G8 protests

[mike777]

I am for closing our borders

1) I am against cheap, labor, products, ideas coming into this country

2) I am against expensive labor, products, ideas coming into this country.

3) Other than that I am 100% for open borders.

[hrothgar]

A) As a noneconomist, I define economics as the science of how people make decisions. True Forum economists may object, :P, and have another definition.

Back in the day, the first day of Economics 101 would spend a reasonable chunk of time defining the scope of the field. Traditionally, the definition of Economics would hinge on two key points:

 

1. Resource allocation subject to a series of constraints

2. An explicit assumption that people behaved "rationally"

 

I think that the rationality assumption is an important one because it serves to differentiate Economics from other fields like Sociology and Psychology. However, in more recent years, Economists have started to relax the rationality assumption.

[Winstonm]

1) Here we have a worker..not a slacker

2) They do not have a job....

3) I think this is a huge huge problem that economists need to help us make a decision. If they cannot help us on this one issue.....they are worthless.......!!!!!!!!!!!!!!!

 

Is the quality of the job of any importance?

[Al_U_Card]

Economics, like accounting, is a form of score=keeping. As long as the accountants can tell you (legally) that you are profitable, then that is good. When they start telling HOW to be profitable, that can get bad fast.....(not absolutely necessarily but usually) Kind of like the goal judge telling the coach who to play or how the players should take their shots....not always a guarantee of success.

[helene_t]

No, economics is not mere score-keeping. Economists can tell you actual, likely consequences of the choices you consider. Whether those concequences would be good or bad, is up to your own assesment.

Traditionally, the definition of Economics would hinge on two key points:

 

1. Resource allocation subject to a series of constraints

2. An explicit assumption that people behaved "rationally"

No, "rationality" does not define economics as such, it just happens to be a paradigma in classical economics. Suppose some progress in psychology made it possible to predict economical behaviour beyond the rationality assumption. Then economists would have to adopt new models. Even if they had to throw away all their established theories, they would still be economists.