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A lot of people complain talk about economics without actually having any understanding of it. I thought I understood economics, but then I did some in high school and realised I didn't actually have any idea.
CasMilton CasMilton 16-17, F 15 Answers Feb 20, 2013 in Hobbies

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economists don't understand economics

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In Freakonomics, Levitt and Dubner argue that economics is, at root, the study of incentives.<br />
Chapter 1: Discovering cheating as applied to teachers and sumo wrestlers , as well as a typical Washington DC area bagel business and its customers.<br />
Chapter 2: Information control as applied to the Ku Klux Klan and real-estate agents.<br />
Chapter 3: The economics of drug dealing, including the surprisingly low earnings and abject working conditions of crack cocaine dealers.<br />
Chapter 4: The role legalized abortion has played in reducing crime, contrasted with the policies and downfall of Romanian dictator Nicolae Ceau┼čescu.<br />
Chapter 5: The negligible effects of good parenting on education.<br />
Chapter 6: The socioeconomic patterns of naming children.

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Basic Economics is pretty simple... It's the la<x>yers of transaction that are added.. to extract value and power, and siphon it off in ways that need to be mysterious, because if they were plain and simple.... there would be a lot more torch and pitchfork moments...

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I change my mind: I DO believe in evil.

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I know more about economics than the layman, and absolutely nothing compared to people who work in investment banking.

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I do understand economics, I own an investment firm!

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I have a basic understanding of it because I studied it for 2 years in high school. Its like knowing how electricity works but that doesnt mean I can re-install the wiring of my house, that will need an expertise in the field. Economics of a country or the world is not only ba<x>sed on demand and supply law. There are social, political and environmental factors involved. People sometimes fail to see that and talk like they are experts because they read the economics section of a newspaper everyday.

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Yeah, that's sort of the point of the question. People understand money, but not all the other influential factors involved. Actually, even the understanding of money can be questionable.

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Its pretty easy to understand until you get to the best kept secret side of things.

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Isn't "Economics" that new kind of aerobics where you don't move your body at all? ;-)

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Yeah, except it's about the economy and you're not just not moving your body, but falling thousands of miles per second towards the ground.

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Wow! ...And I thought yoga sounded painful! ;-)

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That too. And there's your common link between economics and yoga!

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