We won’t fix inflation while economists stay in denial about its causes

https://aussie.zone/post/1300110

We won’t fix inflation while economists stay in denial about its causes - Aussie Zone

Non-paywall link. [https://12ft.io/proxy?q=https%3A%2F%2Fwww.smh.com.au%2Fbusiness%2Fthe-economy%2Fwe-won-t-fix-inflation-while-economists-stay-in-denial-about-its-causes-20230820-p5dxxw.html] TL;DR: economists are still stuck in the idea of the market as a perfect force for reaching optimal outcomes. They’re ignoring the simple fact that businesses are putting prices up purely to increase profits. And that they can do this because the economic ideal of perfect competition (where many small firms compete with near-identical products) does not exist. We have a small number of very powerful businesses—oligopolies—in nearly every market for consumer-facing goods.

Economists aren’t really in denial, they are just doing their job of giving a false sense of scientific legitimacy to the plan the ruling class will enact anyways: discipline labor, cut social spending, bail out finance when they inevitably crash.
Aye, there’s a reason economics is called “the dismal science.”

Because it is not a science.

A founding principle of economics is that people make rational economic decisions...

Pure Economic is a science, but popular implemented Economic is a pseudoscience at best. It has been corrupted by commercial interests.

Different types of science are derivative of other forms of science. Physics is just applied Mathematics, Chemistry is applied Physics, Biology is just just applied Chemistry, Psychology is just applied Biology and Mathematics is applied Psychology.

Pure Economics is an amalgam of Psychology and Mathematics.

Economic Rationalism is a oxymoron because Economic relies on irrational psychology and is subject to change based on observations.

Pure Economic is a science

A statement is not a fact. Prove your statement.

Pure Economics is an amalgam of Psychology and Mathematics.

This implies Psychology thinks Psychology are rational, it does no such thing.

Economic Rationalism is a oxymoron because Economic relies on irrational psychology

You are almost there:

Economic is a science is a oxymoron because Economics relies on irrational psychology

Economics is a science is a oxymoron because Economics relies on irrational people being rational.

That last statement is one view of one theory (that happens to be the predominant one), it’s not like this a fundamental tenet of economics.

But you might like behavioural economics and doughnut economics as alternative views that don’t hold the individual as rational actors.

Exactly. There is science-based economics and there's also pseudoscience economics. They exist next to each other. It's a similar situation as in medicine.