Economics courses do not teach how the economy works.

Discussion in 'Economics & Trade' started by Kode, Sep 28, 2017.

  1. Reiver

    Reiver Well-Known Member

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    Tell me how. Refer directly to his economic output.
     
  2. james M

    james M Banned

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    He wrote Monetary History, Free to Choose, Capitalism and Freedom. Like I said most important in human history. Bernanke thanked him for teaching us what caused the Great Depression and how to avoid next one. Friedman taught us economics and saved the world, including just freeing 1.4 billion in China from libcommieism.
     
    Last edited: Nov 25, 2017
  3. Reiver

    Reiver Well-Known Member

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    I'm laughing at your attempt. Refer directly where he has impacted on policy. Please go with the natural rate of unemployment garbage!
     
    Last edited: Nov 25, 2017
  4. james M

    james M Banned

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    as I said with Monetary History he discovered what caused of Great Depression. Bernanke thanked him for his discovery and used Friedman's discovery to save us from next Depression. LIke I said, most important economist in human history!
     
  5. Reiver

    Reiver Well-Known Member

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    Its like getting blood out of a stone. How did Friedman impact on our understanding of the macroeconomy? Be specific. Tell me about this mythical discovery!
     
  6. james M

    james M Banned

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    he discovered what caused Great Depression and prevented next depression. How is that for impact on our understanding of economy. The libcommie cant accept the truth even when its dragged right under his nose can he?
     
  7. Reiver

    Reiver Well-Known Member

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    This is made up. But hey, let's pretend you're right. Provide the reference(s) to his paper(s) where "he discovered what caused Great Depression and prevented next depression". He certainly created a Great Depression for Britain with the stupidity of monetarism!
     
    Last edited: Nov 25, 2017
  8. james M

    james M Banned

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    no its not, Bernanke thanked him for his discovery. Bernanke said "you were right, and we won't let it happen again"
     
  9. LangleyMan

    LangleyMan Well-Known Member

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    I taught economics for years and I don't believe this guy is an economics student, especially not one attending university.

    Economics does explain, in part, why some countries are richer than other countries. (Other factors other than economics are involved, too.) It looks at the impact of the minimum wage. No question is ignored or off limits.

    Marx? He wan't an economist.
     
  10. LangleyMan

    LangleyMan Well-Known Member

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    Very true.
    The "safety nets" are not socialist, they redistribute income.
     
  11. Kode

    Kode Well-Known Member

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    I don't believe I said he was. I have said Richard Wolff is, however.
     
  12. LangleyMan

    LangleyMan Well-Known Member

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    The narrator in your video isn't an economist. There is no analysis or explanation of anything, only false claims economics isn't concerned with real world issues.
     
  13. Kode

    Kode Well-Known Member

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    I didn't say he is an economist. I said he says he is (or claims he is) an economics student, and he is presented in that video by d@w (Democracy at Work) which was founded and operated by Professor Richard D. Wolff, and in agreement, obviously. And R.D. Wolff is an economist and has been all his life.

    Now, that said, you objected that the video offers "no analysis or explanation of anything, only false claims economics isn't concerned with real world issues". So, if you're able, why don't you critique his false claims if you can offer substantiating evidence.
     
  14. Baff

    Baff Well-Known Member

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    Economics courses attempt to teach how the economy works.
    Unfortunately academic's are not the best guru's of human spending trends. Institutionalised people who have divorced themselves from society to focus better on their books. Not well rounded in human behaviour, they instead clique and intellectualise. Myself I look more to successful investors to be my guide.

    So they all have limited success in this endeavour.

    The problem that so many are noticing here with economic theory is that it is routinely hijacked for political ends and indeed outside of spinning government policy is broadly speaking an entirely useless social activity.

    It's a non degree unless you intend to go into very select area's of government or journalism.
     
