Comment on We won’t fix inflation while economists stay in denial about its causes

• 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.”

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• 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.

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  • Pons_Aelius@kbin.social ⁨1⁩ ⁨year⁩ ago

    Pure Economic is a science _

    A statement is not a fact. Prove your statement.

    Pure Economics is an amalgam of Psychology and Mathematics.

    This implies Psychology thinks people are rational, it does no such thing.

    Economic Rationalism is a oxymoron because Economic relies on irrational psychology

    You are almost there:

    Economics is a science is a oxymoron because Economics relies on irrational people being rational.

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    • vividspecter@lemm.ee ⁨1⁩ ⁨year⁩ ago

      Economics is a science is a oxymoron because Economics relies on irrational people being rational.

      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.

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      • angrystego@kbin.social ⁨1⁩ ⁨year⁩ ago

        Exactly. There is science-based economics and there's also pseudoscience economics. They exist next to each other. It's a similar situation as in medicine.

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