Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 05-17-2022, 10:19 PM
 
5,527 posts, read 3,260,471 times
Reputation: 7764

Advertisements

Quote:
Originally Posted by BigCityDreamer View Post
If economists really understood how the economy worked, then wouldn’t they all be rich?

Why aren’t they?
I think being rich has a lot to do with luck. Being in the right place at the right time. It's somewhat random.

I'm sure some economists have figured this out, like say Louis Bachelier. And having figured this out, they devised strategies to maximize expected value, like Eugene Fama did.

A man's got to know his limits!
Reply With Quote Quick reply to this message

 
Old 05-17-2022, 11:12 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,754 posts, read 58,128,451 times
Reputation: 46247
Quote:
Originally Posted by GreenHunt View Post
Asking for my son. Finance seems likely dead with AI taking over that section in near future. His his original goal was Engineering, but seems like a heavy load with college ball and 15 hours of work study a week. Thoughts?
One time visit for OP, too bad (for their son).

Quote:
Originally Posted by Lowexpectations View Post
Econ is fine, tell him to give up college ball and get the engineering degree. Really? He can’t handle course load because of college ball? Why do parents let kids make choices like this?
^my thoughts ^ (As an engineer, parent, educator, and well studied in finance (Grad degree) + parent of a Financial econ major)

If your kid is engineering material, don't toss in the towel over a temporal interest in sports. Engineering and (Expensive) EDU is forever!, Sports is DONE with a single injury or even less. (Petty coaches / staff / program / participants)

On the broader theme... Econ leads to many paths. Your choice, education (Quality and focus of program) interests (passion), capability, and your skillset will align with any one of hundreds of routes.

Mine followed the CFA Charter route (As intellectually difficult as my engineering path). https://www.cfainstitute.org/en/programs/cfa

Ended up with some great 6 figure jobs (within 2 yrs out of college).
Led to excellent self employment and opportunities to teach others (including top international banks)
Currently CFO and COO positions. Not trite, no Ph.D. required (or desired).

Econ / Finance is... Very educational, very applicable to world economics and business planning and analysis. (And good way to make a difference in companies, communities and gain wealth, following your acquired knowledge, wisdom, and collaborative contacts)


But... not many top engineers cross well to econ and finance (nice tools to have, but not primary to most effective career contribution).

Does son have a mind for technology, invention, details, creativity? or... is he an awesome strategist, broad thinking skills, flexible solutions, interests in world economies?

Plenty of room for both, but don't get shoved into the wrong corner.

Colleges and parents (especially) are very good at that.
Beware of the influence you may have. +/-

Parenting (definitive guidance and direction (and correction)) is pretty much wrapped up at age 12 or so.

Stand back, Watch your kid soar, and be amazed.
Reply With Quote Quick reply to this message
 
Old 05-17-2022, 11:41 PM
 
Location: Las Vegas & San Diego
6,913 posts, read 3,386,421 times
Reputation: 8629
Quote:
Originally Posted by BigCityDreamer View Post
If economists really understood how the economy worked, then wouldn’t they all be rich?

Why aren’t they?
Kind of a silly way to look at it - knowing how economics worked is quite different than knowing how to profit from that knowledge. That is like saying why isn't every computer expert as rich as Bill Gates or Steve Jobs.
Reply With Quote Quick reply to this message
 
Old 05-18-2022, 12:24 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,754 posts, read 58,128,451 times
Reputation: 46247
Quote:
Originally Posted by ddeemo View Post
Kind of a silly way to look at it - knowing how economics worked is quite different than knowing how to profit from that knowledge. That is like saying why isn't every computer expert as rich as Bill Gates or Steve Jobs.
and...Each of those 2 had a team of economists running their business, and another team of economists managing their personal wealth.

Good gig if you can get it.
Reply With Quote Quick reply to this message
 
Old 05-18-2022, 03:04 PM
 
5,342 posts, read 14,148,248 times
Reputation: 4700
Quote:
Originally Posted by C2BP View Post
eCONnomist are Con Man. That degree is WORTHLESS and those guys are a nothing but a joke. No eCONomist ever seems to be able to explain what is going on today, or tell you what will happen tomorrow. Most of them are just PAID SHILLS working for different industries and who can't predict anything right, from the financial crisis to the recent stock market highs.

