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For math junkies somewhat interested in economics

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Master_Pedant
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25 Jan 2013, 11:23 am

I really don't have the mathematical aptitude or training to fully understand this dispute, but what are your thoughts?

http://www.businessspectator.com.au/bs. ... spectators


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Trencher93
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25 Jan 2013, 11:54 am

Economics is a pseudoscience that likes to cloak itself in math so people think it is a real science.

http://catb.org/jargon/html/M/math-out.html



JBlitzen
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26 Jan 2013, 11:00 pm

Trencher93 wrote:
Economics is a pseudoscience that likes to cloak itself in math so people think it is a real science.

http://catb.org/jargon/html/M/math-out.html

:lmao:

Can't argue with that, lol


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eric76
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28 Jan 2013, 7:42 am

I prefer the Austrian School myself. It is pretty much Economics on principle instead of trying to base it on mathematics.

The problem with Economics is that there are so many unstated assumptions that any mathematics involved must be treated with suspicion.



ruveyn
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28 Jan 2013, 10:32 am

eric76 wrote:
I prefer the Austrian School myself. It is pretty much Economics on principle instead of trying to base it on mathematics.

The problem with Economics is that there are so many unstated assumptions that any mathematics involved must be treated with suspicion.


The Big Bad Assumption is that the participant in transactions and trade offs is rational.

Don't believe that for even a minute.

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OrbitalResonance
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28 Jan 2013, 11:28 am

economics is nothing more than the study of how limited resources are used for alternative uses. it could be a real science but its treated like a religion



ruveyn
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28 Jan 2013, 11:56 am

OrbitalResonance wrote:
economics is nothing more than the study of how limited resources are used for alternative uses. it could be a real science but its treated like a religion


Alternative uses are still determined by fallible human choices. Rationality has little to do with our choices.

And if the economists are so smart, why aren't they super rich? (John Maynard Keynes was, be he was the exception).

ruveyn



Trencher93
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30 Jan 2013, 7:47 am

One problem is that rational actors don't have a choice in many cases. If all brands of toilet paper shrink their toilet paper at the same time (which happened recently, and it's happening with napkins now), I can't vote with my dollars to buy full-sized toilet paper. So, economic theories say people want smaller toilet paper, because that's what they buy, even though they had no choice.



ruveyn
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30 Jan 2013, 7:54 am

Trencher93 wrote:
One problem is that rational actors don't have a choice in many cases. If all brands of toilet paper shrink their toilet paper at the same time (which happened recently, and it's happening with napkins now), I can't vote with my dollars to buy full-sized toilet paper. So, economic theories say people want smaller toilet paper, because that's what they buy, even though they had no choice.


You overlooked the people who used paper kitchen towels for That Use.

Rational people resort to substitution if they can.

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Master_Pedant
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30 Jan 2013, 8:42 pm

ruveyn wrote:
OrbitalResonance wrote:
economics is nothing more than the study of how limited resources are used for alternative uses. it could be a real science but its treated like a religion


Alternative uses are still determined by fallible human choices. Rationality has little to do with our choices.

And if the economists are so smart, why aren't they super rich? (John Maynard Keynes was, be he was the exception).

ruveyn


Quite a few academic economists have made decent sums of money writing "reports" for folks in the finance industry. This has led to a tricky situation (were "stability" becomes "instability"), though

http://en.wikipedia.org/wiki/Frederic_Mishkin#Career


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ianorlin
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30 Jan 2013, 9:58 pm

ruveyn wrote:
OrbitalResonance wrote:
economics is nothing more than the study of how limited resources are used for alternative uses. it could be a real science but its treated like a religion


Alternative uses are still determined by fallible human choices. Rationality has little to do with our choices.

And if the economists are so smart, why aren't they super rich? (John Maynard Keynes was, be he was the exception).

ruveyn
Does money nessecarily maximize there utility functions? David Ricardo was also rich.



ianorlin
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30 Jan 2013, 10:00 pm

Trencher93 wrote:
One problem is that rational actors don't have a choice in many cases. If all brands of toilet paper shrink their toilet paper at the same time (which happened recently, and it's happening with napkins now), I can't vote with my dollars to buy full-sized toilet paper. So, economic theories say people want smaller toilet paper, because that's what they buy, even though they had no choice.
No they call that collusion or at least the honest ones do.



ruveyn
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01 Feb 2013, 12:12 pm

ianorlin wrote:
ruveyn
Does money nessecarily maximize there utility functions? David Ricardo was also rich.[/quote]

Money can buy the time required to maximize one's utility function.

ruveyn