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Is economics a science, or just a dinner-party? ....

1356

Comments

  • worldtraveller
    worldtraveller Posts: 14,013 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Thrugelmir wrote: »
    Because when the perfect storm strikes and prices turn totally red across the all the exchanges boards without exception. There is only one outcome......... loss. As was the case in 2008.

    Nobody had factored that event into the equations.

    I think that some of us at least had an inkling of what was likely to happen back in 2007.:)

    http://forums.moneysavingexpert.com/showpost.php?p=6759534&postcount=105

    http://forums.moneysavingexpert.com/showpost.php?p=9202453&postcount=168
    There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    worldtraveller wrote: »
    I think that some of us at least had an inkling of what was likely to happen back in 2007.:)

    The Finance Director of NR at the time of floatation in 1997. Resigned from the Company on the grounds of its business strategy. Reporting his concerns to the Treasury. (I believe this was around 2003 or 2004). However no action was taken.
  • TruckerT
    TruckerT Posts: 1,714 Forumite
    Thrugelmir wrote: »
    The Finance Director of NR at the time of floatation in 1997. Resigned from the Company on the grounds of its business strategy. Reporting his concerns to the Treasury. (I believe this was around 2003 or 2004). However no action was taken.

    None of us, and none of them, seriously considered the possibility that the banks would - a) give all their money away, and - b) reclaim their losses from us all without any requirement to repay

    So, in a way, it is hard to criticise conventionally-trained economists

    But, at the same time, it is pointless to ask conventionally-trained economists to try to find a way forward - it might even be worth asking the bankers for their suggestions, since they have already proved themselves to be able to push boundaries beyond all known limits...

    TruckerT
    According to Clapton, I am a totally ignorant idiot.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    TruckerT wrote: »
    But, at the same time, it is pointless to ask conventionally-trained economists to try to find a way forward - it might even be worth asking the bankers for their suggestions, since they have already proved themselves to be able to push boundaries beyond all known limits...

    Sound financial management doesn't require one to be an economist. There's always degrees of uncertainty and risk. The boundaries just went to far. The imposition of the new Basel banking regulations have yet to be fully felt. As these won't be fully implemented to 2018.
  • TruckerT
    TruckerT Posts: 1,714 Forumite
    Thrugelmir wrote: »
    The imposition of the new Basel banking regulations have yet to be fully felt. As these won't be fully implemented to 2018.

    Zzzzzzz...

    TruckerT
    According to Clapton, I am a totally ignorant idiot.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    TruckerT wrote: »
    Zzzzzzz...

    :beer: Drown your worries..........
  • michaels
    michaels Posts: 29,229 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    I wouldn't even rate it for dinner parties :(

    Michael, MA Econ, Cantab
    I think....
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Economics is definately not a science. Does anyone claim it is? If so they're stupid.

    Economics is an interesting subject for the simple reason that it is to a large degree sentiment which makes it unpredictable. Anyone who studies it for any other reason than entertainment is sadly deluded.
  • the_flying_pig
    the_flying_pig Posts: 2,349 Forumite
    edited 17 April at 9:56AM
    [quote=[Deleted User];46674327]Economics is definately not a science. Does anyone claim it is? If so they're stupid...[/QUOTE]

    Go on then, define 'science', and explain in a sentence why [say] the following are/aren't sciences:

    Chemistry.
    Maths.
    Economics.
    History.
    FACT.
  • atush
    atush Posts: 18,731 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I was a biologist- what do i know lol.
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