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throwaway894345 · 2022-06-20 18:06:42

I genuinely don’t know anything about economics. Is this widely accepted among economists or is it more of an ideological/political axiom?

cuchoi | karma 677 | avg karma 2.16 · | 2023-02-24 20:57:30

It is a pretty common concept among economists. IIRC it is even covered in Mankiw's Introduction to Economics textbook.

BurningFrog | karma 23526 | avg karma 2.88 · | 2024-01-09 10:22:20

I'm not an economist, but I read a lot of what they write, and it seems like an established fact in the field.

LargeWu | karma 2958 | avg karma 3.87 · | 2018-02-05 19:23:01+00:00

Care to enumerate your doubts? It's a pretty well established concept in economics.

qwerty888 | karma 4 | avg karma 0.57 · | 2013-07-22 00:54:43+00:00

I'm actually an economist and the term is only used by non-economists.

qubex | karma 5969 | avg karma 2.4 · | 2019-12-16 17:53:44+00:00

As an economist: yes.

arebop | karma 1387 | avg karma 3.05 · | 2024-02-05 11:44:14

It is common in economics

anonuser123456 | karma 2809 | avg karma 2.38 · | 2021-02-03 21:09:20

This is the opinion of most economists.

ThrustVectoring | karma 9303 | avg karma 3.4 · | 2017-12-07 23:07:59+00:00

It's at least an accepted economic theory - there is much heterodoxy in the field, and I've heard it before (and I agree with it, for what it's worth).

imtringued | karma 11098 | avg karma 0.8 · | 2024-04-21 09:06:36

Yeah sure but economists love it. They built entire models around this idea.

ArkyBeagle | karma 2222 | avg karma 0.89 · | 2014-05-30 08:25:10

Economics is highly ideological.

RivieraKid | karma 4079 | avg karma 2.2 · | 2018-05-05 15:53:25+00:00

That is an economic theory? This seems like an obvious observation that most people should be able to make.

xyzzy123 | karma 5784 | avg karma 3.53 · | 2024-01-07 02:53:17

One of my pet opinions is that economics is actually like this too, to a much larger degree than is generally acknowledged.

lowkeyokay | karma 329 | avg karma 4.27 · | 2018-03-04 21:31:26

Economist here. I completely agree

claudeganon | karma 2703 | avg karma 2.07 · | 2020-07-24 15:40:44+00:00

I’m not sure how much economists believed this as they were materially incentivized to parrot this logic. Most of economics is just laundering the interests of the ruling class with spurious math and heuristics that are unmoored from political and social realities.

sovietcattle | karma 4 | avg karma 0.19 · | 2019-12-23 21:07:32+00:00

My observation is not ideological, it's a reference to the work of an economist...

mo_42 | karma 703 | avg karma 2.22 · | 2023-02-19 04:44:51

You’re on the right track. Many people including economists don’t get this. It’s a very useful way of thinking economically.

(See also my other comment here).

reply

Etrnl_President | karma 14 | avg karma 0.08 · | 2023-04-18 08:38:19

This also applies to economics.

jasonwatkinspdx | karma 12380 | avg karma 4.58 · | 2020-11-03 23:24:05+00:00

Yes. I am entirely comfortable in saying that the economic consensus is strongly against the Austrian and Chicago perspectives. Both of these schools value prior ideology over empirical data. It's a "debate" on forums like this, but not even remotely so amongst the economists I talk to.

LyndsySimon | karma 4208 | avg karma 1.98 · | 2014-06-04 20:34:13+00:00

I think it's a fairly common word amongst sociologists and economists. I've heard it in both contexts.