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696566 No.696566 [Reply] [Original]

daily reminder that Economics is a social "science"

>> No.696568

Yes, and?

>> No.696573

>>696566
I guess you're implying that it's easier? If anything, that means it's harder.

>> No.696621

>>696566
It's not really "science". Science is testable, repeatable, verifiable, consistent, etc.

Economics is more of a pseudo-science because the field isn't backed by 100% concrete evidence. It's moreso mathematical models that crudely fit together and work.

>> No.696624

Economics is bullshit

>> No.696646

>>696621
economics is the study of human behavior

>> No.696647

>>696621
so is most of physics technically

>> No.696709

>>696573
>If anything, that means it's harder.
top kek

>> No.696756

>>696621
Second that. I'm double majoring in math and economics and every fucking day I'm getting pissed off during econ lectures.
Pseudointellectual Bullshit Y = C+I+G+X is not a fucking science, behavioural economics is not a science, C = dU/dx is not a science. Bullshit fuck economics. And yet you pass exams suboptimal because you didn't memorize every stupid fucking braindead useless point of your script. Math on the other hand is a fucking science. Kids If you want to get into IB, MBB or Trading, study engineering/math/chem/physic/cs. Econ is overcroweded and 101% useless, even econometrics which is just statistics for idiots

>> No.696761

The soft/social sciences is where the greatest potential is. Warren Buffett did not become a rich man because he knew complex formulas. The most successful people in the world are the people that have mastered social sciences. Management, marketing, economics, or finance. Not people who have mastered something technical. Those people work for the social science masters. Mastering a social science takes decades of trial and error, and regularly questioning your own biases. It's difficult to learn because there's no definitive reasons for success or failure. And it takes courage.

The more technical sciences are better suited to nerdy cowards that need for everything in life to have hard edges and be well defined.

>> No.697028

>>696761
This right here is the harsh truth.

>> No.697056

>>696761

Very few people who go into those fields are successful. For every Waffen Buffet you'll find 10,000 business/marketing/econ majors pushing pencils in a cubicle for $50,000 a year. Almost everyone who gets a STEM degree can pull 6 figures right out of school easily, because those skills are scarce.

This is obvious to anyone in the real world. Look up median incomes for all the fields you just listed, and compare them to 'technical' fields. Or you can keep trying to convince yourself you'll be on Wall Street with your state college econn degree.

>> No.697089

>>697056
>Asshurt stem fag

>> No.697093

>>697056
>Waffen Buffet
Kek'd

>> No.697103

>>697056
I don't even have an econ degree. And I'm saying all that because at the heart of it, I am a nerdy coward that want's things well defined. But as I learn more about how people become successful, it's not the most technically savvy people. It's the people who put themselves in situations where they can learn the right rules of thumb. They know to put themselves in situations with enormous upside but low downside.

That's the opposite of the technicians that put themselves in situations that are perceived to be safe, but actually are not. Like the comfortable, stable job. A stable job is actually incredibly unsafe. You get a stable income for a period of time, and then get it cut off at the whim of someone else. That's the over-optimization that quantitative people think is good. They don't understand exposure.

I'm talking about mastery, not most people. Being a marketing/econ master is better than being a math master. Being a good-enough econ professional is far worse though.

As I look at the most successful people I come in contact with, they are more like jocks than nerds. They aren't the deepest thinkers. What makes them successful is "speed of execution," perseverance, just fucking shipping something. I think there's a lot we can learn from those people. Much more than professors that choose the least risky type of lifestyle of possible.

>> No.697127

>>696646
No. Economics is the study of how people make optimal decisions given constraints. "Human behavior" would be things like psychology and sociology. These are actual sciences that are backed with observable research (e.g. neuroscience) and scientific study.

>> No.697128

>>697056

>Almost everyone who gets a STEM degree can pull 6 figures right out of school easily

You obviously have no idea what you're talking about.

>> No.697147

>>697056
>Almost everyone who gets a STEM degree can pull 6 figures right out of school easily
where, in california and other high cost of living shitholes?

in reality the average starting salary for most STEM degrees is 60k/year.

>> No.697583

>>697056
Nobody pulls 100k out of undergrad unless the employer owes your daddy a favor or some shit.

Im a 5th year accounting student doing a master of accounting (because I was too lazy to get 150 creds in one year) and the financial consulting company I will be working for next year said they could start me off at 65k with my B.S or I could get 150 credits and pass the 4 CPA exams and they would start me at 80k +20k one time for passing the CPA.

>> No.697591
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697591

>>696566
Thanks turtle

>Mfw studying Economics for free
>Mfw 80k starting
>Mfw im science man now

>> No.697595

anything with the word science isn't a science

we know chemistry and physics are sciences, so we just call them chemistry and physics

social science isn't a science, so we people call it science to assure people it is

- peter thiel

>> No.697602
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697602

>>696566

Its actually more like voodoo or witchcraft. A Pigmy witchdoctor and an economist are pretty much equally useless.

Economics "degree"
> my sides

>> No.697629

>>696566
Economics is astrology for people who wear suits.

It's a joke pseudo-science that nobody takes seriously.

