Economics students have a rather fantastic view of the history of their science. Their professors have taught them hate for mainstream economics, which does not make sense. Obviously, mainstream is (by definition) what is being taught to undergraduates. The purpose of this paper is to make clear exactly what is now and has been for forty years the mainstream of economic science. http://www3.unifr.ch/econophysics/sites/default/files/History_Economics_1974_2014_0.pdf
Not sure what this has to do with autism, but the application of advanced mathematics and physics concepts to economics goes as far back as 1947, with Paul Samuelson's "Foundations of Economic Analysis." My background is in mathematics (and I currently work in finance) and I am definitely of the opinion that the over reliance on mathematics in economics is a cause for concern. Also, economics is not a "science."
Yes, the profession of economics definitely needs more creative thinking, more astute observations, more common sense, and more alternative perspectives (ways of viewing what is happening). The current profession of economics is almost entirely dominated by the Keynesian monetarist school of thought. I think they need to focus more on the Austrian free-market and Marxist perspectives, both have much to offer.
Nope. If you want to know where the real innovative economics is being discussed, follow the MMT folks. Here is a great place to keep up with them www.neweconomicperspectives.com
The real problem with economics is, and has always been, the dearth of comprehensive data. Only when universal data reporting at every level of the economy is accomplished can economics 1.0 reach release status. Until then everything in economics is a combination of 0.1% measurements, 0.8% statistical estimates, 4% guesswork and 95.1% outright lies.
Well that picture definitely proves that lefties are right about all things economic now doesn't it? Jesus christ...
I agree that most of it is total bulloney but we are getting better at understanding monetary and fiscal policy within a fiat money system. There are very important economists across the world that are making huge strides in explaining reality rather than fantasy. Here is one such economist. https://www.youtube.com/watch?v=YnyDRwSqp2E&list=FLUzlIGKqlcqoNUVc3g6ZsHA&index=6
The only reality is that there is $Trilions of completely unregulated money sloshing around the world looking for maximum short term profits. The rapid movement of massive amounts of money into and out of nations creates economic circumstances that are completely beyond the ability of monetary and fiscal authorities to deal with. Any monetary policy that does not include the ability to institute controls on these money flows is completely useless. Any fiscal policy that includes inflows of foreign investment without also figuring in their sudden outflow is a simple recipe for disaster. This has been going on for decades all over the world, massive inflows of short term investment money create a boom in the economy which generates political pressure for the government to increase spending and loosen monetary policy so it can borrow more. Then the money begins to flow out, the economy begins to falter and the currency along with it. Fleeing investor demands to exchange their local money for $US quickly runs the nations $US reserves down. In steps the IMF, offering massive loans to prop up the currency but demanding the dismantling of government social spending and a sell off of state assets in return for the money. What happened to Greece was just the first time it was tried in the EU. The rest of the world has been dealing with this nightmare since the 1950s. The US economic meltdown in 2008 was not the first time this money visited the US. The tech boom and bust in the late 1990s was generated by the massive inflow of short term investment money fleeing from the economic collapse it had created in Asia. The Asia calamity happened in 1997, the tech boom started the same year. The need for a market frenzy somewhere to put their money was intense. In the fallout from the tech collapse the completely unregulated non-ban real estate sector became the next big thing, along with the really stupid idea to expand the Euro zone to countries like Greece that were completely incapable of maintaining Eurozone standards without some serious fiscal and monetary tricks that the big investment banks were masters of. Keep in mind that Greece only collapsed when the new government blew the whistle on the massive debt hiding of the previous government in collusion with the largest investment banks, none of which have been blamed or held liable.
The problem is the instability creates expectations, people enter into contracts and debts, and then later find themselves in a position where they are not able to fulfill those debts and obligations. And it's not just all about individual poor choices. For home ownership, when everyone else is borrowing huge amounts of money, it forces the market price up, and even cautious people are then basically coerced into higher prices and taking on more debt.
Everyone in their right mind knows that job creation stats made by a president are direct result of A: the times, B: the previous times, and C: the manipulation of the stats
If you want to plug your own point of view and link to your own site, then start your own thread. How about if somebody actually reads the OP and comments on it instead of just pasting in your pre-written website plug?
why not write a better intro. explaining the particular concept you want us to focus on. if you can't explain economics concepts in simple English, why do you believe you have a sound line of reasoning?
It is expected that people use their own words to express their point of view. If you are expecting people to get what you are saying by following some link you are mistaken. I will not follow links.
