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Unfolding Nature Shop: Unfolding Nature: Being in the Implicate Order

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"outrageously flawed", "ridiculous logical fallacies"...
    #3031924 -

this claim was made in another thread.

Economics is such an outrageously flawed social science based on ridiculous logical fallacies(ever hear of a market self-correcting itself?).

i was wondering if the author of this statement (or anyone else who cares to) could provide some supporting arguments. how is economics outrageously flawed? what are some of its ridiculous logical fallacies?

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Re: "outrageously flawed", "ridiculous logical fallacies"... [Re: ]
    #3031964 -

Quote:
It would make it easier for the workers to seize the means of production without an over-funded bourgeois military in the way.



Seems he's about a century and a half behind the rest of the world in economic thought. Another 150 years or so and he should be able to answer your questions.


--------------------
?When Alexander the Great visted the philosopher Diogenes and asked whether he could do anything for him, Diogenes is said to have replied: 'Yes, stand a little less between me and the sun.' It is what every citizen is entitled to ask of his government.?
-Henry Hazlitt in 'Economics in One Lesson'

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Re: "outrageously flawed", "ridiculous logical fallacies"... [Re: ]
    #3031978 -

How about addressing it in the aforementioned thread?  :smirk:


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Re: "outrageously flawed", "ridiculous logical fallacies"... [Re: ]
    #3034184 -

Economics has a disclaimer which prevents it from entering into any kind of logical fallacy - its rules are "ceterus parabus" (all other things remaining equal) rules.

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Re: "outrageously flawed", "ridiculous logical fallacies"... [Re: ]
    #3034190 -

it's very useful for predicting the past, much less useful for anything else. Economics is just like weather forcasting. Sucks as shit short-term, but long-term it can get most things about right, unless something unexpected happens.

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Re: "outrageously flawed", "ridiculous logical fallacies"... [Re: vampirism]
    #3034192 -

How does one "predict the past"? :smile:

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Re: "outrageously flawed", "ridiculous logical fallacies"... [Re: deafpanda]
    #3034201 -

assume perspective in the past, apply model, voila! we knew that was going to happen!... after the fact

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Re: "outrageously flawed", "ridiculous logical fallacies"... [Re: ]
    #3034472 -

There's the whole idea of "equilibrium"(which has been somewhat of a fantasy of economists).

Pretty much the idea that all of the past classical liberals who laid out the foundations of economics, such as smith, was that the market economy is both stable and equilibrating. Meaning that if there is ever a disturbance in the market, it will return back to equilibrium and that the market is always the best possible way of allocating everything.
There is also the argument of the market causing short term problems and long term efficiency. Largely ignoring all social conditions caused by it and everything else aside from the exchange of capital.

A good way to measure the accuracy of this is to take a look through history and the exchange rates. We've got these countries that are taking on the neoliberal schemes of deregulating everything and their currency bounces up and down from 8,000 to the dollar to 16,000 to the dollar, back up to 8k etc... Sudden jumps up and down, does that seem stable to you?

Economics as we know it today is basically attempting to use static analysis of a dynamic system(the market). All economists over the past century have been trying to prove that the market will eventually lead to equilibrium. Reality shows that there's absolutely no reason to believe this.

As for the silly comment of me being stuck in the past, I sure wouldn't think so as most of the critiques of economic theory from which I agree with come from a rather new school of thought called 'post-autistic economics' which started in 2000 in france. Which is basically economists criticizing modern economics.
You can see a brief history of it here: http://www.btinternet.com/~pae_news/history.htm

I'll be first to admit that I'm not quite as erudite as many who share my criticisms of the classical liberal political economy, and even many of those who are in favor of it. So I'll provide you with a rather nice archive of newsletters that consist of articles filled with intriguing criticisms that delve into specific issues much better than I ever could given the time I have available to post here...
http://www.btinternet.com/~pae_news/join.htm

Edited by SpaceCadet (08/21/04 10:18 PM)

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Unfolding Nature Shop: Unfolding Nature: Being in the Implicate Order

General Interest > Political Discussion
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