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from the how-bad-can-something-called-the-dismal-science-be? dept.
An Anonymous Coward writes:
Economics affects us all, so why do so many remain ignorant of the fundamentals? Murray Rothbard said: "[I]t is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance."
Personally I'm tired of having to defend economics against both the mainstream advocates (with their broken models) and their critics (who tar economics with one brush). I take the time to educate myself and speak out, based on reason, not angry ignorance, and not on smugness, numerology, and appeals to the authority Lord Keynes.
There is a deep-seated tendency for people to misapply physical science techniques to the social sciences. This has resulted in mainstream economics degenerating into a modern day numerology. However there are intellectually sound schools of economics that do not attempt to treat human actions like Newtonian atoms.
This article from The Mises Institute discusses how and why mainstream economics has lost its way.
(Score: 5, Insightful) by Anonymous Coward on Monday December 19 2016, @03:37AM
If it were a science it would follow actual scientific method. It's at best a cargo cult and mostly a vehicle for opinions. As far as trends go, big money backs an opinion for a while until enough get burned then they switch horses. It's all a scam.
If you missed the last n decades and still need a reminder, just listen to the blather from the awardees of the Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne. Seriously, read their incoherent award speeches. It's just a bunch of cargo-culting mixed with some money and wishful thinking. A committee of banskters picks a theme for the year, then they pick some clown that represents that theme. Theirs is an opinion, one backed by big money, but just another opinion and not science.
(Score: 2) by jdavidb on Monday December 19 2016, @03:40AM
If you missed the last n decades and still need a reminder, just listen to the blather from the awardees of the Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne. Seriously, read their incoherent award speeches. It's just a bunch of cargo-culting mixed with some money and wishful thinking.
That award has nearly nothing to do with the Misesian economics that is the subject of this article, though. Not that any of us is going to start reading the f'ing article any time soon; I wouldn't want to break with tradition.
ⓋⒶ☮✝🕊 Secession is the right of all sentient beings
(Score: 0) by Anonymous Coward on Monday December 19 2016, @04:04AM
That is "von Mises" to you, you non-Aryan! Trump rules! Hail victroy! White sumprezemy! (Seriously, Austrian Circle, dude! Look it up. )
(Score: 0) by Anonymous Coward on Monday December 19 2016, @08:15AM
Yes von Mises, that Austrian jew that fled nazi occupation to the US?
(Score: 0) by Anonymous Coward on Monday December 19 2016, @07:57PM
(((von Mises)))!
(Score: 2) by jdavidb on Monday December 19 2016, @09:28PM
(Seriously, Austrian Circle, dude! Look it up. )
I read that sort of stuff every day.
ⓋⒶ☮✝🕊 Secession is the right of all sentient beings
(Score: 2) by The Mighty Buzzard on Tuesday December 20 2016, @03:43AM
You know there are less Klan members in the entire nation than there were people at most Trump rallies, yes? White supremacy is not a very intelligent place to shovel blame.
My rights don't end where your fear begins.
(Score: 3, Interesting) by Phoenix666 on Monday December 19 2016, @11:51AM
The article is not worth reading. Empty of content, really. I find it hard to take an article on economics seriously when it does not include math.
Washington DC delenda est.
(Score: 0) by Anonymous Coward on Monday December 19 2016, @07:45AM
It is science, it's just that there are too many variables to test theories well, and so speculation is used instead. There may be a relationship found between X and Y, but it's hard to say if it's coincidental or indirect. And the nature of the economy changes over time such that historical records may not be very relevant to today.
A messy science is probably better than no science.
(Score: 2) by The Mighty Buzzard on Tuesday December 20 2016, @03:50AM
No, it's really not. Down that road lie things like believing Keynes might be on to something. If you can't use the scientific method, you need to STFU calling things science.
My rights don't end where your fear begins.
(Score: 4, Insightful) by TheRaven on Monday December 19 2016, @11:30AM
It's important to differentiate economics, as a discipline studied in universities, and economics as a buzzword used in media and government. The first does follow the scientific method. It observes a system, makes predictions, and refines models based on its observations of the changes to the system. The latter cherry picks ideas (often ones discredited decades ago based on observation of the real world), wraps them up in ideology, and then uses them to form policy.
It is incredibly rare for someone introduced as an economist on television or in other news sources to actually be a practicing economics researcher. At best, they're someone who got a PhD in economics and then went off to work in a bank for a few decades.
sudo mod me up