• skulblaka@sh.itjust.works
    11·
    7 days ago

    There’s a famous quote about economics that goes something along the lines of “the market can remain irrational longer than you can remain solvent,” which I think summarizes everything pretty nicely. Humans are chaotic and largely unpredictable creatures, and economics is a science devoted to trying to pull deterministic data out of inherently nondeterministic people. Sometimes they’re even pretty on point about it. But in all cases it is, best case, an educated guess.

    • MinnesotaGoddam@lemmy.worldEnglish
      8·
      7 days ago

      yeah, i like to shit on macroeconomists because their best model (that is quantifiable) is only like 60% accurate. there’s not a lot of predictive power in it, but the various models they use are accurate enough to illustrate general ideas.

      i also like to shit on microeconomists because they study auctions and that’s about it. also there was that month we all (like, every economist) studied bananas. i swear the entire damn field has ADHD.

      then there’s the austrian school, who are afraid of maths.

      i guess my point is that the field of economics is wide enough to fit at least three asses