What do you think about economists?

I think it’s an academic job like any other, they never actually do anything just study it report their findings and advise on likely scenarios. They can certainly put together some useful data for my job and therefore make my job easier.

Not for nothing is it known as the Dismal Science, but economists have input into nearly everything that happens in business and government, and for that reason they affect your life in many ways, all day every day.

I think it’s a damned good thing that there are economists out there, because the majority of the public doesn’t have a clue about how the economy works.

But you make economists sound like some sort of éminences grises—do you harbor similar conspiracy theories about sociologists, historians, and physicists?

I think the same way of scientists.
They study theory and apply it practically.

I used to think that economics was too fuzzy a discipline to really be considered a science. It’s like psychology in that both model human behavior, which is notoriously unpredictable.

Now I understand more about statistics, and I have much more respect for the science. Like other social sciences, it has people who are ideologically motivated, and who do not do good science. Or maybe they stick with theory, but are not interested in testing those theories.

In any case, I think the discipline is useful, although the science is hard. Their statistics involve a lot of calculus. I’m not sure about the power they hold. I’m sure they aren’t given as much attention by policy makers as perhaps they deserve. I think they believe they are trying to maximize the benefit for everyone, not just a segment of society, unless they are hired to represent one segment of society. And, as usual, there are corrupt economists mixed in with the ones with integrity.

I’m glad there are economists. That means I don’t have to be one. I hated Economics.

I have trouble believing economists because of the vast differences in information they put out and how often they’re wrong. I think sociologists, historians and physicists do not disagree with each other nearly as much as economists do.

Freakonomics, however, helped improved my opinion about economists: their talents could be put to good use in areas other than economics.

If you get a chance look at Freakonomics by Steven Levitt. That book opened my eyes.to the power of data mining. You’ve got an economist studying tons of data and coming up with statistically significant trends to answer questions like: What do men and women really want in a partner? Is Japanese Sumo fixed? Does a person’s name make a difference? Fantastic book.

I see that @drdoombot beat me to it.

I think of economics as mental gymnastics and mostly academic. The long run, short run, guns and butter, opportunity cost, supply and demand curve, diminishing returns, blah, blah, blah, blah. It is just slicing and dicing figures a million different ways and guessing on which way things will go. It all makes for a very interesting exercise, but in reality it is not much more reliable than a trip to the local soothsayer.

An economist I admire? John Maynard Keynes who pointed out, quite correctly “in the long run, we’re all dead.”

Economists work with poorly understood, constantly changing input, and fall into the same category as meterologists in my opinion. They do the best they can with what they have, but ask either one if it’s going to rain tomorrow and you get the same chance of a correct answer.

Economics is a little like sociology and psychology in that MOST of the time we can assume based on past evidence what the future of something may hold. However, no one, knows based on scientific proof that something will happen. Even if they could base the future on science, it is not packed with a guarantee that it will happen.

I think people should take economists advice, but think about it logically as well for themselves. Personally, I am quiet surprised how much people put in other peoples hands without thinking for themselves.

One should also consider their political background. Their backgrounds can sway their opinions – big time.

Yay economists and the teaching of economics in school! Without econ., I’d never have been prepared to leave home when I did and take charge of myself and pull it off better than most.