as an economist: pain.png - ThreadSky | a Reddit-style client for Bluesky

sky.skymarchini.net • 21 days ago

as an economist: pain.png

Gang, is it good when you're forced to fall back on "economics isn't a science" to deal with economic news?

Relatedly, Elon-era Xitter remains a hilarious spectator sport.

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wackjackle.bsky.social•20 days ago

Okay, economics is science, but espacially neoclassical economics is very, very bad science. How it is possible to give William Nordhaus a Nobel Prize for DICE? Or are there new funny solutions to the 'Hahn problem'? That's my absolute favorite of neoclassical economics.

tomek-here.bsky.social•20 days ago

wackjackle.bsky.social•20 days ago

Yeah, I know, and it's utterly worthless. If Nordhaus bullshit is 'good' economic science, the whole neoclassical field is just f'cking laughable. Have you read what this fool did?

tomek-here.bsky.social•20 days ago

I have, it's right there in the screenshot. Seems important!

wackjackle.bsky.social•20 days ago

That's wikipedia!? I'm talking about the ridiculous methods of Nordhaus. Please inform yourself of what he did and what other (climate) experts think about it now. It's just junk science to put it mildly.

wackjackle.bsky.social•20 days ago

'Why is there Money? Or yet a new attempt at solving the Hahn Problem'
https://journals.openedition.org/oeconomia/1052

Ah, well, money. We don't need a good explanation for it. Does it matter? No, let's go on with our very successful science.

wackjackle.bsky.social•20 days ago

'Trade is monetary. One side of all transactions is the economy’s common medium of exchange.

Money is unique: the existence of a unique common medium of exchange in equilibrium is logically derived from price theory.'

wackjackle.bsky.social•20 days ago

'Even transactions suitable for barter solutions, where the two parties have reciprocal demands and supplies are conducted with money.

As a natural monopoly, money is government-issued fiat money, trading at a positive value though it conveys no direct utility.'

LMAO, great fucking science! :)

50megatonfbomb.bsky.social•20 days ago

Science? I have some magic beans instead.

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