Comment on We won’t fix inflation while economists stay in denial about its causes
Zagorath@aussie.zone 1 year agoAye, there’s a reason economics is called “the dismal science.”
Comment on We won’t fix inflation while economists stay in denial about its causes
Zagorath@aussie.zone 1 year agoAye, there’s a reason economics is called “the dismal science.”
Pons_Aelius@kbin.social 1 year ago
Because it is not a science.
A founding principle of economics is that people make rational economic decisions...
No1@aussie.zone 1 year ago
Perfect information is my favourite !
“With perfect information in a market, all consumers and producers have complete and instantaneous knowledge of all market prices, their own utility, and own cost functions.”
Salvo@aussie.zone 1 year ago
Pure Economic is a science, but popular implemented Economic is a pseudoscience at best. It has been corrupted by commercial interests.
Different types of science are derivative of other forms of science. Physics is just applied Mathematics, Chemistry is applied Physics, Biology is just just applied Chemistry, Psychology is just applied Biology and Mathematics is applied Psychology.
Pure Economics is an amalgam of Psychology and Mathematics.
Economic Rationalism is a oxymoron because Economic relies on irrational psychology and is subject to change based on observations.
Pons_Aelius@kbin.social 1 year ago
A statement is not a fact. Prove your statement.
This implies Psychology thinks people are rational, it does no such thing.
You are almost there:
Economics is a science is a oxymoron because Economics relies on irrational people being rational.
vividspecter@lemm.ee 1 year ago
That last statement is one view of one theory (that happens to be the predominant one), it’s not like this a fundamental tenet of economics.
But you might like behavioural economics and doughnut economics as alternative views that don’t hold the individual as rational actors.