>> No.697769

Ypu can argue that medicine isnot a real science. At least before the rise of evidence based medicine and even that leaves a billion questions unanswered. The status of a hard scoence is in fact worthless. It isnothing but an empty title STEM like to brag about.
What counts are insights and at minimum best practices and economics deliver in that regard.

>> No.697774

>>696756
There is no way you're actually an economics major, God you're so fucking stupid

>> No.697982

>>697103
Have you just read Antifragile?

>> No.697989
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697989

>all these people shitting on economics
Too dumb to pass Calc 1 and get an Econ degree, eh?

>> No.699396

econ is perhaps the most versatile degree out there. obviously, this means that it's all soft skills and universal knowlege, not that it hinders one from learning to do actual work after graduating. an econ degree done right (using your own head rather than 1-2 tunnel vision theories) will at least make you smarter. and if you think being able to count something is more important that general sophistication (for a fucking bsc?) then i cant understand you. everybody has a bachelor's nowadays and you will need a master's so why limit your range with a narrow one? are you sure you will enjoy being and accountant/engineer 10 years from now?

>> No.699412

Whether not academic economics is bullshit is irrelevant, it is still respected, at least in the UK. Psychology, history, philosophy and other social sciences, while more applicable to the real world lack the mathematical, analytic and
knowledge of data to compete with economics graduates. If you go to the city, who do you find in most of the top jobs? economics graduates, what is the degree with the highest percentage that work in the London financial sector? economics. Why is it that ever seminar by a 'respected' economist is rammed? because every savvy investor understands the need to posses some level of knowledge in economics. There is a huge difference between academic and private sector economists (i'm the latter). 'Real world economists' like myself need to know the fundamentals of economics in undergrad/post grad but we don't practice it in the financial sector.

>> No.699428

>>697127

>economics isn't the study of human behavior
>it's actually about optimal decisions
>because most participants make optimal decisions

>> No.699443

>>699428
>implying that every economist thinks that

The problem is, current economics is dominated by the American, neoclassical/monetarist bullshit. There is so much good work by the German/Austrian school that is being completely ignored.I was talking to a few American economsits and none of them knew who Charles Goodhart was, couldn't believe it.

>> No.699455

>>699443
>Austrian school
Yeah, there's a reason its ignored. Sorry chum.

>> No.699608

>>697583
Graduated with CS degree in December. Currently working at Facebook's NYC office. My salary is 115k/yr.

Software engineering is in really high demand atm.

>> No.699618

isn't everything just science if you get right down to it?

Every academic subject can be regarded under the science umbrella, even humanities can be considered a subset of social science.

>> No.700139

>>696647
Physics is based on actual physical results and measurements.

I know you are probably talking about certain theoretical physics concepts that you would have never heard or understood the physical proofs for, like time dilation(used in gps systems), the quantum foam of empty space which there is actual evidence for like the casimir effect.

Though yes there is a few things which are on the fringe of ideas like how dark energy might be the force of another universe exerting itself on ours, but those aren't considered actual physics theories, just cool ideas that we have no evidence direct or indirect for yet.

>> No.700142

>>696566

It isn't even a science, it's more of skill or practice. I don't think there is anything wrong with economics being under Math&Business with some Social Sci in it. Nothing wrong with putting economics, accounting, finance, management, etc all under business skills.

>> No.700153

Economics uses models that must be tested and proved before being accepted.
They use maths and logic to create such models and experience to validate them.

How is that not a science? Just because you don't work in a lab and a major part of the research is performed by observation? Then astronomy isnt a science either, you can't put planets orbiting inside a lab.

>> No.700169

>>700153
http://www.telegraph.co.uk/finance/comment/10390981/Time-to-stop-this-pretence-economics-is-not-science.html

https://robertnielsen21.wordpress.com/2014/08/09/why-economics-is-not-a-science/

http://www.forbes.com/sites/pascalemmanuelgobry/2014/09/29/its-okay-to-not-be-a-science/

Also what is long term capital management?
Those academics that got completely destroyed by reality.

This doesn't mean economics is not useful.
It's just when we are dealing with anything that involves human behaviour, shit get's a tad unpredictable.

>> No.700176

>>699455
Yes, because higher education is almost exclusivley dominated by left wing statists and socialists.

>> No.700214
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700214

>>699428

>> No.700245

>>700176
Damn you facts and your liberal bias!

>> No.700293

everyone thought keynes was scientific fact until the 70s when it became evident it was baseless philosophizing

>> No.700309

>>700176
you sound like the sort of guy that would invest in bitcoin

>> No.700311

>>700245

Oh, you don't know do you.. bless your poor heart.

>> No.700446

Undergrad degrees: Finance, Management, Economics.

Which types of people should get which degree? And is there a difference in different parts of the world (eg. Economics in Europe vs. US)?

>> No.700535

>>699396
this

economics undergrad masterrace crew

>> No.700606

>>700446
Those extroverted should take Finance and Management.

I don't know about your second question, but Finance and Management grads are more welcomed in the business world in the Nordics than in the UK, where Economics is one of the best degree you can have if you want to enter the commerce industry.