3 ms·
the problem with economics is its self-conscious insistence on being taken seriously as a rigorous, hard(ish) science which leads to an over use of complex, fan
by localhost3000 13y ago
the problem with economics is its self-conscious insistence on being taken seriously as a rigorous, hard(ish) science which leads to an over use of complex, fancy looking mathematical models that, given the subject, require a great many assumptions to "work". in a dynamic, human-created system with constantly changing rules (society) those assumptions are often massive over simplifications or quickly made obsolete with the passage of time. better to think of economics as philosophy with which statistics might be applied rather than a science in and of itself...(i have a graduate degree in economics)
- deleted 13y ago[deleted]
- gordaco 13y agoAnd don't forget that the object of study is actually sensible to predictions about it, in multiple ways, which gives a new dimension to that can of worms. I'd say that the main problem is that economists are using numbers, and they really want to use them, but they're using them blindly. They'd love to be treated as physicists, but, sorry, they aren't yet. Economy is a very green field with little actual prediction capabilities (at least on a macro scale), and the sooner we accept it, the better. And the bottom line: never ever trust anyone trying to justify the application of some economic policy based on mid-term or long-term predictions, no matter how many numbers may they throw at you.