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Thread: Do you fully understand and know Economics?

  1. #1
    Cyburbian michaelskis's avatar
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    Do you fully understand and know Economics?

    We often hear people say, itís basic economics, we have economic development, we comment on the economy, heck we even partake in Home Economics... but what is Economics and how well do you understand it?

    Many of us have also taken Micro & Macro Economics as part of our planning degrees were they got into supply and demand, balanced matrix, and cost to expense ratios, but can we really use any of this stuff in planning? What about other choices that you make such as whom to vote for, to buy a house in a particular neighborhood, and such.
    Not my monkey, not my circus. - Old Polish Proverb

  2. #2
    Cyburbian Big Owl's avatar
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    One of the most helpful classes i have taken was "Urban Economics". we covered market economic and talked about how zoning was an externality. It gave me a unique prospective. I think alot to the theory is really realvant and can be applied in some form.

  3. #3
    Cyburbian mgk920's avatar
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    Whenever someone describes a grandiose idea to me, I will often reply with "well, that looks very nice and fine and dandy, but are the numbers there?". One can dream all he/she wants to, but if the basic economic 'numbers' are not there and don't 'add up', the proposal won't happen.

    OTOH, the failures of many zoning controls on development, especially those severely limiting unit density and/or over-segregating complimentary uses, are that the controls fly right in the face of basic economics (I often call this a 'law of nature') - there is a market-based demand for a certain number of commercial and/or residential units in an area and if they are not legally allowed, will result in a combination of much higher prices for the units that are built than there otherwise would be, a loss in overall economic activity/local tax revenue to other more welcoming places and/or a black market for providing the needed units (ie, two or more families illegally sharing residential units designed for one).

    I see it all the time.

    Mike

  4. #4
    Cyburbian dobopoq's avatar
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    Economics could be considered an anthropocentric sub-discipline of ecology. Mankind depends upon the resources of the Earth for his survival, just like any other living organism. Anytime a species exhausts a resource base beyond recovery, its population must face a dieoff.
    "The current American way of life is founded not just on motor transportation but on the religion of the motorcar, and the sacrifices that people are prepared to make for this religion stand outside the realm of rational criticism." -Lewis Mumford

  5. #5
    Cyburbian Wannaplan?'s avatar
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    Quote Originally posted by dobopoq
    Economics could be considered an anthropocentric sub-discipline of ecology.
    Or vice-versa.


    Quote Originally posted by dobopoq
    Anytime a species exhausts a resource base beyond recovery, its population must face a dieoff.
    Except when that species is able to use technology and/or behavior change to overcome the deficiency caused by the exhausted resource (e.g. recycling) or when a suitable replacement resource can take the place of said exhausted resource.


    Off-topic:
    Quote Originally posted by dobopoq
    Mankind depends upon the resources of the Earth for his survival, just like any other living organism.
    The words I emphasized makes your post quite ironic, even having an air of nonchalance, considering the threads you start on gender equity. Even your profile says, "Gender Egalitarianist."

  6. #6
    Cyburbian jordanb's avatar
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    Economics is a very contentious field where not much is "known" indisputably.
    Reality does not conform to your ideology.
    http://neighborhoods.chicago.il.us Photographs of Life in the Neighborhoods of Chicago
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  7. #7
    Cyburbian dobopoq's avatar
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    off-topic:
    Quote Originally posted by Wanigas?
    Off-topic:
    Quote Originally posted by dobopoq
    Mankind depends upon the resources of the Earth for his survival, just like any other living organism.
    The words I emphasized makes your post quite ironic, even having an air of nonchalance, considering the threads you start on gender equity. Even your profile says, "Gender Egalitarianist."
    The word "mankind" is understood to be a non-gender specific word. You'll notice the word "man" is also in the word "human". But the singular pronoun "his" has to be used in this case if it follows the word "mankind". It would have been gramatically incorrect for me to say "Mankind depends upon the resources of the Earth for 'their' or 'her' survival...".

    I see your post as a rather shallow attempt to discredit the sincerity of my beliefs via the inadequacies of the English language Wanigas?
    "The current American way of life is founded not just on motor transportation but on the religion of the motorcar, and the sacrifices that people are prepared to make for this religion stand outside the realm of rational criticism." -Lewis Mumford

  8. #8
    Cyburbian zman's avatar
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    Hopefully, over the next 15 weeks, I will understand Economics a little better. That is if the local community college would get the damned book in...
    You get all squeezed up inside/Like the days were carved in stone/You get all wired up inside/And it's bad to be alone

    You can go out, you can take a ride/And when you get out on your own/You get all smoothed out inside/And it's good to be alone
    -Peart

  9. #9
    Cyburbian
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    All you really need to know about economics:

    TANSTAAFL
    "If you love something, let it go."
    What kind of crap is that?

