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/sci/ - Science & Math

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6100599 No.6100599 [Reply] [Original]

Heh. Look at this…

>Nobel Prize in Economic Sciences
>Sciences???

really?!?

>Two economists with diametrically opposing interpretations of the way markets behave have been jointly awarded the 2013 Nobel memorial prize for economics

http://www.bbc.co.uk/news/magazine-24579616

So two guys have opposite and conflicting views and yet they're both "correct" because economics is bullshit to begin with.

>> No.6100606
File: 38 KB, 500x428, 1377794041881.jpg [View same] [iqdb] [saucenao] [google]
6100606

>sweden

>> No.6100611

Economics is just an imperfect science, once they figure out how to perfectly quantify everything it will just be a computer model that will tell us what to do with our money so we all become rich.

>> No.6100615

>economics is bullshit to begin with.

exactly

The problem is theres no objective reality to compare theory with. However, I guarantee you this thread will become over run with shitposters claiming economics is science.

>> No.6100619

>>6100615
>I guarantee you this thread will become over run with shitposters claiming economics is science.
Well, we are on /sci/

>> No.6100621
File: 77 KB, 600x800, 1379714532814.jpg [View same] [iqdb] [saucenao] [google]
6100621

>economics
>money
>jews

>nobel prize won by a guy called shiller

>> No.6102077
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6102077

>>6100621
I think you are on to something.

>> No.6102099
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6102099

Seriously, imagine this kind of shit in physics.

"The 2013 physics nobel prize is awarded to Dr Kek for the formulation of the Kek boson theory, and Dr Kuk for calling him a retard, and showing he was wrong."

>> No.6102103

>>6102099
science that heads in the wrong direction (almost always) advances the field. What you've just described is also known as the scientific process.

>> No.6102121

>>6102103
> Good science includes failure so any failure is good science

>> No.6102147
File: 257 KB, 1280x853, economics.jpg [View same] [iqdb] [saucenao] [google]
6102147

> hating on economics
> wow
> so edgy
> so physics
> make room, physics going on
> wow, so real science

If you think economics is bullshit to begin with, then you have little to no grasp of what economics is and what it does in terms of scientific application.

Physics, biology, chemistry are natural sciences that describe the way the Universe and nature work. Economics and law are social sciences that describe how a man-made system works and help it in its development.

Economics use statistics and econometrics to give us general models of how markets and individuals on those markets behave. A big part of that is random and/or complex to the point of being close to impossible to model correctly - thus a lot of different views and a lot of different schools (Keynes, Smith, Neo-Classical, Austrian, etc., etc., etc.).

It's not the case with this year's Nobel Prize Laureates, however - Shiller described the way markets behave in the long run (approaching efficiency), Fama focused on the short-term (mostly random walk), Hansen developed a method to combine both those views and describe them as a single model.

> 2013
> believing press headlines
> /sci/

>> No.6102159

>>6102147
Lol so they did babby tier probability theory and got a nobel prize for it. they even know measure theory?

>> No.6102177

>>6102147
see
>>6100615

>> No.6102180

>>6102147
>dogenomics

>> No.6102420
File: 71 KB, 640x705, dogefinance.jpg [View same] [iqdb] [saucenao] [google]
6102420

>>6102159
So now it's not about "lel, economics is retarded, not a science if you can give an award for two different positions" and it suddenly became "lel, economics is retarded, how can you give a prize for something that seems to be easy" instead? With your knowledge on the subject based on the BBC article?

Well done, /sci/. Not even /sp/ delivers that level of lels.

>>6102177
> "no objective reality to compare theory with"
You have a reality of society and how it works on a large scale, in the long run. That's what economic sciences deal with - a man-made systems. Whether it's objective or not makes no difference - it is necessary for human kind to develop, same as law (which also deals with non-objective reality).

>>6102180
> pic

>> No.6102425

Economics are a behaviorial science.

>> No.6102427

Social science isn't science

>> No.6102449

>>6102420
>elementary calc
>high school algebra

wow so complex1111

>> No.6103011

Note that this is not actually a Nobel prize. It's a "Nobel memorial prize".

Economists came up with this prize after Nobel's death because they wanted to be taken as seriously as the other people who get Nobel prizes.

>> No.6103035

hmm

>> No.6103142

>shiller

>> No.6103179

OP, you'll be happy to know that the third guy won because he said there is no way of knowing if any of the others is right.

>> No.6103180

>>6102427
http://en.wikipedia.org/wiki/Science

>> No.6103197

>>6103179
>he said there is no way of knowing if any of the others is right.
I'm looking through the Nobel report and I don't see any mention of this at all. [Citation] please?

>> No.6103226

>>6103197
Shit mine was Newsnigh. They basically said the three guys got it for:
1. Proving that Markest are rational and efficient
2. Proving that markets are not rational or effcient
3. Proving that it's impossible to tell.