Apart from a cluster at the top I see a bit of a curve. Not much.
Economics and psychology will always be inherently fuzzy because of the whole free will thing.
this post was submitted on 20 May 2025
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Hmm sounds like a grad student really trying to make their data say something so they can graduate and finally start the life long process of paying back student loans.
Economics is a historically flawed and ideological science. But I think it’s getting better and more empirical with time. The scientific method works, economists just have the come down from their high horses and actually follow the data.
That's easy to say when your mortgage doesn't depend on the Emperor's New Clothes being real. Many if not most economists have staked their reputations and networks on pre-empiricism economics.
It's not a simple matter of "whoops I was wrong about one thing". Since the 1970s we've turned the world economy upside-down to cater to billionaires and inequality has skyrocketed. It would be like a priest admitting he reassigned molesters for decades.
OK but you can’t treat economists as a monolith. If you want to shame the people who did that then go ahead, but I think there’s a newer group of economists who are deconstructing the propaganda and seeking truth, and they should be encouraged.
based. and it’s a weird situation because economists deal with money and money corrupts so there are fallible incentives. just see how trump awarded arthur laffer for his negligible contribution just because his model was convenient for rich people: https://www.washingtonpost.com/politics/trump-to-award-presidential-medal-of-freedom-to-economist-art-laffer-today/2019/06/19/f1505826-9299-11e9-aadb-74e6b2b46f6a_story.html
I agree economics is not a science. But using a line chart is just dishonest and so is cropping data so that it shows only a stagflation period. There is a reason it has a special name.
I don't know the answer to this question: have we been in stagflation for the last 50 years? Because cropping data points is a great way to distort the picture, but I counted somewhere over 40 points before I lost the point.
Not quite, stagflation requires both high inflation and unemployment which we did see concurrently during COVID.
But it also needs low or negative economic growth which again we did see during COVID but growth and employment have been up so we haven't had a long period of stagflation.
The final key thing that I don't think is technically required is that the fed can't lower rates to drive growth because inflation is too high hence the economy gets stuck. It feels like this could be where we are heading but haven't quite been in a prolonged enough period to qualify for yet.
it’s not a technically perfect 4chan post ill give you that. i agree with the sentiment though, given other experiences i have listed in these comments :)
Economists are the priests of capitalism.
I have examined the ~~goat entrails~~ quarterly metrics and determined that ~~gods~~ markets require more ~~human sacrifices~~ corporate tax breaks
Anti-intellectualism on Lemmy, it must be a day ending in y.
And Jesus fucking Christ, the number of people in here who speak like economics is a field united behind Austrian economics is fucking bizarre.
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Only tangentially related, but it's often accepted that there is no Nobel prize in economics. There is a Nobel memorial prize in economics (link), but as it was set up after Nobel's death it is in a slightly different category.
Economics is a subset of moral philosophy, which just happens to care a lot about mathematics but is (or should be) nonetheless primarily concerned with questions of morality.
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