Re:Daily Price Tracking for Trader Joes
by drekk on Thursday February 08, 2024 @02:28PM
(#39306405)
How many recessions has "Econ 101" predicted? Economics is a "soft science", on the same tier as psychology which people love to ridicule. Understanding how rational actors behave in a microeconomic sense doesn't help you when you're talking about irrational actors in the macroeconomic sense
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Re:Daily Price Tracking for Trader Joes
by Ensorceled on Thursday February 08, 2024 @03:02PM
(#39306883)
The basics of Supply and Demand, Price Elasticity, Inflation, Monopolies, etc. etc. don't require humans to be perfectly rational actors to be useful concepts.
Yes, Economics can't predict recessions or the next Beanie Baby fad, that doesn't mean supply and demand is nonsense.