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Re:Analysis finds Australia’s inflation being driven by comp... by brnt on Saturday February 25, 2023 @01:39AM (#34934465)
What makes economics a weak science, weaker than many other humanities, is the habitual absence of experimental evidence. It's of course hard to have a number of double blind histories of the world economy, yet that is what it takes to be a hard science. If you accept that it never can be (many economists try hard to pretend otherwise!), then you have to accept (again, many don't) that building mathematical models for human behavior (without rigorous validation) is no more scientific then some of the worst stereotypes people have for fields like social sciences. Yet, economics _is_ a social science, through and through. Just because currency let's you calculate does not make it different.
Re:Analysis finds Australia’s inflation being driven by comp... by uonpopular_th on Saturday February 25, 2023 @04:25AM (#34935232)
I used to agree until I saw what has happened to biology in the last few years.

Economics is a science as good as any other. It's just that a lot of people with a lot of money want it to say something so it does. No science is insulated from its practitioners being bought out and the few with principles being silenced.

Re:Analysis finds Australia’s inflation being driven by comp... by sethaurus on Saturday February 25, 2023 @06:25AM (#34935784)
> I used to agree until I saw what has happened to biology in the last few years.

I'm missing the context here — could you expand on what's happened to biology?

Re:Analysis finds Australia’s inflation being driven by comp... by uonpopular_th on Saturday February 25, 2023 @06:32AM (#34935822)
The bureaucrats who should have been enabling and coordinating scientists instead decided what the policy should be for Covid19 and ruined the lives/careers of anyone who did not fall in line.

The worst of these decisions by far was deciding that covid was spread by aerosols and not airborne: https://www.nature.com/articles/d41586-022-00925-7

This was nothing short of Lysenkoism in the 21st century.

Re:Analysis finds Australia’s inflation being driven by comp... by lordnacho on Saturday February 25, 2023 @06:09AM (#34935701)
We do get observational evidence, the only problem is it tells us the opposite of what we thought, eg minimum wage evidence contradicts what theory would say.

Somehow this doesn't seem to matter though, we still teach the theory.

Re:Analysis finds Australia’s inflation being driven by comp... by imtringued on Saturday February 25, 2023 @06:36AM (#34935839)
It is actually very easy to build a theory that disproves the idea of minimumg wage affecting employment.

If we assume the economy is already in perfect equilibrium then raising the minimum wage will cause inflation but the wages will adjust upwards with the same coefficient vs the minimum wage.

Another factor is that if you give money to people who haven't met their basic needs yet is that they will spend their money faster which means it circulates faster which will generate another employment opportunity. This is effectively a scheduling problem akin to starvation in process/thread scheduling in the kernel. If you ignore a specific thread too much then it can block other threads and result in underutilization of resources.

The latter tells you that you shouldn't prioritize the needs of the wealthy so that "wealth trickles down".

Re:Analysis finds Australia’s inflation being driven by comp... by jvmfjvfjvf on Saturday February 25, 2023 @06:41AM (#34935862)
A $50 minimum wage wouldn't affect unemployment? Why not make it $100?
Re:Analysis finds Australia’s inflation being driven by comp... by lordnacho on Saturday February 25, 2023 @06:54AM (#34935953)
If it works at $100, why not?

As long as you're clear about what tradeoffs you're making, and as a society we still want no employment effect, if it works at $100, what's the problem?

You only have something to discuss if it's clear that unemployment will rise, and even so you need to decide how much is tolerable in exchange for whatever you get out of raising the minimum wage.

Re:Analysis finds Australia’s inflation being driven by comp... by sokoloff on Saturday February 25, 2023 @10:02AM (#34937158)
Do you have even the slightest doubt that unemployment would rise significantly if the minimum wage were suddenly raised to $100/hr? I am certain that it would.
Re:Analysis finds Australia’s inflation being driven by comp... by lordnacho on Saturday February 25, 2023 @02:35PM (#34939687)
My guess is it would. But the point isn't whether it should be $100, my point is we should use evidence to tell us what we're trading for what. If it's $100 minimum and great depression, I want to know that. If it's $100 and unemployment grows by 2%, I want to know that.

If we don't use evidence we choose blindly.

Re:Analysis finds Australia’s inflation being driven by comp... by imtringued on Saturday February 25, 2023 @06:29AM (#34935805)
>the habitual absence of experimental evidence.

You can run economic experiments. That isn't the problem. The bigger problem is the unstated assumption of a perfectly liquid economy even in the absence of money and the fact that the mathematical models are supposed to drive reality and not the other way around. Homo sapiens is supposed to mimic homo economics.

Re:Analysis finds Australia’s inflation being driven by comp... by jvmfjvfjvf on Saturday February 25, 2023 @06:46AM (#34935893)
Do you make the same claim about climate science?
Re:Analysis finds Australia’s inflation being driven by comp... by barfingclouds on Sunday February 26, 2023 @02:05AM (#34943709)
Well can’t you observe past behavior with great detail? How would that be soft?