Economics (free-market, real estate, credit, money)

[jivankd2]

Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek οἰκονομία from οἶκος + νόμος, hence "rules of the house.

[jivankd2]

Economic analysis may be applied throughout society, as in business, finance, health care, and government, but also to such diverse subjects as crime,[5] education,[6] the family, law, politics, religion, social institutions, war, and science. At the turn of the 21st century, the expanding domain of economics in the social sciences has been described as economic imperialism.

[jivankd2]

Economics is a study of man in the ordinary business of life. It enquires how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man

[oaktonite]

Was there going to be a point to this?

[cpg35223]

Economics is not a science. It lacks predictive ability. All you have to do is look at all the writings by gasbags such as Paul Krugman prior to 2008 to see that. Very, very few economists saw the coming troubles of the financial system, and even fewer guessed at the scale of the disaster. Meanwhile real estate experts were standing on their chairs warning about the coming disaster.

[oaktonite]

Originally Posted by cpg35223

Economics is not a science. It lacks predictive ability. All you have to do is look at all the writings by gasbags such as Paul Krugman prior to 2008 to see that. Very, very few economists saw the coming troubles of the financial system, and even fewer guessed at the scale of the disaster. Meanwhile real estate experts were standing on their chairs warning about the coming disaster.

Warnings concerning the potential implications of mounting evidence of ongoing and widespread abuse of credit markets began appearing in academic and professional journals and op-eds by late 2003 and grew in number and severity through 2004. No one could tell what path a potential crisis might follow. It is only whackjobs and crackpots who busy themselves with that sort of thing. But the presence of ominous clouds on the horizion was widely observed and reported and all of it was promptly ignored by cowboy capitalists and airhead laissez-faire free-marketeers who thought that markets were wise enough to regulate themselves. Meanwhile, real estate "experts" were crowing over the new markets they were creating and the huge profits they were all making.

[Hamish Forbes]

Originally Posted by cpg35223

Economics is not a science. It lacks predictive ability.

Originally Posted by oaktonite

No one could tell what path a potential crisis might follow.

Happy occasion -- looks like the two of you agree on this point.

[RememberMee]

Strictly speaking, mathematics is not science since it's not experimentally falsifiable. Social "sciences" including economics are not experimentally falsifiable and therefore it's not science.

[GoCUBS1]

I think a long time ago some prestigious east coast college (or was it the London School of Economics?) portrayed Economics as a "science" so the degree could command high dollar amounts, like the other scientific fields - e.g. medicine, engineering... Economics, MBA's and other programs sprung up to become as prestigious and expensive as the true science degrees.

Portraying Economics as a science makes good money for schools, and for researchers/writers, and for publishers.

[LordSquidworth]

Originally Posted by GoCUBS1

I think a long time ago some prestigious east coast college (or was it the London School of Economics?) portrayed "Economics" as a science so the degree could command high dollar amounts, like the other scientific fields - e.g. medicine, engineering... Economics, MBA's and other programs sprung up to become as prestigious and expensive as the true science degrees.

Portraying Economics as a science makes good money for schools, and for researchers/writers, and for publishers.

I have an economics degree...

I think the "profession" is a complete failure.

So I decided to go the real estate direction.