Re:Economic Termites Are Everywhere: stats hide the experien...
by pydry on Monday June 10, 2024 @11:14AM
(#40634509)
>This is wildly inaccurate. A huge amount of economics is focussed on profit. For obvious reasons.
As an example there are countless studies looking at the relationship between the minimum wage and employment and off the top of my head I can think of maybe 2 off the top of my head that measure the relationship between the minimum wage and profit.
For obvious reasons. The same reasons.
It's not a great way to get ahead in your scientific profession to point out things which make the people with the money and the power uncomfortable - Galileo discovered that one.
This is wildly inaccurate. A huge amount of economics is focussed on profit. For obvious reasons.
> never been perfect competition or information, never will be
Frictionless surfaces are mostly a fiction, too. That doesn’t mean calculating the expected outcome in a frictionless condition is useless. If the deviance is more than you’d expect from friction, that’s informative.
Unlike physics, a lot of people think their undergrad 101 course plus skimming the Economist an economist themselves makes. It’s a common hubris, albeit one unusually common in tech. (Disclaimer: I’m not an economist. But I know the boundaries of my circle of competence in this.)