Saturday, February 12, 2011

Shorter version of another post that was quicky getting out of hand

I just want to say a little about economics as a whole. The more I learn, the more I realize it isn't as straightforward as other sciences. Even just trying to explain what it is can be tricky. Because it depends on the actions of people, along with all of their irrationality and self-interests, economics is considered a social science. Economists are stuck between the way things are using collected data,  and the way things should be which depends wholly on economic ideology. It's hard to balance subjective (personal perspective, particular feelings, beliefs, desires, or personal experience) against objective (fact-based only) and have the results display any degree of accuracy. Other things like subsidies, taxes, externalities, and the role of corporations and lobbyists all have a big effect on any economic policy. It's a complicated place with endless shades of gray. Despite what some people claim, very little is black and white in economics.

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