ZeroCool@feddit.ch to Political Memes@lemmy.worldEnglish · 1 year ago100% Chancei.postimg.ccimagemessage-square105fedilinkarrow-up1610arrow-down121file-text
arrow-up1589arrow-down1image100% Chancei.postimg.ccZeroCool@feddit.ch to Political Memes@lemmy.worldEnglish · 1 year agomessage-square105fedilinkfile-text
Link to the original article: https://www.bloomberg.com/news/articles/2022-10-17/forecast-for-us-recession-within-year-hits-100-in-blow-to-biden
minus-squarePons_Aelius@kbin.sociallinkfedilinkarrow-up16·1 year ago most of the field of economics looks a lot like a pseudoscience. Well, when one of the founding assumptions is that humans make rational economic decisions, you are in for a bad time.
minus-squareWalrusDragonOnABike@kbin.sociallinkfedilinkarrow-up6·edit-21 year agoWhat if you assume they have infinite time horizons or instantaneous and free transaction costs over infinite distances?
minus-squareCryophilia@lemmy.worldlinkfedilinkarrow-up3·edit-21 year agoI called this out when I was 19 and first took econ 101. I was like, the foundational premise of this entire field is demonstrably wrong, wtf
minus-squarePons_Aelius@kbin.sociallinkfedilinkarrow-up3·1 year agoYep. It is like starting geometry by saying. “Lets assume π = 3.”
Well, when one of the founding assumptions is that humans make rational economic decisions, you are in for a bad time.
What if you assume they have infinite time horizons or instantaneous and free transaction costs over infinite distances?
I called this out when I was 19 and first took econ 101.
I was like, the foundational premise of this entire field is demonstrably wrong, wtf
Yep. It is like starting geometry by saying. “Lets assume π = 3.”