Blame Economists for the Mess We’re In • Hacker News Board

Re: Blame Economists for the Mess We’re In

#21

Post by AshamedCaptain » Sun, Aug 25, 2019, 12:29 PM UTC

abhinai wrote: post #10

Blame no one. I sincerely doubt if humans truly understand economics. I mean we have the data for last 100 years. Maybe more. And everything we know today has been inferred from this data. But honestly, how do we know how economy is supposed to behave over a 20 year period in a world of high frequency trading, automated trading, disruptive technologies, globalization, ability to work remotely, a Continental currency…

If that was true, perhaps economists should put the "economics may be scientific, just not as reliable as you might expect" disclaimer in bolder letters.

Re: Blame Economists for the Mess We’re In

#22

Post by sprafa » Sun, Aug 25, 2019, 12:30 PM UTC

AshamedCaptain wrote: post #21

abhinai wrote: post #10

Blame no one. I sincerely doubt if humans truly understand economics. I mean we have the data for last 100 years. Maybe more. And everything we know today has been inferred from this data. But honestly, how do we know how economy is supposed to behave over a 20 year period in a world of high frequency trading, automated trading, disruptive technologies, globalization, ability to work remotely, a Continental currency…

If that was true, perhaps economists should put the "economics may be scientific, just not as reliable as you might expect" disclaimer in bolder letters.

Good economists do it. What makes you think economics is scientific? To be honest it seems to me we’re at the alchemy level of economics - basically we barely understand what we’re doing

Re: Blame Economists for the Mess We’re In

#23

Post by mrozel » Sun, Aug 25, 2019, 12:30 PM UTC

I get tired of 'blame economist' articles. They're almost always cheap and circumstantial. People often forget that Economics is considered a philosophy and not a science. Sure, its great for coming up with ideas and theories but with this perspective would never put your faith into it like you would STEM.

Re: Blame Economists for the Mess We’re In

#24

Post by sprafa » Sun, Aug 25, 2019, 12:32 PM UTC

gojomo wrote: post #8

Applebaum tries to finger "elfin libertarian" Milton Friedman as "the most important figure". But the specific policies he attributes to Friedman don't seem so bad: * end the draft, replace with well-paid all-volunteer military * let international exchange rates vary * evaluate regulations based on the cost-to-save-a-life Does Applebaum want to bring back the draft? Put exchange rates back under direct political cont…

Friedman also defended a negative income tax which essentially was a form of UBI.

Re: Blame Economists for the Mess We’re In

#25

Post by sprafa » Sun, Aug 25, 2019, 12:32 PM UTC

mrozel wrote: post #23

I get tired of 'blame economist' articles. They're almost always cheap and circumstantial. People often forget that Economics is considered a philosophy and not a science. Sure, its great for coming up with ideas and theories but with this perspective would never put your faith into it like you would STEM.

Absolutely, but politicians use it as if it was scientifically reliable

Re: Blame Economists for the Mess We’re In

#26

Post by einhverfr » Sun, Aug 25, 2019, 12:32 PM UTC

If you have the time and patience to listen to it I strongly recommend listening to Mark Blyth's 2016 lecture entitled "Global Trumpism" where as a political economist he discusses the implications of Keynsian economics, Neoliberalism and the class revolt we now see around the world.

https://www.youtube.com/watch?v=Bkm2Vfj42FY

Re: Blame Economists for the Mess We’re In

#27

Post by Doubl » Sun, Aug 25, 2019, 12:36 PM UTC

Isn't economics one of those disciplines where the more seriously a prediction is taken the less likely it is to be accurate. If people believe a prediction they alter their behavior and as a result the prediction fails.

Re: Blame Economists for the Mess We’re In

#28

Post by gbacon » Sun, Aug 25, 2019, 12:38 PM UTC

> Markets are constructed by people, for purposes chosen by people — and people can change the rules.

Economic law is immutable. There is no changing the law of demand. Price caps will always create shortages and price floors gluts. Even Marx knew this and tried to paper over it with nonsense about historical determinism and the rise of the New Socialist Man.

Re: Blame Economists for the Mess We’re In

#29

Post by gbacon » Sun, Aug 25, 2019, 12:39 PM UTC

einhverfr wrote: post #26

If you have the time and patience to listen to it I strongly recommend listening to Mark Blyth's 2016 lecture entitled "Global Trumpism" where as a political economist he discusses the implications of Keynsian economics, Neoliberalism and the class revolt we now see around the world. https://www.youtube.com/watch?v=Bkm2Vfj42FY

Which individual or group calls themselves neoliberal?

Re: Blame Economists for the Mess We’re In

#30

Post by einhverfr » Sun, Aug 25, 2019, 12:40 PM UTC

gbacon wrote: post #29

einhverfr wrote: post #26

If you have the time and patience to listen to it I strongly recommend listening to Mark Blyth's 2016 lecture entitled "Global Trumpism" where as a political economist he discusses the implications of Keynsian economics, Neoliberalism and the class revolt we now see around the world. https://www.youtube.com/watch?v=Bkm2Vfj42FY

Which individual or group calls themselves neoliberal?

In this regard, he was referring to the transformations in policy away from full employment as a target towards zero inflation as a target. These policies began I think under Ford, but really took off under Reagan.