Discussion in 'Economics' started by dgabriel, Jun 18, 2005.
What are your favorite economics websites?
mises.org - love the free classic econ. ebooks
"Most trained economists have never really seen a first-class working theory, because economics doesn't have any. ... I don't mean to say that physics is better. I like economics, but I think that it's rather that finance and financial economics are really much harder."
To quote Derman quoting MIT Professor Andrew Lo: "Physics has three laws that explain 99% of the phenomena, and economics has 99 laws that explain 3% of the phenomena."
I gave up with the theoretical bullshit years ago. You'll need to memorize the garbage in college but don't waste your time equating it to the real world. Most of the websites are crap too. The idea that free markets can cure everything is nice and it'll stay a nice thought until a free market is truely adopted, then we'll want to go back to govt regulations and programs.
But dont give up on economics too easily. Afterall, our economy has prospered under sound monetary policy, ie. Fed Reserve actions. To what degree is under great scrutiny. I support a "market" economy instead of a regulated economy as this helps prices of goods stay low enough for consumers (a consequence of of open competition). (imagine a 100% regulated stock market...there probably would be little chance of speculation since prices will be set from the powers that be and more than likely those prices would be fixed instead of flutuating). As for physics its a wonderful science perhaps in which its tools economists can utilize to formulate their theories. Unfortunately, modern economics is centuries behind physics. This is why we need original economic thinkers. The field of modern economics may be vastly different ten years from now. There is so much we still need to know about economics but what we do know has, albiet surprisingly, helped maintain a strong economy. This is mainly from the emphasis in strong free markets and limited regulation. In essense, what we consider cutting edge in modern economics is primitive. Considering how little economists can explain. My personal opinion: Since we know so little there is so much more to gain in this field as more original thinkers contribute to our understanding of markets.
To comment on the original post:
My favorite economic website? http://heavylifting.blogspot.com/
Entertaining but probably not what you were expecting.