DennyNov 24, 2022
Economics: Humans only value things monetarily.
Sociology: Uh, I don't ...
Economics: Humans are always rational and value is calculated by a complex inner calculus.
Sociology: Uh, Psy, can you help?
Psychology: That's not how humans ...
Economics: ALSO MY SYSTEM WILL GROW EXPONENTIALLY FOREVER!!
Physics: *drops teacup*
Show threadJonxe Hart (they/them)Nov 25, 2022

@denny

Everyone: Hey Economics, your assumptions are not just objectively wrong, they are absurd.

Economics: *holding their fingers in their ears* "NA NANANANANNA I DON'T HEAR YOU!!! Free hands! Adam Smith! YOU CANNOT CHANGE OUR MINDS!!! We are a real science!"

Everyone else: *Picard face palm*

Show thread%70%61%75%6CNov 25, 2022
@JonxeHart @denny I find it fascinating how for so many people economics means neoliberal economics. I suppose especially in US universities and probably australian ones, there's not a lot of space for anything else.
Show threadpgcdNov 25, 2022

@muaddib1971 @JonxeHart @denny
Out of curiosity: is there any school of economics that treats reality as something else than a special case we can ignore?
And if there is, are its/theirs predictions actually verifiable and falsifiable?

Honest question, as I have absolutely no knowledge of proper economics outside what trickles down (ahah) from, well, the rest of the world.

Show threadToast Conger
@pgcd @muaddib1971 @JonxeHart @denny Behavioural economics starts down the right path. But then... it's basically sociology and psych so.
Nov 25, 2022 at 9:35amWeb
Show threadKingMobNov 25, 2022
@toastfloats @pgcd @muaddib1971 @JonxeHart @denny The founders of behavioral economics, Kahneman and Tversky, couldn’t even get their early papers published in econ journals, because they directly attacked the foundational assumption that people are inherently rational in econ matters.
Show threadpgcdNov 25, 2022

@kingmob @toastfloats @muaddib1971 @JonxeHart @denny

Makes sense - it's the reaction of most engineers when they're told cows are not, in fact, spherical.

Show threadMichael Snook 🧙🏳️‍⚧️🏴‍☠️☭🚀Nov 25, 2022
@kingmob @toastfloats @pgcd @muaddib1971 @JonxeHart @denny i only ever read K&T in psych class, never in econ.
Show threadToast CongerNov 25, 2022
@msnook @kingmob @pgcd @muaddib1971 @JonxeHart @denny Because AdamSmith forfend we should ditch homo economicus in favour of models that more closely match the way the world apppears to function. Honestly, another idea we should introduce to economists writ large is Occam's Razor.
Show threadSpeakerToManagersNov 25, 2022
@denny @pgcd @toastfloats @kingmob @msnook @JonxeHart @muaddib1971
I think we’ll have to start with Occam’s Guillotine and work down.
Show threadSisyphus with a HatMay 30, 2023

@toastfloats @pgcd @muaddib1971 @JonxeHart @denny

There is also some value to Veblen's critiques, as well as Evolutionary E onomics that followed later, although one should be circumspect in reading and evaluating.