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Is economists real science or more guess work?

Anonymous Fri 11 Mar 18:49:22 2022 No.14295932 View Reply Original Report

Quoted By: >>14296390 >>14296445 >>14296457 >>14296496

Is there actually mathematical proofs and what they say like the iron law of wages true at all? Or is most of it complete hogwash? Why can there be so many fields of thought in economics if there are real evidence supporting one theory over the other?

Anonymous

Anonymous Fri 11 Mar 2022 20:21:44 No.14296174 Report

Quoted By: >>14296183 >>14297089

Proofs involve a lot of functional analysis etc in microeconomics

Macro is as scientific as epidemiology and all that “STEM” (it isn’t).

Anonymous

Anonymous Fri 11 Mar 2022 20:24:16 No.14296183 Report

Quoted By: >>14296189

>>14296174
>Why does it involve analysis, anon asks

Because equivalence relations are partial offerings. Indifference curves are equivalence classes. Hence it is just applied analysis as you grow it from these foundations.

Anonymous

Anonymous Fri 11 Mar 2022 20:25:17 No.14296189 Report

Quoted By:

>>14296183
>Partial Orderings

Anonymous

Anonymous Fri 11 Mar 2022 20:27:15 No.14296192 Report

Quoted By: >>14296449

The central problem of economics (allocating finite resources between infinite wants) is nothing more than a convex optimisation problem.

The difficulty arises deducing what this problem reduces to

Anonymous

Anonymous Fri 11 Mar 2022 20:29:02 No.14296197 Report

Quoted By:

Instead of learning theoryfag econshit though you’re better off just learning stochastic calculus and becoming a quant.

Anonymous

Anonymous Fri 11 Mar 2022 21:39:08 No.14296390 Report

Quoted By:

>>14295932
Economics isn't a science. Period.
>Is there actually mathematical proofs
Yes but mathematics doesn't make something science.
> what they say like the iron law of wages true at all
The iron law of wages isn't a thing in modern economics. It's just something people said in the 19th century which no one thinks about anymore. There's no credible empirical or theoretical evidence for this so-called "law".
>Or is most of it complete hogwash
Most of science and non-science is complete hogwash. But most people who call economics as a whole hogwash also hold wacky opinions economics discredits. So there's a high chance anyone criticizing economics is coping.
>Why can there be so many fields of thought in economics if there are real evidence supporting one theory over the other?
Pop economics isn't econonomics. Real life economics aren't Hogwarts houses where you can pick and choose what you want to be true. There's only good and bad economics and pretty much everyone agrees on the basics like in every other field.

Anonymous

Anonymous Fri 11 Mar 2022 21:46:53 No.14296408 Report

Quoted By:

Economic schools of thought haven’t been a thing since like 1980. Unless you include the divide between dynamic stochastic general equilibrium modelling and real business cycle modelling but that is like saying statistical mechanics and thermodynamics are schools of thought

Anonymous

Anonymous Fri 11 Mar 2022 22:04:59 No.14296445 Report

Quoted By:

>>14295932
Most economic theory is hogwash but the important parts are mathematically objective. Basically the subfield of accounting, it has many equations that are always correct.
Most meaningful economic research is gathering data and statistics to actually know what is happening, it isnt about big brain theory.

Anonymous

Anonymous Fri 11 Mar 2022 22:06:14 No.14296449 Report

Quoted By: >>14296454 >>14296459 >>14296476

>>14296192
Bullshit. You have a messiah complex and you think you need to "allocate resources". You are nothing.

Anonymous

Anonymous Fri 11 Mar 2022 22:07:23 No.14296454 Report

Quoted By: >>14296465

>>14296449
>T. Doesn’t understand what a mechanism is

Anonymous

Anonymous Fri 11 Mar 2022 22:08:58 No.14296457 Report

Quoted By:

>>14295932
Yes, and it was solved by Karl Marx.

Anonymous

Anonymous Fri 11 Mar 2022 22:09:40 No.14296459 Report

Quoted By:

>>14296449
Brainlet detected

Anonymous

Anonymous Fri 11 Mar 2022 22:10:15 No.14296461 Report

Quoted By:

Meaningful economics is just a description of the current state of the economy. Like what is produced, how it is produced, how it is consumed. This doesnt imply a predictive capability like in science, its just accounting.

Anonymous

Anonymous Fri 11 Mar 2022 22:11:30 No.14296465 Report

Quoted By: >>14296467 >>14296471

>>14296454
You are not a politician, a king or really nothing at all. Economists dont allocate resources. In fact, there is no law of the universe that says there must be some allooocator.
Bastard.

Anonymous

Anonymous Fri 11 Mar 2022 22:12:26 No.14296467 Report

Quoted By: >>14296470

>>14296465
>Economists don’t allocate resources

Good you’re learning.

Anonymous

Anonymous Fri 11 Mar 2022 22:13:50 No.14296470 Report

Quoted By:

>>14296467
Go fuck yourself

Anonymous

Anonymous Fri 11 Mar 2022 22:14:03 No.14296471 Report

Quoted By:

Reading comprehension of >>14296465

Anonymous

Anonymous Fri 11 Mar 2022 22:15:04 No.14296476 Report

Quoted By: >>14296482

>>14296449
>What are prices fkr

Anonymous

Anonymous Fri 11 Mar 2022 22:17:35 No.14296482 Report

Quoted By: >>14296485 >>14296493 >>14296713 >>14296719

>>14296476
This isnt something YOU need to decide. You dont need some world council of prices to decide prices. You dont allocate anything and economists dont study how to be candidates for supreme allooocator

Anonymous

Anonymous Fri 11 Mar 2022 22:18:55 No.14296485 Report

Quoted By:

>>14296482
Good - which is a bounded optimisation problem between agents retard.

Anonymous

Anonymous Fri 11 Mar 2022 22:22:45 No.14296493 Report

Quoted By: >>14296495

>>14296482
Maybe not you because you’re probably on food stamps, but normal people ALLOCATE their income between expenditures on different items dumbass

Anonymous

Anonymous Fri 11 Mar 2022 22:27:01 No.14296495 Report

Quoted By:

>>14296493
That isnt what economists study

Anonymous

Anonymous Fri 11 Mar 2022 22:27:12 No.14296496 Report

Quoted By:

>>14295932
all science that isn't "formal science" is literal guess work

Anonymous

Anonymous Sat 12 Mar 2022 00:23:21 No.14296713 Report

Quoted By:

>>14296482
Prices simply make sure that scarcity is signaled though right? Without prices and wages it becomes kind of impossible for producers to know how much pf what to make? The soviets had plenty of farmland to grow food but without prices the central planners simply told the farmers how much food they wanted. It sounds easy to dumbass voters but it's not. That's why markets are cool bc it let's people try to find ways to make money and they compete and prices show people what's in huge demand. The land around NYC I'd in huge demand hence expensive. The land in north Dakota is not hence its super cheap.

Anonymous

Anonymous Sat 12 Mar 2022 00:26:14 No.14296719 Report

Quoted By:

>>14296482
Also that's another cool thing about capitalism is it let's you decide if it's worth something. A diamond is not worth 2000 dollars to me. But a nice 2004 corolla sure is. It's puts the decision making process I'm your hands and not a government worker.

Anonymous

Anonymous Sat 12 Mar 2022 03:15:35 No.14297089 Report

Quoted By:

>>14296174
>epidemiology
I think that's a good analogy. In some areas we have strong well-supported models while in others we're barely able to run experiments.
Quasi-experiments are interesting tool used a lot in economics. However, they require a fair amount of statistical analysis to tease out causality.

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