The 9 year old aside, I’m skeptical when anybody on social media claims they’re going to explain ANYTHING about economics. Even the best people in the world at it only KIND OF know what they’re doing.
I explained economics to my nine year old
Submitted 4 days ago by sentient_loom@sh.itjust.works to [deleted]
https://sh.itjust.works/pictrs/image/18ccaa3c-3901-4e81-a4f2-c8117b9c605c.jpeg
Comments
mycodesucks@lemmy.world 4 days ago
TropicalDingdong@lemmy.world 4 days ago
anybody
on social mediaany one including economists*, claims they’re going to explain ANYTHING about economics.ftfy
VitoRobles@lemmy.today 4 days ago
This is my takeaway from listening to NPR Planet Money.
Economists are never sure about anything, because that’s not how the world works. They only give rough estimations based on the current data, and say words like “maybe” or “high possibility”.
They’re not sith lords.
mycodesucks@lemmy.world 4 days ago
It’s true, but it’s not because of their lack of knowledge, it’s because of the nature of the system they’re talking about. The economy is based on thousands of tiny variables, and which ones are relevant changes depending on the current state. Small changes to one part create feedback loops that effect other parts. It’s also not linear. You can change one thing by 1% and wind up changing other parts of the economy by 50%.
Economists take their best guesses based on the models and understanding they have right now, but it’s not like engineering - it’s notoriously hard to predict what the real causes and impact of anything will be. So you’re absolutely right - everything is an estimate because the system is in inherently chaotic.
outhouseperilous@lemmy.dbzer0.com 4 days ago
Also it’s the dumbest religion
UnderpantsWeevil@lemmy.world 4 days ago
Even the best people in the world at it only KIND OF know what they’re doing.
The best people in the world are very rarely the ones makes the decisions.
A bit like asking a team of NASA engineers why the latest SpaceX launch failed. They’re too busy getting downsized to give you an educated response
FanciestPants@lemmy.world 4 days ago
Engineer: It failed because it blew up. If it hadn’t blown up, the chances of success would have been much higher.
mycodesucks@lemmy.world 4 days ago
That’s true too, but you’re also talking about a chaotic system, and chaotic systems are stubbornly hard to accurately predict even with perfect knowledge.
Economic forecasters are like weather forecasters. The really good ones give you their best guesses, but it’s still not a guarantee of anything - there are too many variables and even the tiny ones can have a huge impact on results.
Jiggle_Physics@sh.itjust.works 3 days ago
macro economics is astrology for MBA bros
sundray@lemmus.org 4 days ago
I explained economics to my nine-year-old once. He’s a golden retriever mix, and the explanation was in the form of a song called “Who’s a fluffy boy? Yoooou are a fluffy boy!”
PhobosAnomaly@feddit.uk 4 days ago
This is like one of those two-line horror stories.
The economy is coming from inside the building!
joyjoy@lemmy.zip 4 days ago
The economy is like fairies. If you don’t believe in it, it stops existing.