Current Events > Social sciences like Econ are pretty arbitrary.

(+) Yeah! (+)

The data in real life is apparently so skewed (because it's so broad) that it doesn't take into account what happens in real free market economies. So learning about aggregate expenditures formula with MPC/MPS along with supply/demand is completely irrelevant to what actually happens in real life.

The only thing it taught me was what type of monetary policies the feds conduct when there is a recession/inflation in relation to interest rates and Keynesian economics. But that is sort of generalized and doesn't really mean; reducing interest rates will increase consumption because people's propensity to save will be less. In fact it doesn't take into account specific assets and the amount of available liquidity in relation to how much people are willing to spend. Ex. A billionaire can have 80% ownership of stock XYZ. Regardless of interest rates going up or down, it has no effect on the stock share price going up. So in a sense, what I learned from my Econ class is useless when trying to find effect from causality.

Iamdepressed posted...

So in a sense, what I learned from my Econ class is useless when trying to find effect from causality.

Interestingly, the recent nobel prize in economics went to people who developed methods to infer causality from observational data. But they represent what's called the "credibility revolution" in economics, where there was a shift in focus towards empirical observation.

I feel like business is the same way. For thousands of years humans have been able to open and maintain a business without a course so what's taught in business management and marketing seems somewhat useless. At most maybe the basic stuff like a balance sheet or profit report is useful

My very hot take:
College courses on business should just be about investing in real estate or the stock market with a statistics course along with several accounting courses. Then those courses can be grouped out into option trading and how to get your real estate / mortgage broker license etc.

Economics courses, marketing, business management courses should be obsolete.