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this post was submitted on 22 Sep 2023
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Now you know how everyone making under half a million a year in 2007, anyone making minimum wage, and everyone with student loan debt feels like. Economics isn't a science, anymore than marketing or the law is. It is the art of using the givens about human nature and convincing people that your employer is correct. A lawyer is to be a zealous advocate for their client, an economist is to be a zealous advocate for their client.
There is a reason why economists agree that the Wall Street bailouts were a great idea while student loan amnesty is a bad idea and minimum wage increases create unemployment. No one is paying them to say the opposite.
No I am not bitter. You people are doing the job you are paid to do. Just like any influencer, lobbyist, marketers, or oil company climate researcher.
I am curious if you have ever studied economics, or just parroting what your social circle repeats. There is a very good reason you don't discuss politics, economics, abortion and religion in polite company - people can't remove what they were raised with and emotive response from logic. Economics isn't just money either, it's just the easiest way to introduce it to students - Economics is about efficient allocation of resources.
You are correct, economics isn't a science anymore than finance or psychology. But there are well established theories, laws and cause/effect relationships that can be relied on and its an entire model where changing one has flow on effects to soo much else we can't pin it down exactly.
Screw wall street investors, but keeping financial markets alive and reliable is a key pillar of our society - as an example how many of those students who had loans would never go to uni if they couldn't access credit? How many would never buy a house, or become homeless if they lost their job?
To go into deeper theory, look into your basic and complex multiplier and how they work in a recession. Forgiving a student loan doesn't increase consumption, just reallocate it. It looks bullshit because the rich get a payout and the middle class suffer, but there is reason and theory behind it.
Paragraph 1: argument from authority and questioning my competency.
Paragraph 2: conceding part of the argument to reframe it
Paragraph 3: an appeal to emotion and rewriting history
Paragraph 4: attempt to distract with jargon
Yeah I am not buying what you are selling. Economists consistently support the views of the people who are paying them, consistently make predictions that do not happen, and consistently ignore real world data that goes against what they laughably call theories.
All attempts to reframe, reorient, distract, gatekeep, and every sorta rhetoric tricks will not remove the facts that I have stated. But hey go ahead and prove me wrong, go find me someone employed at Goldman Sachs with an econ degree who for years has stated that the bailouts were a bad idea. Go ahead and find me a government economist who supports student loan amnesty. I will lend you my lantern to find the one honest economists.
We made god in our image, the economist god is homo economis. A being whose integrity is bought for pennies. That says all you really need to know.
Paragraph 1: argument from authority and questioning my competency.
Paragraph 2: conceding part of the argument to reframe it
Paragraph 3: an appeal to emotion and rewriting history
Paragraph 4: attempt to distract with jargon
Yeah I am not buying what you are selling. Economists consistently support the views of the people who are paying them, consistently make predictions that do not happen, and consistently ignore real world data that goes against what they laughably call theories.
All attempts to reframe, reorient, distract, gatekeep, and every sorta rhetoric tricks will not remove the facts that I have stated. But hey go ahead and prove me wrong, go find me someone employed at Goldman Sachs with an econ degree who for years has stated that the bailouts were a bad idea. Go ahead and find me a government economist who supports student loan amnesty. I will lend you my lantern to find the one honest economists.
We made god in our image, the economist god is homo economis. A being whose integrity is bought for pennies. That says all you really need to know.