What is Economics?

Generali

In light of some conversation I had recently with the people on here that definitely aren't moderators and definitely aren't described as such for legal reasons so this website can be run cheaply I was wondering what my fellow posters would define as 'economics'...?

Is it solely to do with Government finances and the price of Stuff? Could it, for example, include the challenges we face in integrating new technologies into our lives or the way that we generate the energy that we will need if we are to maintain our current lifestyle?

Does it include the psychology of purchases, why and how we buy stuff? Could it include the reasons people commit crime and how to stop criminal offences using economic principles?

My opinion is that anything that involves economic principles is economics for better or for worse just as anything that involves the scientific method is science, even if we wouldn't think of the things involved as science.

(Text removed by MSE Forum Team)

wotsthat

Wiki defines economics as 'the social science that aims to describe the factors that determine the production, distribution and consumption of goods and services.'

Of course this sub-forum is called debate 'house prices and the economy' so, perhaps, MSE are defining 'economy' more narrowly than the whole 'economic system'?

Somehow a thread for nice people meets the (un)defined criteria but the economic impacts of solar in warm places and the knock on for colder places doesn't. Go figure.

There's less chat and general horridness about house prices and gold and silver are at multi-year lows so that keeps out the nutters - maybe it just got a bit boring not being a moderator?

michaels

wotsthat wrote: »

Wiki defines economics as 'the social science that aims to describe the factors that determine the production, distribution and consumption of goods and services.'

Of course this sub-forum is called debate 'house prices and the economy' so, perhaps, MSE are defining 'economy' more narrowly than the whole 'economic system'?

Somehow a thread for nice people meets the (un)defined criteria but the economic impacts of solar in warm places and the knock on for colder places doesn't. Go figure.

There's less chat and general horridness about house prices and gold and silver are at multi-year lows so that keeps out the nutters - maybe it just got a bit boring not being a moderator?

Being threatened with a suspension seems a bit extreme for a first offence when as you say the 'rules' are not laid down. It might appear that threads that lead to too much heated debate are those that cause the problem rather than the subject per se - which is a perfectly valid way of determining such things.

One issue with economics is that unlike (some bits of) science there is never an 'agreed' right and wrong so there is always scope for politics and thus strong feelings to become involved in any discussion.

Personally although I might agree with you that the impact of solar power is very much economics I also think we are in 'Martin's' house' and so should abide by 'his' rules just as we would hope he would take his shoes off if asked when visiting our houses.

antrobus

wotsthat wrote: »

Wiki defines economics as 'the social science that aims to describe the factors that determine the production, distribution and consumption of goods and services.'

...

The OED essentially concurs;

The branch of knowledge (now regarded as one of the social sciences) that deals with the production, distribution, consumption, and transfer of wealth; the application of this discipline to a particular sphere; (also) the condition of a state, etc., as regards material prosperity; the financial considerations attaching to a particular activity, commodity, etc.

Or pretty much anything you can attach a number to.:)

the_flying_pig

my two penn'orth:

(1) it's really hard to come up with a nifty definition of 'economics' that satisfactorily captures all of the many micro/macro etc facets & that get close to the borderlines other disciplines like finance, psychology, etc.

(2) this 'Debate...' section of the website is rightly or wrongly pretty much only about house prices. anything that's not at least loosely related will get moved.

CLAPTON

I'm sure a modern definition (post McPherson) would be
'anything that any one considers is economics, is economics'

DiggerUK

Economics is how resources are allocated, if those resources are abundant then there isn't a problem. The decisions on allocation only become problematic when they aren't so abundant.

The economy is how the decisions on allocation are carried through in practice.
A study of economics and economies are related, but they are also mutually exclusive..._

vivatifosi

I tend to think of economics and the economy in their broadest sense.

Economics... Yes in terms of macro and micro, but also I like the behavioural input of Ariely et al. Finance and economics are close bedfellows, as are politics and economics.

The economy... sometimes you have to consider not just the economy but how things impact on it... for example fear of terrorism will probably lead to a fall in American tourists, which in turn will hit the travel industry and feed through eventually to economic indicators. Similarly energy is a key factor due to inelasticity of demand, so changes in availability and demand for oil are interesting... as are disruptive technologies such as solar.

Also, while we're on the subject, I like to discuss lots of economies not just this one. I hope we can continue to discuss Greece and the Euro, the impact of the one child policy on the Chinese economy, the impact of the housing glut on Ireland, of banking crisis on Iceland, etc.

Joe_Bloggs

michaels said:-

Personally although I might agree with you that the impact of solar power is very much economics I also think we are in 'Martin's' house' and so should abide by 'his' rules just as we would hope he would take his shoes off if asked when visiting our houses.

We have had solar power for four billion years. We have recently been in a technological position to make more use of it. Without solar power there would be no life.

Economic behavior can be observed in nature for example herd behavior. The most efficient strategies , over time, will pay dividends.

In my view there should be a separate economics forum. The house price aspect does not need to be lumped with it.

J_B.

wotsthat

Yes, if there aren't any clear definitions then the mods aren't moderating and are simply reacting to complaints and using their own judgement. We're a nice bunch here - it must be the easiest part of the internet to police.

It's not been Martin's house for a long time BTW. I'd feel a bit sorry for him if he gave a flying fig about whether a thread about solar belonged here or in discussion time.

vivatifosi

Joe_Bloggs wrote: »

In my view there should be a separate economics forum. The house price aspect does not need to be lumped with it.

J_B.

You've been around a long time Joe but I can't remember how long you've been hanging out here (sorry).

This really started out as a sub forum of the house buying forum one up from here. This was set up because it was disrupting that forum.

Then when the economy started going wrong in 2008 we all started discussing the economy too, hence the extension. I'm interested in the economy, but less so house prices. I'm sure everyone here has a different emphasis depending on their interests. I would not mind if there were separate economics and house prices forums, though wonder if they would get enough traffic.

At some point some years back it also went subscription only, like DT.

It would be a shame if the forum in one form or another ceased to exist though.