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**DoctorIrokezov** · 05-09-2010, 12:12 AM

Hey Asher... I only have a minor in Econ (majored in Finance so there's that) and I can tell you right now that had you taken any courses beyond introductory ones (Econometrics for one), you would see that economics is far more than 'rules of thumb'. It is a scientific process more compellingly scientific than the other social sciences (which may not be saying much )

If you call economics a science again, I WILL smack you.

I do understand that later economics is math-heavy, but that doesn't make it a science either. Economics is about building models that approximate the real world and make best guesses as to how to proceed, they are not about understanding the real world. It's a pseudo-science.

But your opinions that you intuitively understand on many of these issues would only be further re-inforced. The effect of an increase in minimum wage or the application of a sales tax or anything else can result in vastly different outcomes depending on a number of conditions and variables, not too mention the fact that the outcome can be appraised with different sets of standards (is 'economic efficiency' the important value? Human social betterment? What do these terms mean?, etc.) I'm aware of all of the variables in such a situation, but this is why I think the study of economics largely fails. Economists obsess about the numbers, and they lose the big picture when they do. They don't see inhumane situations in third-world factories, they see cost-effective labour and new employment.

I consider many workers in third world countries exploited. What is the correct answer, according to this study?

05-09-2010, 12:12 AM	#15
DoctorIrokezov Join Date Oct 2005 Posts 430 Senior Member	Hey Asher... I only have a minor in Econ (majored in Finance so there's that) and I can tell you right now that had you taken any courses beyond introductory ones (Econometrics for one), you would see that economics is far more than 'rules of thumb'. It is a scientific process more compellingly scientific than the other social sciences (which may not be saying much ) If you call economics a science again, I WILL smack you. I do understand that later economics is math-heavy, but that doesn't make it a science either. Economics is about building models that approximate the real world and make best guesses as to how to proceed, they are not about understanding the real world. It's a pseudo-science. But your opinions that you intuitively understand on many of these issues would only be further re-inforced. The effect of an increase in minimum wage or the application of a sales tax or anything else can result in vastly different outcomes depending on a number of conditions and variables, not too mention the fact that the outcome can be appraised with different sets of standards (is 'economic efficiency' the important value? Human social betterment? What do these terms mean?, etc.) I'm aware of all of the variables in such a situation, but this is why I think the study of economics largely fails. Economists obsess about the numbers, and they lose the big picture when they do. They don't see inhumane situations in third-world factories, they see cost-effective labour and new employment. I consider many workers in third world countries exploited. What is the correct answer, according to this study?
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