Economic Idiocy

[subcoin]

An economics grad who probably has a hard time finding a job, coming in here to feel important but repeatedly using the fallacy of "appeal to authority" because he has no strong arguments that work very well in the bitcoin world.

+1

This thread had no apparent reason to exist, other than for OP to call all responders idiots.

[brush242]

We both qualified our statements:

I used the term "honest" economists, and you used the term "mainstream" economists, i.e., we both used "some" economists.

I replied to the comment 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," which simply isn't true.

The honest economists are getting away from mathematical models in some senses, because no model can realistically handle the trillions upon trillions of decisions people make each day, and then aggregate that into some prediction of the future. Using principles instead of mathematics can give a better idea of human choice, but still will never be perfect.

Science: given a choice between two identical items, people will always choose the cheaper one. Every day of the week, and twice on Sundays. That is a theory, it makes predictions, and has been proven over and over and over.