1368
Hard times
(i.imgur.com)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 17 Jul 2023
1368 points (97.1% liked)
Lemmy Shitpost
26837 readers
3335 users here now
Welcome to Lemmy Shitpost. Here you can shitpost to your hearts content.
Anything and everything goes. Memes, Jokes, Vents and Banter. Though we still have to comply with lemmy.world instance rules. So behave!
Rules:
1. Be Respectful
Refrain from using harmful language pertaining to a protected characteristic: e.g. race, gender, sexuality, disability or religion.
Refrain from being argumentative when responding or commenting to posts/replies. Personal attacks are not welcome here.
...
2. No Illegal Content
Content that violates the law. Any post/comment found to be in breach of common law will be removed and given to the authorities if required.
That means:
-No promoting violence/threats against any individuals
-No CSA content or Revenge Porn
-No sharing private/personal information (Doxxing)
...
3. No Spam
Posting the same post, no matter the intent is against the rules.
-If you have posted content, please refrain from re-posting said content within this community.
-Do not spam posts with intent to harass, annoy, bully, advertise, scam or harm this community.
-No posting Scams/Advertisements/Phishing Links/IP Grabbers
-No Bots, Bots will be banned from the community.
...
4. No Porn/Explicit
Content
-Do not post explicit content. Lemmy.World is not the instance for NSFW content.
-Do not post Gore or Shock Content.
...
5. No Enciting Harassment,
Brigading, Doxxing or Witch Hunts
-Do not Brigade other Communities
-No calls to action against other communities/users within Lemmy or outside of Lemmy.
-No Witch Hunts against users/communities.
-No content that harasses members within or outside of the community.
...
6. NSFW should be behind NSFW tags.
-Content that is NSFW should be behind NSFW tags.
-Content that might be distressing should be kept behind NSFW tags.
...
If you see content that is a breach of the rules, please flag and report the comment and a moderator will take action where they can.
Also check out:
Partnered Communities:
1.Memes
10.LinuxMemes (Linux themed memes)
Reach out to
All communities included on the sidebar are to be made in compliance with the instance rules. Striker
founded 1 year ago
MODERATORS
Fuck economists. It is about as accurate as astrology. Except most government officials don't take astrology seriously so it doesn't matter as much.
I suggest you read some books about Behavioural Economics.
But yeah, most of what you see out there from Economists is really Politics, not Science.
However those observations about price making are also from Finance, and those are immensely pragmatic people (as they put real money on the line) - you might disagree with their morals (what morals, eh?!) but they certainly are putting their money where their mouth is.
Are they? Because last I checked
A. Those experts are beaten out by random stock picker software over long term.
B. The entire industry requires the government bailing them out, regulating their small competition out of business, huge infusions of cash via the Fed, and a complex legal structure that pretty much limits your investment options to stocks and bonds or your mattress.
C. For people who claim to be able to predict the future they sure need other people's money a fair amount. Pensions, managed market accounts, 401Ks, trusts. If you really could best the market you would never team up with anyone since all they would do is open you up to liability
D. When those wall street scumbags do take over the management of a company the company consistently fails. It turns out pledging to Skull and Bones after daddy got you into an ivy doesn't mean you can run a retailer or a tech company. Who knew? Remind me how Toys R US, Sears, and Fluke multisystems are doing.
E. There is a link between growth in finance and poverty for everyone else. Which makes sense since it sucks away people from productive work to unproductive work. As Wall Street grows in the US incomes for everyone else have fallen.
Economics is bullshit lies that aspires to the accuracy of astrology. Economists are shills with zero integrity. Financial bros are conmen.
But thank you for your reading suggestion. If I ever want to read up on mathematical models that have no connection to the real world based on a sociopathic paraody of humans I will. Everything you want to know about the types of people who become economists can be understood if you know who their hero is. Homo economis a being of pure self. Is there any in particular book you can recommend? If so what chapter is titled "fuck the diabetics, let them mortgage their house for insulin"?
Most of that is just a generalization falacy.
Behavioural Economics is exactly the only part of Economics that actually works like a real Science with actual experimental validation of theories (with properly conducted experiments).
Using mathematical models doesn't make something false (or true), it's the lack of real world validation that does. Believing otherwise is believing Physics has "no connection with the real world" so things like artillery rounds won't fall were the Newtonian Physics formulas predict they will.
But yeah, most of the rest of Economics is self-serving bollocks, especially the closer you get to politically-significant monetary management (i.e. central banks).
It's not by chance that the only time a Behavioural Economist won the "Nobel Prize" of Economics (which is not a real prize set up by Alfred Nobel but in fact the "Swedish Central Bank Prize for Economics in Honor of Alfred Nobel" which is very purposefully misrepresented as a genuine Nobel Prize) was for "Nudge Theory" which is about how to push the masses to favour certain financial choices (i.e. manipulation) and is minor next to the bulk of that guy's work, which proves without a doubt the irrationality of humans in economic matters (people don't behave at all as the Homo Economicus that is the human model that serves as foundation for the whole Free Market Theory bollocks, but he was hardly going to get even a fake-Nobel from the Swedish Central Bank for disproving Free Market theories, now was he?!)
IMHO, your take on this is too simplistic and as a consequence you're throwing the baby with the bath water.
I suggest you read "Freakonomics".
Alright your argument has swayed me. At some point I will look into behavioral economics. Maybe it is the lone island in the sea of bullshit and lies regular economics is. I am a hard empiricalist materalist, engineer so I have to be. Any of us can tell you 2 + 2 equals 5 for unusually high values of 2.
I have listened to the freakonomics podcast. I think they do a decent job on small stuff like why are there so many mattress stores but they are all empty or why are all you can eat places a thing if homo economis is the model. Anything beyond that stuff I don't think much of. Their abortion crime link has been disproven.
In the meantime I am still going to consider any economist talking about tax, bailouts, trade, debt to be shills with less integrity than a snuff film maker.