December 5, 2021

Economics Trivia

Economics while broad in scope is usually described as a science that analyzes the production, distribution and consumption of goods and services. The goal is to focus on empirical evidence and data to determine the best course of action in maximizing market efficiency and productivity by using mathematical logic. However, outside of the text books, real-world economics has unfortunately evolved into more of a pseudo-science that is wrapped around ideologically based “facts” and figures. What this means is mathematical logic has taken a back seat to political perspective. Instead of analyzing multiplier effects or price elasticity, too often economics has turned into political hyperbole. 

In 1932, former U.S. Supreme Court Justice Louis Brandeis popularized the phrase “laboratories of democracy.” He was referring to the idea that the different states could serve as a laboratory for social and economic experiments. But unfortunately, when the experiments fail or even when they succeed, the proclivity is to view the experiment through a political lens and only see what we want to see and hear what we want to hear. 

MY BRAIN IS ALREADY HURTING;
HOW WELL DO YOU KNOW
Economics?