Not all of us in the class are business or economic majors, but all of us are at this moment students of the discipline. As was talked about in this class and in many other economic classes i've taken here, there are many competing views of what the facts about the study of economies actually are. There are many different opinions and it is very hard to nail down where some are right and some are wrong.
This article talks about this conflict and I think expresses a good opinion of the matter. Does reading this article help you to understand some of the things you've heard in classes here at K?
Love the article and everyone should read it! I turn to the post " Can We All Get Along". And my answer is, We already do, as economists, as far as the fundamentals are concerned and identifying problems in our economies.
ReplyDeleteI think economics is a far more complex discipline than what it may have used to be. It seems to be common now that if rules and regulations become too simple then people find a way to exploit new loopholes and new rules are made to make sure these exploitations don't happen again. These rules then continue to build on top of each other. For a student like me, trying to figure out my own views and understand certain economic events (I.e. the '08 financial crisis) its hard to just read about it and comprehend without having a grasp on all the events leading up to it.
ReplyDeleteIt's impossible to predict shocks and irrational behavior but I think it's what keeps disciplines across the board, not just economics, alive and interesting.
This article is very relevant to the things I have heard during the classes and outside at K. I have often been involved in a discussion where people try to prove irrelevance of economic studies by associating it with other fields. Economist aren't fortune teller who would perfectly predict economic consequences, however a rational economist would predict the most likely outcome of a given economic scenario. There are no set parameters in economics, we make decisions from the theories and experiences we had in the past. These experiences evoke different human behavior, which causes the parameters of economic theories to change (paradigm shifts). Therefore, we can always expect different views from different people about the new situation and its possible outcomes.
ReplyDeleteThis article brings to me a different perspective of economic world.I also have to admit that what is happening in the economy is much more interesting than what has been taught in textbook. There is nothing absolutely right or wrong because people will have different views. However, people are also responsible for what is happening to the economy because the economy does not function by itself, it is controlled by people. To fix this bad economic situation, all economists should follow their disciplines and work together instead of fighting to judge who is right or who is wrong.
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