this post was submitted on 15 Jun 2024
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Inelastic demand. One of many reasons that the stuff you learn in Econ 101 is pure fantasy.
But... I learned about inelastic demand when I took Econ 101. Literally on the page after the introduction of supply and demand, the terminology for the different shapes of the curves are explained. Also before even going into supply and demand they explained the four requirements (which are impossible to exist in the real world) for a free market economy to work to make it clear the supply/demand curve was an incomplete model. Further Economics courses went into more detail about how different scenarios affect that model, and those scenarios are the norm not the exception.
If you mean the things you learn about Econ 101 from libertarians is pure fantasy, then yes, you're absolutely correct.
Do you understand you sound like someone at a cult claiming that because your robes are a different color that your sect is totally way different than the other sect of the cult that split from your sect because of a disagreement over the color of the robes worshippers should wear?
Economics isn’t a real science (I almost used “hard” instead of “real” but I honestly have infinitely more respect for the soft sciences than I ever will for economics and I don’t want to conflate them), it is an ideology masquerading as a science with lots of math and handwaving to shove reality into shapes that please the people who control the status quo blended together with a potentially lethal dose of cargo cult style beliefs.
If you think there is a crisis of reproducibility and trust in real science…. don’t take a closer look and honestly ask at what people around you generally think of economics “experts” or you aren’t going to like it…
Economics is a science... to understand the past. But to foresee the future...
Cybernetics is science. Theory of mass service(AKA queuing theory) is science. Well, it's technically mathematics study like game theory.
Paleontology is also a science to study the past but doesn't let you foresee the future.
What? Also? I didn't say anything about forseeing future. But paleonthology does allow you to make predictions.
Just like economics... And almost with the same precision😉
With paleonthology you can go to new place and already have prediction what you will find 500 meters under ground. With economics you can't make prediction(assuming not having any historical knowledge) what will you find even 50 years ago or 50 years into future. What now has wild olygarchy could have had economic system vastly different from capitalism or feudalism 50 years ago. You can barely predict what will be next year: feudalism, capitalism or command economy.
And last problem is when people say economics, they usually mean capitalism economy.