I explained economics to my nine year old

Comments

• PhobosAnomaly@feddit.uk ⁨1⁩ ⁨day⁩ ago

  This is like one of those two-line horror stories.

  The economy is coming from inside the building!

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  • joyjoy@lemmy.zip ⁨1⁩ ⁨day⁩ ago

    The economy is like fairies. If you don’t believe in it, it stops existing.

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• mycodesucks@lemmy.world ⁨1⁩ ⁨day⁩ ago

  The 9 year old aside, I’m skeptical when anybody on social media claims they’re going to explain ANYTHING about economics. Even the best people in the world at it only KIND OF know what they’re doing.

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  • VitoRobles@lemmy.today ⁨1⁩ ⁨day⁩ ago

    This is my takeaway from listening to NPR Planet Money.

    Economists are never sure about anything, because that’s not how the world works. They only give rough estimations based on the current data, and say words like “maybe” or “high possibility”.

    They’re not sith lords.

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    • mycodesucks@lemmy.world ⁨1⁩ ⁨day⁩ ago

      It’s true, but it’s not because of their lack of knowledge, it’s because of the nature of the system they’re talking about. The economy is based on thousands of tiny variables, and which ones are relevant changes depending on the current state. Small changes to one part create feedback loops that effect other parts. It’s also not linear. You can change one thing by 1% and wind up changing other parts of the economy by 50%.

      Economists take their best guesses based on the models and understanding they have right now, but it’s not like engineering - it’s notoriously hard to predict what the real causes and impact of anything will be. So you’re absolutely right - everything is an estimate because the system is in inherently chaotic.

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    • outhouseperilous@lemmy.dbzer0.com ⁨1⁩ ⁨day⁩ ago

      Also it’s the dumbest religion

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  • TropicalDingdong@lemmy.world ⁨1⁩ ⁨day⁩ ago

    anybody on social media any one including economists*, claims they’re going to explain ANYTHING about economics.

    ftfy

    *(actually especially economists)

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  • Jiggle_Physics@sh.itjust.works ⁨1⁩ ⁨day⁩ ago

    macro economics is astrology for MBA bros

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  • UnderpantsWeevil@lemmy.world ⁨1⁩ ⁨day⁩ ago

    Even the best people in the world at it only KIND OF know what they’re doing.

    The best people in the world are very rarely the ones makes the decisions.

    A bit like asking a team of NASA engineers why the latest SpaceX launch failed. They’re too busy getting downsized to give you an educated response

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    • FanciestPants@lemmy.world ⁨1⁩ ⁨day⁩ ago

      Engineer: It failed because it blew up. If it hadn’t blown up, the chances of success would have been much higher.

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    • mycodesucks@lemmy.world ⁨1⁩ ⁨day⁩ ago

      That’s true too, but you’re also talking about a chaotic system, and chaotic systems are stubbornly hard to accurately predict even with perfect knowledge.

      Economic forecasters are like weather forecasters. The really good ones give you their best guesses, but it’s still not a guarantee of anything - there are too many variables and even the tiny ones can have a huge impact on results.

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• sundray@lemmus.org ⁨1⁩ ⁨day⁩ ago

  I explained economics to my nine-year-old once. He’s a golden retriever mix, and the explanation was in the form of a song called “Who’s a fluffy boy? Yoooou are a fluffy boy!”

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