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Mathematics, physics, etc. may be cheap to study but they are governed by rigid (or fairly, as in the case of Physics) rules that simply cannot be argued against. Economics simply isn't an exact science which invites countless speculative theories to explain recent phenomenon.
I don't claim to know everything about economics, not even close but I do know how to safely and wisely spend and invest my money.
it's human nature for people to think they know about things when they really have no idea. People hear media tidbits about what's going on in the world and think they are experts but the only real knowledge comes from real world experience, you can't just take something you hear and be an expert.
How many people have been screaming to buy gold and that's the only thing they ever recommend? METALS because the ECONOMY WILL COLLAPSE and us gold holders will be rich! They are as shortsighted as the people who continued to NOT recommend gold during the commodity boom and said to invest in stocks meanwhile commodities were going through the roof.
A smart person is flexible and open to change and willing to admit their mistakes.
Also, every sector has it's cyclical bulls and bears and nothing stays in style forever... human nature dictates everything goes through booms and busts as people get bored with it, ignore it, then it will slowly start to rise again over the course of time and by the time it's reached 70% of peak popularity suddenly everyone wants it again and it gets brief media attention, then implodes. Will be interesting to see if that happens to bitcoin or if the bubble will go even higher... flip a coin.. picking a top can be hard!
I've been watching pretty closely...daily. I haven't bought any. It's definitely down from the high. I remember reading articles not too far back saying it could go to $1million..
Funny..because I was just thinking it has stablized to some degree ..and then there's this article about just that.
Just looking online at the various books on economics, as a general subject, I found that Barnes and Noble had listed 2,964 pages of such books at thirty books per page. Now that is a real clue when we consider that most of these books have been bought and presumably read by at least two or more people. I've seen a few posts on CD that allude to the posters superior knowledge of theoretical economics, those of the Adam Smith-David Ricardo type, but I'm never sure if people really believe that any nation actually utilizes these theories as their foundation for all things economical. Having a scholarly knowledge of economics isn't the same thing as being privy to an inside session with the policy makers of the worlds largest banks and their governments. Theories aren't always carried out in rigid form by these two entities either, giving rise to the notion that economic theory in general is simply an outline utilized as a starting point for what's actually made up policy by ad hoc groups from the banking and government sector.
Instead it appears as though we humans have a sundry of hybrid economic constructs that have tons of flexibility to them, mostly for the purpose of manipulation by those who benefit by such manipulations. So, all in all, it's not as though we actually have a monolithic, all encompassing edifice that would warrant calling it "the economy". I've noted that the bulk of discussions centering on economics are, for the most part attempts by people to make sense of what they "think" our system needs in order to operate with any certainty, or continuity. Economics beyond the theoretical seems to fade into however we experience our financial condition and thus our resulting conclusions as to the needed fix. Individual perceptions create individual responses, and so every man and woman has their own take on "the economy". As for the so called experts on all things economic, I'd have to say that the sheer complexity of our monetary/financial system calls for a better understanding than most of us will ever have, or have a need for...
Great post....its amusing how the majority of average schlubs use economics to reinforce their rigid, narrow-minded and dogmatic views on how the world should run. Even more hilarious (at the same time pathetic) when they appear so smug and proud of their faux-elitism stemming from their so-called understanding of "the truth." They usually always start off with "It's simple economics/Economics 101/If you know anything about economics/ad nauseum" before going off on a canned ideological rant they heard on some 24 hour news network.
Economics is rooted in human behavior....keyword HUMAN; irrational, unpredictable and subject to many outside variables that cannot be captured in some mathematical model or made to fit some rigid ideology.
Economics is one of those subjects a person can really self-educate themselves on pretty well. There are few barriers to studying it - there isn't a lot of expensive equipment to buy, it doesn't require a specific location, it doesn't require a license to pursue, and it can be done on your own or in groups. The literature on economic theory is either free or very cheap and also widely available. Anyone can go to Amazon and buy books from numerous economists with varied perspectives for under $100. More technical papers are often available free of charge from academic journals and universities.
One of the few functions I'd argue the government and Fed do really well is make all sorts of economic data accessible to the average person via the web. The BLS, FRED, and some other services have most data I'd want to view available in time-series on the website for free. Raw data is seldom cited on major news networks, but it is available in great quantities if you are so interested.
Most people can learn the economic theory on their own and should be able to get the math associated with intermediate macro and micro at the undergraduate level with a little practice. Some areas like game theory and economometrics are going to be difficult to learn on your own. Truly technical, math-heavy economics is where one needs the education, but for all but professional economists, this deep understanding isn't required, and many times isn't beneficial for the layman's understanding.
I agree wholeheartedly. A lot of Economics is really just common sense. It doesn't take a mechanical engineering degree to understand supply and demand, inflation/deflation, etc. Personally I am most impressed by economists that stay away from the fancy jargon and break things down in simple, everyday terms.
I agree wholeheartedly. A lot of Economics is really just common sense. It doesn't take a mechanical engineering degree to understand supply and demand, inflation/deflation, etc. Personally I am most impressed by economists that stay away from the fancy jargon and break things down in simple, everyday terms.
I see now, so as long as the average working person working in the new middle class American job at minimum wage, or close to is an economics major we don't need another program? What ignorance prevails in the American educated people about reality of the working class. Shame on you!
economics you mean as in personal finances?
in my case i am but i dont have to claim anything nor share anything.
and even if i did very few people listen to the answers on CDF that they solicit.
most on CDF are not looking for answers they are looking for an argument.
LOL
LOL There are some great responses in this thread!
I actually have a Masters in Econ, and was in the finance field for almost 20 years. I don't think this phenomenon is just limited to the economics field... With the internet at anyone's disposal, anyone can become well-versed in a variety of subjects.
That being said, most people do not have the mathematical acumen needed to do any kind of "real" economic analysis. It's easy to make predictions about what the economy as a whole will do when "X" happens verses "Y." It's about the same as being an armchair quarterback. You might get lucky and your prediction holds true, but actually understanding WHY it came true is the hard part.
At the same time, there are good economists and bad, and unfortunately there are members in the field who have let their personal politics play a part in their analysis and findings. The media tends to cover those people, and you end up with two good economists on opposite sides of the spectrum who have each been "right" about a lot of things, and wrong about a lot of others.
Personally, econ or financial advice is something I don't dispense unless I'm directly asked, it's easier to point people in the right direction and have them come up with their own conclusions, because econ is definitely not a discipline where the answers are black and white.
Some of the conclusions that I've heard though, are quite funny.
The entire site is filled with egotistical people who think they know everything. A guy argued with me about what qualifies as workout equipment there. I left the site because everyone who posts there seems like they impaired their thinking while playing football in high school.
It's embarrassing that you even go onto that site. It's not credible.
It's also strange that you think there will be knowledgable people on the subject of economics on a body building website.
Trust me, I find more convincing arguments on this site, without people who are influenced by "roid rage" from steroid use.
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