Re:How Economic Gobbledygook Divides Us
by dave_sullivan on Monday November 07, 2016 @09:33AM
(#12891232)
I think economics is really information theory + history.
Information theory is where its most important principles come from: competitive advantage, supply and demand, gains of trade, reversion to mean, diminishing returns, etc.
History is the other half of economics: using information theory, psychology, and unreliable data, explain why and how a given scenario unfolded.
If you don't have a strong grasp of either of those but read Atlas Shrugged and call yourself an economist, you might be Paul Ryan.
Information theory is where its most important principles come from: competitive advantage, supply and demand, gains of trade, reversion to mean, diminishing returns, etc.
History is the other half of economics: using information theory, psychology, and unreliable data, explain why and how a given scenario unfolded.
If you don't have a strong grasp of either of those but read Atlas Shrugged and call yourself an economist, you might be Paul Ryan.