99.999% of the people have no idea how to economies work.
Something to think about. š¤
Discussion
Macroeconomics, the way itās taught. Is a scam. Itās sometimes completely false which makes people think theyāre too stupid to understand, and they ignore.
Hayek had it right.
"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.ā
Iāll challenge your statement. According to whom and what data do you have to back it up? Bold statements require bold evidence. š¶š¾š«”
āAccording to whomā: Why do I need somebody elseās validation to back my opinion up? But nevertheless #[4]ā will be a good starting point.
āaccording to what data?ā: How many countries that ran on Keynesian economics have so far hyperinflated?
How would you rate the quality of your phone that needs changing every year? Do you know that the first lightbulbs ever created ran for decades? And the lights these days donāt last 5 years so you spend more?
Also macroeconomics doesnāt run experiments in isolation, which means the ādataā is not so easily derivable, which means I can even turn this back on you, what data do you have to backup your endorsement of macroeconomics? Bold claims do require bold evidence.
Backup your endorsement of institutional macroeconomics*
Ok, so itās just your opinion then. That clears it. I am not endorsing anything, I was just replying to your statement (which happened to be an option). Since you clarified that it is an option, I have no further questions! š¶š¾š«”
Thatās all that the field is, options! Itās not a hard science where we run equations and have results (however much the government wants you think it is). The reason I call it a scam is because itās taught with certainty, when it definitely isnāt.
Econ class was a delusion
I donāt think anyone knows, so make it 100%.
Economic activity is just really another word for nature, itās natural systems evolving, clashing, failing, building, ect. No one can wrap their head around the quadrillions of variables that make up our natural world or our economies.
Except there are plenty of people who have made serious money, sustained over a long period of time, by strategically using the principles of economics.
Yes, itās a complex system, but to throw our hands up and call it impossible is a bit reductive.
People find niche ways to use the system to make money but I guarantee that there is no single person on this planet who understands all flows of all goods and services and contracts and derivatives on top of those contracts and they way they are all affected by every single thing that happens everyday from politics to weather.
Sure, but now weāre playing a game of semantics.
We could just as easily say that no one 100% understands physics because of the complexity involved, the puzzle of quantum gravity, string theory, etc etc.
But an equally true statement can be made that we do understand physics quite well because we have computers and airplanes and satellites.
This is what I mean about being reductive: if we call all of economics a lovecraftian bolus of incomprehensibility then weāre voluntarily blinding ourselves to a lot of other things.
I just think a lot of people mistake relative understanding as full understanding.
We probably understand less than 1% of the physics that underlies our reality.
Possible . Probably mostly weaponry control, power, hype, delusion, bad theorist, theft, and a tiny fraction of anything real