Comment on Flowchart for STEM

• StopJoiningWars@discuss.online ⁨1⁩ ⁨month⁩ ago

  Econometrics, data science, behavioural economics, game theory, micro and macroeconomics, public policy, all of it uses the scientific method and is empirical.

  Could you clarify which part of economics you believe is not scientific?

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  • Aceticon@lemmy.world ⁨1⁩ ⁨month⁩ ago

    First, Game Theory is from Mathematics, not Economics.

    As for the rest, the lack of reliability of central bank forecasts of thing such as GDP Growth and Inflation would indicate that whatever they used to base their forecasts on isn’t reliable enough for publishing.

    Back in the day I worked in Finance and followed those things, it was quite extraordinary just how much of that was flipped around and re-explained when the final numbers came out and things turned out to be very different from earlier forecasts.

    A lot if not most of the Macroeconomics does not seem to be Falsifiable.

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    • StopJoiningWars@discuss.online ⁨1⁩ ⁨month⁩ ago

      You could literally apply this nonsensical logic to any other field that uses maths and say “it’s mathematics, not X”. This is a non-argument.

      “Policy Making is Politics”, politicians implement policies, but the ones behind the scenes who actually do the math to optimise these policies and advise politicians are economists.

      “Conclusion-Driven” this is just plain false. There is an overwhelming amount of empiricism in the economics field.

      “Economists have predicted 8 of the last 2 Recessions” … and have learned from these mistakes. These were described and studied in detail in my course, and you then go on to say that macroeconomics do not seem to be falsifiable. Yes there are no ways to ethically have experiments in economics, but there are plenty of workarounds to not being able to experiment. Natural experiments are rare but they do exist, as well as a myriad of other data science methods to derive conclusions from real life scenarios.

      Finally, “when I worked in Finance”. Finance is a single field of economics, it does not encompass all there is to learn from economics. There is also a conflation from those who study finance courses that what is taught in economics courses is similar. It isn’t. Economics is a STEM field, while finance is a business field.

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      • Aceticon@lemmy.world ⁨1⁩ ⁨month⁩ ago

        None of that makes sense.

        You’re literally not using Logic (for example “we are improving” does not logically follow from “we make mistakes”), arguing against the very opposite of what I said, constructing straw-men from things I did not say so that you tear them down and trying to support your claims on one thing by making unsupported claims on a different thing.

        That shit is political speech, not analysis.

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