Economics is basically horoscopes for old rich white dudes. They veil their practice in “scientific” language/mathematical models and then have the audacity to make claims like “future consumption should be discounted simply because it takes place in the future and people generally prefer the present to the future (inherent discounting)” or create models on the assumption that growth is forever sustainable in a closed system with inherently limited natural resources.
Really is concerning that society has yet to break free from the influence of sooth sayers. There really isn’t much of a difference between the leaders of states listening to an economics major or listening to a young girl getting high on volcanic fumes at the temple of Delphi.
Most economic theorizing is, but the fundamentals are sound. There are simple equations that measure markets accurately, but they can’t tell you a thing about how material reality actually behaves. They cannot tell you which technologies will have which impact. They cannot predict the future any more than gut feelings, but basic principles can explain everything accurately after the fact.
Unfortunately, economics is the most valuable science to those with power, giving ample motivation for bs ideas to flourish and accurate ideas to be misused. All science gets sensationalized, but economics gets absolutely corrupted at all levels more than any other.
Economics is basically horoscopes for old rich white dudes. They veil their practice in “scientific” language/mathematical models and then have the audacity to make claims like “future consumption should be discounted simply because it takes place in the future and people generally prefer the present to the future (inherent discounting)” or create models on the assumption that growth is forever sustainable in a closed system with inherently limited natural resources.
Really is concerning that society has yet to break free from the influence of sooth sayers. There really isn’t much of a difference between the leaders of states listening to an economics major or listening to a young girl getting high on volcanic fumes at the temple of Delphi.
Most economic theorizing is, but the fundamentals are sound. There are simple equations that measure markets accurately, but they can’t tell you a thing about how material reality actually behaves. They cannot tell you which technologies will have which impact. They cannot predict the future any more than gut feelings, but basic principles can explain everything accurately after the fact.
Unfortunately, economics is the most valuable science to those with power, giving ample motivation for bs ideas to flourish and accurate ideas to be misused. All science gets sensationalized, but economics gets absolutely corrupted at all levels more than any other.