Good Luck!
Huh…amazing how I always feel to rebut your WHACK theories. I am an Econ major. A B.A. from a liberal arts college no less. SOMEHOW I have always had a good job. I work in finance and have always made a decent/good living.

What I find to be “WORTHLESS” are your posts on citi-data.

Last edited by TimtheGuy; 05-18-2022 at 03:14 PM..
Reply With Quote Quick reply to this message
 
Old 05-18-2022, 04:00 PM
 
Location: East Coast of the United States
27,603 posts, read 28,706,672 times
Reputation: 25186
Quote:
Originally Posted by ddeemo View Post
Kind of a silly way to look at it - knowing how economics worked is quite different than knowing how to profit from that knowledge. That is like saying why isn't every computer expert as rich as Bill Gates or Steve Jobs.
Well, you would think that someone who spent years studying about the economy and got advanced degrees would know when a recession was about to hit or when the next bull market will happen.

If they can't, then can we truly say they understand how the economy works?
Reply With Quote Quick reply to this message
 
Old 05-19-2022, 12:29 PM
 
Location: Las Vegas & San Diego
6,913 posts, read 3,386,421 times
Reputation: 8629
Quote:
Originally Posted by BigCityDreamer View Post
Well, you would think that someone who spent years studying about the economy and got advanced degrees would know when a recession was about to hit or when the next bull market will happen.

If they can't, then can we truly say they understand how the economy works?
Where did I say anything about recession or bull markets - but you are mixing terms - recession and expansion relate to the economy; bull and bear are related to the market. Market forces and the economy forces are related but do move somewhat independently.

What you are talking about is timing the market - most trading is done by professionals or automated trading that all have close to the same information. It is not hard to see general trends but each stock moves by slightly different forces so unless closely tracked (which the big firms do), it is difficult to know each stocks individual impact.

In general, Timing is a fool's journey - the market normally has fairly well priced in known factors. Knowing economics is not a crystal ball for the future.
Reply With Quote Quick reply to this message
 
Old 05-20-2022, 07:04 AM
 
Location: midwest
1,594 posts, read 1,413,395 times
Reputation: 970
When have you heard an economist advocate mandatory accounting in the schools?

Do you think banks and corporations are going to fall all over themselves hiring economists talking about Planned Obsolescence?

Economists are not on the side of the peons.

Check out:

The Screwing of the Average Man (1974) by David Hapgood
Reply With Quote Quick reply to this message
 
Old 05-20-2022, 09:50 AM
 
Location: midwest
1,594 posts, read 1,413,395 times
Reputation: 970
Quote:
Originally Posted by BigCityDreamer View Post
Well, you would think that someone who spent years studying about the economy and got advanced degrees would know when a recession was about to hit or when the next bull market will happen.

If they can't, then can we truly say they understand how the economy works?

Come off it. What has technology done to the economy over the last 100 years?


I asked a PhD economist from the University of Chicago to explain how an automobile engine worked. He couldn't even start .


This idea that the economy is just money is nonsense. Why isn't anyone advocating mandatory accounting/finance in the schools? Are schools supposed to produce brainwashed workers?


All discussion of economics since Sputnik that does not bring up planned obsolescence is nonsense.
Reply With Quote Quick reply to this message
 
Old 05-20-2022, 10:54 AM
 
Location: North Idaho
32,668 posts, read 48,116,742 times
Reputation: 78510
A degree in economics is better than a degree in paper folding. There are jobs where a degree in economics helps to secure that job. Maybe not at the very top end of the salary scale, but a good clean job that pays enough to live on.


There aren't available jobs for economists, per say, but lots of jobs involving finance in some way or another that your son could qualify for.


A nice degree in Chaucerian literature qualifies a student to work as a barista. At least a degree in economics can field a job as a loan officer in a large bank or a financial adviser in some sort of large corporation.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Similar Threads

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top