They say this theory’s the foundation of modern economics, but all I see is a shaky old barn ready to topple over. It’s high time we drag it out back, put it out of its misery, and build something sturdy in its place, something that takes into account the real world with all its messiness.
Discussion
Yes
I’m specifically referring to Adam Smith school of thought
What specifically is the most irking?
The assumption that prices adjust to meet equilibrium. I mean it’s a cool application of the laws of thermodynamics and stuff, but did anyone ever check to see if it was true?
Yet running how?
Go om, thermo what now?
Are we having a picnic to bring the thermos with?!
I thought it was a running marathon but alright, guess cyanide will do.
A bunch of assumptions, and then to prove the assumption they show you a little graphy thing and call that a proof
It sounds like it is implied as a theory and not much more. Do you think it is presented in a way that they claim it is the pinnacle economic framework for a guaranteed utopia or something?
You’ve never taken Econ? If you have time, I’d implore you to take a gander for 5 minutes and let us know your thoughts 😂
They do, but there’s a common thread of the illogical providing the best government policy at times, hence why “Freakinomics” is a thing
I took an Econ 101 in undergrad. I barely remember it. I’ve gathered a bias to assume >50% of university level Econ courses in the US (and maybe Western Countries) have Keynesian derivations instead.
Regardless of their phrasing and claims, they’re still not much more than theories if they’re not backed up by massive and thorough multi-decade case studies. At the depth of community-level prices connected with regional, state, country level, etc.