Explain, please. Example?
That's economics' second-biggest flaw. Its biggest flaw is its habit of assuming away coercion (in politics, foreign affairs and trade, immigration, law, crime, etc.) and security and yet pretending that its results are universal or readily applicable in coercive situations.https://twitter.com/EconTalker/status/1098641809608269824 …
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Most political issues provide examples but here is one where everybody thinks economics should dominate thinking: foreign trade. Economists count the foreign revenues as benefit, even when those revenues are being used to build nuclear missiles aimed at the trading partner.
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If you think an economic model is failing to explain reality, it can be improved. That's part of economics too. And btw economics deals (or can deal) with what you are talking about - e.g.: externalities.
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But economists very seldo improve their models in these very obvious ways. They have, generally speaking, simply removed the massive amounts of coercion and security that exist in the real world outside of their purview of thinking.
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The failure of economics to handle coercion perhaps reaches its epitomy and nadir in the Coase Theorem, which I critique in this two-part analysis: https://unenumerated.blogspot.com/2008/05/coase-theorem-is-false-contracts-depend.html … https://unenumerated.blogspot.com/2009/09/coase-theorem-in-action.html …
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Barrel of gun is inherently NOT part of Bitcoin’s design absolutely unique paradigm With no precedence The potential upside for humanity Versus Bitcoin’s collapse worth all our time/efforts Yet Barrel of gun part of all other Econo systems around Will have to deal with that
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A gun can help with the key management, but generally speaking yes, Bitcoin greatly reduces the amount of coercion involved in a monetary system.
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Bitcoin is a Trust minimized & Violence minimized Economic system (Violence is key to life So cannot be completely eliminated)
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economics is the law of nature applied to markets. Politics and markets are tied together. Because of this economics and politics are tied together and will influence eachother. control over one gives control over the other. They are in the same realm
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To triumph this, we must remove interplay between the two. It cannot be done by legislation. Legislation is politics and can be influenced by market members. It must be done in a way that markets do not have a short term impetus (or long term, but the short is more in important)
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I’d like to suggest that the biggest flaw is that Economics assumes that 1 humans are rational & 2 have perfect knowledge of an equilibrium-prone system ….. not forgetting the pink unicorn-riding fairies ;-(
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I think the biggest fundamental flaw of economics is that it assumes that we are rational beings that make rational decisions.
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I dunno I'd put these "flaws" wayyy down on the list. But then I'm a Misesian.
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Not all "economists" are guilty of this. https://medium.com/@VitalikButerin/the-meaning-of-decentralization-a0c92b76a274 …pic.twitter.com/f0jmM61IOX
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It was done by unifying plenary power behind a single currency (thanks, Hamilton!) that was willingly accepted by a naive population, I deconstruct it here: “Centralized Currency Systems are Political Pornography” by Joe Waltonhttps://link.medium.com/dV41mocIxU
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Yes, coercion is the flaw, in economics, government, religion, education, and more. When will we all develop enough maturity to be free?
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@dandolfa@BobMurphyEcon Given politics & the military exist, how would decreasing tariffs reduce instead of increase the availability of goods & service?Thanks. Twitter will use this to make your timeline better. UndoUndo
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there are so many big flaws,how to choose? What are the decision criteria?
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Here's another flaw tied for the first place: Using "ceteris paribus" as magic words that make inconvenient feedback loops disappear. For practical examples see e.g. the debate about minimum wage.
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