What they said is actually totally reasonable. People (particularly economists) treat economics as though it’s a hard science akin to physics or chemistry, but it’s a soft science. They gave David Card a nobel in economics for figuring out a way to actually test hypotheses some of the time. In 2021.
Econ is math explaining how anything affects markets, it uses actual logic to explain changes. Give me some examples of how theology uses math to explain anything
The global financial crisis was a huge surprise to most economists and is basically the #1 example of the field not having any predictive power, something you generally want from a hard science.
Sure. I guess this falls under ‘natural experiments’ which is what David Card got his nobel for, figuring out how to test hypotheses some of the time. Now try and do peer review on that result.
“While I find the methodology highly suspect and the ethics abhorrent, my biggest objection to the analysis is that the author seems to be drawing a positive conclusion from a clearly null result.”
Except in terms of predictive power it’s just barely more successful than random chance. As a discipline it’s still largely in its most primitive stage, and still full of unproven and largely hypothetical assumptions that amount to little more than idle musings and superstitions. It’s so full of holes it’s just slightly more rigorous than pseudoscience. Perhaps in 100 years it will develop into a more respectable discipline, but at this stage it’s at best a tool for short term modelling and post hoc analysis.
in my experience, Econ education is the study of a single economic system - capitalism. Did they ever discuss alternative socioeconomic systems or simply say ‘state ownership = bad’?
Brother, you are high as a kite
What they said is actually totally reasonable. People (particularly economists) treat economics as though it’s a hard science akin to physics or chemistry, but it’s a soft science. They gave David Card a nobel in economics for figuring out a way to actually test hypotheses some of the time. In 2021.
Econ is math explaining how anything affects markets, it uses actual logic to explain changes. Give me some examples of how theology uses math to explain anything
Give me examples of economists coming up with hypotheses and then building experiments to test them.
The 2008 financial crisis?
The global financial crisis was a huge surprise to most economists and is basically the #1 example of the field not having any predictive power, something you generally want from a hard science.
I mean, that’s an experimental result. It’s not a positive result, but it is a result.
Sure. I guess this falls under ‘natural experiments’ which is what David Card got his nobel for, figuring out how to test hypotheses some of the time. Now try and do peer review on that result.
“While I find the methodology highly suspect and the ethics abhorrent, my biggest objection to the analysis is that the author seems to be drawing a positive conclusion from a clearly null result.”
Where’s the flaw in my comment?
I went to uni for business admin with a concentration in finance and I disagree with all of it.
Econ is a social science that studies the effects decisions have on a market, it uses math to explain it. Econ is not the cause, econ is the study of.
Finance is not an arbitrary subset of mathematics. It’s calculus, derivatives, and polynomial models that predict and explain.
You may as well call math and logic imaginary
Except in terms of predictive power it’s just barely more successful than random chance. As a discipline it’s still largely in its most primitive stage, and still full of unproven and largely hypothetical assumptions that amount to little more than idle musings and superstitions. It’s so full of holes it’s just slightly more rigorous than pseudoscience. Perhaps in 100 years it will develop into a more respectable discipline, but at this stage it’s at best a tool for short term modelling and post hoc analysis.
in my experience, Econ education is the study of a single economic system - capitalism. Did they ever discuss alternative socioeconomic systems or simply say ‘state ownership = bad’?