  10. #10
    Cyburbian Wannaplan?'s avatar
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    Off-topic:
    Quote Originally posted by dobopoq
    I see your post as a rather shallow attempt to discredit the sincerity of my beliefs via the inadequacies of the English language Wanigas?
    Take it how you would like, I don't care, but I wouldn't call it shallow. Wouldn't the sincerity of your beliefs permeate most aspects of your being, as you have strongly indicated in the past? Regardless, with the inadequacies of the English language comes its ability to be fluid and adaptive. Wouldn't "Humanity depends upon the resources of the Earth for its survival" convey they same idea without projecting traditional gender biases into the language?

  11. #11
    I did an honours undergrad in economics and I can honestly say that I learned absolutely nothing about economics in my classes. What I did learn was from reading books, and it never really started to make sense as a system until I read Ludwig von Mises. Even Milton Friedman is unconvincing.

    Mainstream economics today is just an excuse to make work for professors. There's absolutely no way to determine whether anything they say is true or not if you follow their epistemology.

  12. #12
    Cyburbian dobopoq's avatar
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    off-topic
    Quote Originally posted by Wanigas? View post
    Off-topic:


    Take it how you would like, I don't care, but I wouldn't call it shallow. Wouldn't the sincerity of your beliefs permeate most aspects of your being, as you have strongly indicated in the past? Regardless, with the inadequacies of the English language comes its ability to be fluid and adaptive. Wouldn't "Humanity depends upon the resources of the Earth for its survival" convey they same idea without projecting traditional gender biases into the language?
    You're blowing this way out of proportion. Obviously, there are numerous other ways I could have voiced the same thought without getting near gender pronouns. I know you don't care. Which is why you are making this attempt to belittle me in public. The word "petty" comes to mind.
    "The current American way of life is founded not just on motor transportation but on the religion of the motorcar, and the sacrifices that people are prepared to make for this religion stand outside the realm of rational criticism." -Lewis Mumford

  13. #13

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    Quote Originally posted by dobopoq View post
    off-topic

    You're blowing this way out of proportion.
    Neckties, anyone?

  14. #14
    Cyburbian Budgie's avatar
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    Yes, I understand economics in a wide variety of it's applications.

    Please don't make me reply to this thread.... I won't know when to stop.
    "And all this terrible change had come about because he had ceased to believe himself and had taken to believing others. " - Leo Tolstoy

  15. #15
    Cyburbian Plus Zoning Goddess's avatar
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    I took one post-graduate economics class (required) and it was the most booooooring class ever. The professor was an idiot. I've never had any interest and know absolutely nothing.

  16. #16
    Cyburbian H's avatar
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    Quote Originally posted by michaelskis View post
    Do you fully understand and know Economics?
    Yes.
    "Those who plan do better than those who do not plan, even though they rarely stick to their plan." - Winston Churchill

  17. #17

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    Quote Originally posted by H View post
    Yes.

    H For President!

  18. #18
    Cyburbian Wannaplan?'s avatar
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    Quote Originally posted by BKM
    Neckties, anyone?
    I love the irony!

  19. #19
    Cyburbian
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    Well I did an introductory course of Economics... did quite well, but beyond that nothing... Good enough for me though... I can learn the rest in Economical Geography...

  20. #20
    Cyburbian Cardinal's avatar
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    I have no idea what economics is. I just try to figure out what the average guy... er, persyn on the street thinks or does, and then draw conclusions from that.
    Anyone want to adopt a dog?

  21. #21
    Cyburbian chukky's avatar
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    Am trying to remember where I heard it but:

    Economists were put on this earth to make astrologers look good.

  22. #22
    Cyburbian H's avatar
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    Quote Originally posted by BKM View post
    H For President!
    LOL. No thanks.
    "Those who plan do better than those who do not plan, even though they rarely stick to their plan." - Winston Churchill

  23. #23
    Cyburbian donk's avatar
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    The only thing in economics I truely understand is the law of diminishing return.

    The third helping of steak does not taste as good as the first, the 15th beer does not go down as easy as the 6th......
    Too lazy to beat myself up for being to lazy to beat myself up for being too lazy to... well you get the point....

  24. #24
    Cyburbian Budgie's avatar
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    Anyone know what a util is?

    How about MR - MC = 0 = MP?
    "And all this terrible change had come about because he had ceased to believe himself and had taken to believing others. " - Leo Tolstoy

  25. #25
    BANNED
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    Land, Labor and Capital=Wealth

    Quote Originally posted by michaelskis View post
    We often hear people say, it’s basic economics, we have economic development, we comment on the economy, heck we even partake in Home Economics... but what is Economics and how well do you understand it?

    Many of us have also taken Micro & Macro Economics as part of our planning degrees were they got into supply and demand, balanced matrix, and cost to expense ratios, but can we really use any of this stuff in planning? What about other choices that you make such as whom to vote for, to buy a house in a particular neighborhood, and such.
    Start by defining the three factors needed to produce wealth.

    What is so confusing is that money is called capital; but money is a measure of wealth. The true definition of capital would be intelligence.
    Last edited by bud; 22 Aug 2006 at 1:00 PM. Reason: claify

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