Economic Idiocy

[brush242]

The problem with this particular forum is that it seems that many (most?) of the posters don't really know the slightest thing about basic economics. Not the Austrian School, the Chicago School, Keynesian economcs, Paulsy Krugmanian, Bastiat, Hayek, Mises, Prescott, Lucas, zip. Nada. Nothing.

It reminds me of the people who will happily discuss US budgets and monetary policy, but don't know the first thing about fiat money, the Federal Reserve, what the power of the printing press actually means, or anything else. They are the same people that think that there is a Social Security "Trust Fund" and never pause to think what it would mean to loan money to themselves.

As a greater commentary, beyond this board, it's a very sad thing. This stuff is important.

[1715382272]

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[1715382272]

1715382272

[1715382272]

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[empoweoqwj]

The problem with this particular forum is that it seems that many (most?) of the posters don't really know the slightest thing about basic economics. Not the Austrian School, the Chicago School, Keynesian economcs, Paulsy Krugmanian, Bastiat, Hayek, Mises, Prescott, Lucas, zip. Nada. Nothing.

It reminds me of the people who will happily discuss US budgets and monetary policy, but don't know the first thing about fiat money, the Federal Reserve, what the power of the printing press actually means, or anything else. They are the same people that think that there is a Social Security "Trust Fund" and never pause to think what it would mean to loan money to themselves.

As a greater commentary, beyond this board, it's a very sad thing. This stuff is important.

Rather than moaning about people here not understand economics, why not write something to enlighten us?

[Topazan]

I'm curious as to what you observed that leads you to believe this is the case, and what you intend to accomplish by starting this thread.

[Realpra]

I find it more sad that economists think they know anything when their theories are so useless and almost always wrong.

Modern economics are more like sports commentary or religion than a science.

I'll give you points for mentioning the Austrian school of economics though.

[empoweoqwj]

I find it more sad that economists think they know anything when their theories are so useless and almost always wrong.

Modern economics are more like sports commentary or religion than a science.

I'll give you points for mentioning the Austrian school of economics though.

But everyone quotes the "Austrian School", seems to be the most quoted, on these forums anyway. Means nothing to me, but like you say, economists are almost always wrong.

[knightcoin]

I find it more sad that economists think they know anything when their theories are so useless and almost always wrong.

Modern economics are more like sports commentary or religion than a science.

I'll give you points for mentioning the Austrian school of economics though.

But everyone quotes the "Austrian School", seems to be the most quoted, on these forums anyway. Means nothing to me, but like you say, economists are almost always wrong.

Nice post, Back to the roots ... cd ~$
my 2p (pence)

I would suggest that documentary
Quants: The Alchemists of Wall Street
http://youtu.be/OINqYdkhOAw

[bythesea]

You don't need to know anything about economics to make money... With bitcoins many who made lots of money had luck. I know few friends who got into it just because someone told them it is funny and that some day it might be worth a lot. Some of them now have 2000-3000BTC
And also most of you I hope knows that money is like IOU, nothing else. It is a paper that is telling me/you how much we owe for something....

[knightcoin]

You don't need to know anything about economics to make money... With bitcoins many who made lots of money had luck. I know few friends who got into it just because someone told them it is funny and that some day it might be worth a lot. Some of them now have 2000-3000BTC
And also most of you I hope knows that money is like IOU, nothing else. It is a paper that is telling me/you how much we owe for something....

btw,
I found bitcoin stuff while searching for minecraft, because my 8 years old son was looking for a minecraft mod ... so I think own him and I own to BTC community as well for make my life more fun  

[zimmah]

The problem with this particular forum is that it seems that many (most?) of the posters don't really know the slightest thing about basic economics. Not the Austrian School, the Chicago School, Keynesian economcs, Paulsy Krugmanian, Bastiat, Hayek, Mises, Prescott, Lucas, zip. Nada. Nothing.

It reminds me of the people who will happily discuss US budgets and monetary policy, but don't know the first thing about fiat money, the Federal Reserve, what the power of the printing press actually means, or anything else. They are the same people that think that there is a Social Security "Trust Fund" and never pause to think what it would mean to loan money to themselves.

As a greater commentary, beyond this board, it's a very sad thing. This stuff is important.

well, obviously they are not going to teach you this stuff at school, and everyone knows you don't need to learn anything if they didn't teach it to you at school. Because if it would be important they'd teach it at school right?

[brush242]

Its sad that you see it as a problem. I see it as an opportunity.

Well, sure, that's one way of looking at it, of course. Nothing wrong with that. I sincerely wish you (us) the very best.

[brush242]

Rather than moaning about people here not understand economics, why not write something to enlighten us?

I most certainly will, as the opportunity arises. This was more a general lament (moaning) on the state of things.

[brush242]

I'm curious as to what you observed that leads you to believe this is the case, and what you intend to accomplish by starting this thread.

Mostly what I observed as I read beyond mining information.

As far as accomplishing anything, it's just a discussion. I'm always interested in seeing if there's any way to teach people something that they know instinctively and yet deny when it does not suit them.

[thepostman]

The problem with this particular forum is that it seems that many (most?) of the posters don't really know the slightest thing about basic economics. Not the Austrian School, the Chicago School, Keynesian economcs, Paulsy Krugmanian, Bastiat, Hayek, Mises, Prescott, Lucas, zip. Nada. Nothing.
...

Its sad that you see it as a problem. I see it as an opportunity.

This^^ pretty much sums up the mindset of the majority on this forum -- "Ignorance is bliss."
"I don't know how anything works, so I could definitely do better."

[brush242]

I find it more sad that economists think they know anything when their theories are so useless and almost always wrong.

Modern economics are more like sports commentary or religion than a science.

Would you like to provide some reasoning? Your conclusory statements ain't true jest 'cuz yew sez so.

Their "theories" explain human behavior and the choices that humans make. Well, at least the honest economists do.

I'll give you points for mentioning the Austrian school of economics though.

Yeah, we aim to please. 8^]

[Mike Christ]

Yes, as we can see, public schooling has been quite the success.

/s

[brush242]

But everyone quotes the "Austrian School", seems to be the most quoted, on these forums anyway. Means nothing to me, but like you say, economists are almost always wrong.

This comment illustrates my point precisely.

"I don't know anything about the subject at hand, but I will posit a completely ignorant personal conclusion, without any reasoning whatsoever".

[brush242]

"I don't know how anything works, so I could definitely do better."

Well played, Sir. Well played.

[bitcoinhelp]

Yes, as we can see, public schooling has been quite the success.

/s

no child left behind lol

[Hawker]

I'm curious as to what you observed that leads you to believe this is the case, and what you intend to accomplish by starting this thread.

Mostly what I observed as I read beyond mining information.

As far as accomplishing anything, it's just a discussion. I'm always interested in seeing if there's any way to teach people something that they know instinctively and yet deny when it does not suit them.

There isn't.

"It is difficult to get a man to understand something, when his salary depends upon his not understanding it!"  - Upton Sinclair wrote this about people who sold adulterated food over 100 years ago.  Its still true today.  

[brush242]

There isn't.

"It is difficult to get a man to understand something, when his salary depends upon his not understanding it!"  - Upton Sinclair wrote this about people who sold adulterated food over 100 years ago.  Its still true today.

Which strikes me as funny--an ignorant ideologue stating something very true, while at the same time writing books that suggest he has no idea what his own phrase means.