    Last edited: Nov 26, 2017
  15. james M

    james M Banned

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    not really, Fed caused Great Depression and WW2 and economists( Milton Friedman really) figured out what happened and prevented a repeat. Thank God for libertarian economists.
     
  16. LangleyMan

    LangleyMan Well-Known Member

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    Not my first online rodeo, Kode. When someone puts forward a video with a general comment, I tend to make a general comment in reply.

    You should appreciate that economists really do look at real world situations because the CBO scores legislstion for its impact on people.
     
  17. Baff

    Baff Well-Known Member

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    The Fed caused WW2?

    No, it didn't.

    Not even the Great Depression.

    The world is an infinitely more complex place. Too complex for any economist to ever understand.

    This is a gross over simplification and ultimately greatly overestimates the power of the "the fed" and the understanding of Milton Friedman both.

    I rather like libertarian economists. I am a libertine at heart. But I wouldn't take it too seriously if I were you.
    Some things are just beyond anyone's ability to control. I am a leaf on the wind.
     
  18. james M

    james M Banned

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    yes poor monetary policy caused Great Depression that led to WW2
     
  19. james M

    james M Banned

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    yes good thing Bernanke was not flake/leaf on thew wind and knew exactly what caused housing crisis and exactly how to prevent it from causing depression.
     
  20. Baff

    Baff Well-Known Member

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    And yet a great depression it has still caused.

    Despite your great messiah's all knowing genius.

    Bernanke responded to events beyond his ability to predict. His responses were ultimately futile since he was also unable to predict the outcomes of his responses either.
    I'd say time will tell and with the benefit of hindsight we will be able to tell if his responses were beneficial or not in the future, but all the evidence of human history teaches me that this is not so and that you will endlessly argue your own unprovable position until the day you die, since economics is not an empiric science and quite simply nothing and no one can ever conclusively prove your opinion wrong.
    Equally of course nothing can ever empirically prove your detractors wrong either, so they too will argue their positions endlessly until they day they die also.
    But hey, argumentative people like to argue. It gives them something to do.

    WW2 was not caused by the Great Depression. Sorry.
    There were myriad causes for that war. While you have identified one part of the equation, you seem to have done so to the complete exclusion of all the many others and this is a mistake on your part.
    A lack of perspective.
     
    Last edited: Nov 28, 2017
  21. Reiver

    Reiver Well-Known Member

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    The idea you can understand capitalism without reference to Marx is where Economics went wrong. "Let's use constrained maximisation and pretend a narrative" isn't much cop!
     
  22. LangleyMan

    LangleyMan Well-Known Member

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    I can see you're not an economist, either.

    You want to talk about Marx and the Labor Theory of Value? Marx thought the only value of something is the labor that went into it. So, if you find a gold nugget in a creek bed, it's only worth your effort to pick it up? Uh huh.
     
  23. Kode

    Kode Well-Known Member

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    Not true. The value of a lucky find like that is determined by the market which is mostly determined by the cost of the labor typically required to produce it, on average. IOW it's the market rate and based on the cost of labor.
     
  24. LangleyMan

    LangleyMan Well-Known Member

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    Of course, it's untrue.
    So, the value of crude oil is the cost of producing it. That would mean oil that comes out of the ground under its own pressure is worth less than oil we get by drilling in the North Sea.
    Yeah, right.
     
  25. Baff

    Baff Well-Known Member

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    Agreed, value is subjective only to the value which people place on it.
    Labour in itself has no intrinsic value.

    If I spend all day digging holes in the sand at the sea shore, those holes I dug are valueless. As were my labours.

    Labour, can add value to a resource. Refined oil in my car has more value to me than unrefined oil in the ground.
    By converse refined oil in my enemies tanks has a negative value to me. Setting fire to my property is a counter productive activity. Labour can destroy value more easily than it can add to it.

    Resources hold potential value. Be they natural or human.
    Actual value is a subjective assessment. And is quantified differently for each and every individual.
     
    Last edited: Nov 29, 2017
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