions, kind of like equations in high school physics which disregard friction. So intermediate econ outline all sorts of complications which supposedly help in the real world.
Then, in the seminar-level classes, you learn that none of the intermediate-level theories really ever worked except by accident, and no one who tries to predict or model real-world economic conditions agrees on anything.
- DaniFong 18y agoI think that the dynamics of the latest bubble burst had more to do with psychology, sociology and the moral questions of old than economics, and increasingly people are viewing it that way. What we're dealing with is to a large extent an emotional phenomenon. Trust has flown out, fear has arisen, panic has set in, assumptions are being reanalyzed, and blame is being placed.
- tokenadult 18y ago"You have a point, but unfortunately, the only discipline which claims any real insights into fixing the economy is economics." I've asked this question recently here on HN, http://news.ycombinator.com/item?id=415683 http://news.ycombinator.com/item?id=415683 so I'll follow up in this thread. What would you recommend someone read who wants to learn something more about economics?