Mankiw's students want reality with their economics
- Thread starter Covertibility
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When you can't win an argument... drag out the middle ages....
You win. carry on.
You win. carry on.
Quote from Debaser82:
In the middle ages most scientists thought the earth was flat.
I think that's a good analogy for the study of economics today.
In order for the economy to grow they should....
To bring down unemployment they should...
Yadayada yada.
Whatever... get a real job...
M
morganist
No. I studied it to a high level. Also crisis theory also relates to the short term issues raised in capitalism, when they artificially create problems with the business cycle.
I think this provided a good cross over Marxism/Austrian. The only thing they would agree on.
min wage of 1k/hr would create problems and eventually everything would be just the same as it is now, but for a brief while, the little guy would make out very well. What other ideas do economists come up with that benefit the poor with such immediacy?
Borrowing money and giving it to the poor might trickle up and increase economic growth, but it would not be sustainable. What other ideas do people come up with that are sustainable?
My point is, we have one idea that would definitely help the poor and might help the economy. It's not even debatable. Everything else is just a theory that may or may not work and all of them will supposedly help the poor someday maybe.
So the students point may be, Econ 101 is not about helping the poor, and it should be.
Having seen, up close, what "helping the poor" leads to, I am not impressed.
Seems to me like Western civilization was in a definite uptrend from Greco-Roman times until "helping the poor" became an obsession among a certain class of pseudo-intellectuals. Since then, in Elliott Wave terms, the West is definitely in a "wave 2" down.