Any branch of science is useful to the extent that it helps you understand causality, i.e. what causes what?
Economists seem to consider themselves to be above this.
Discussion
They’ve convinced themselves that economics is a hard science gg 😂
Also they've convinced themselves that it's a quantitative science rather than a qualitative one.
You can't scientifically measure utility or value.
Even profits are much more than just numbers on a balance sheet.
These are all subjective and ordinal, while they assume they are all objective and cardinal.
Stating these obvious facts is worthy of ridicule according to them. Like c'mon, these are basic things that's gotta be taught from childhood.
It’s pretty bad. To the point where people regurgitate stupid things they don’t understand like calling bitcoin a speculative asset. Is there such a thing as a non speculative asset in a fiat world? Lol
All value is 'speculative' lol
I think the term was coined by the value investing crowd obsessed with assets that can generate dividends or yield, like stocks, rental property and bonds, and couldn't explain why Gold, Silver, empty land plots, art, etc. go up by multiples in value.
I can understand that.
They want to be able to put numbers on things to forecast their values in the future or calculate what its 'objective' value is to determine whether it's undervalued or overvalued.
I think 'speculative asset' is more of an investment definition rather than an economic one.
My computer is a speculative asset. I was speculating that it would provide me more value than holding cash 😂
Bro no bro
You can generate yields from a computer by aping into shitcoin protocols bro
It's a productive asset bro
It’s productive because it stimulates the economy. Something something exchange of goods leads to surpluses.
https://video.nostr.build/058229f1c166a05e7af121e520613f9bc9d389499fa4cea005ed932b64824f3b.mp4
Is this a Krill podcast?
LMAO
I've only watched Always Sunny because people have made me watch clips/episodes
Rarely disappoints
Except at the quantum level, where there is no cause and effect, only probability. Maybe they will start stealing ideas from there as well to make up even more wacky economic theories.
They're already at it I suppose. It's the arrogance of those who assume that the empirical method is the only path to ascertain truth.
I think Hoppe addressed this in his essays: 'Is Research Based on Causal Scientific Principles Possible in the Social Sciences?' and 'In Defense of Extreme Rationalism' and 'Economic science and the Austrian Method'
An excerpt from one of his footnotes in the third essay:
'In fact, it is precisely the indisputable praxeological fact that separate measurement acts can only be performed sequentially which explains the very possibility of irreducibly probabilistic - rather than deterministic- predictions as they are characteristic of quantum physics; and yet, in order to perform any experiments in the field of quantum mechanics, and in particular to repeat two or more experiment and state this to be the case, the validity of the causality principle must evidently already be presupposed.'