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RE: What Economists Don’t Want You to Know, and How Steemit and Cryptocurrencies Prove Them Wrong
The truth is that many Economists simply do not understand the mathematics driving decisions. If they did, they wouldn't expect perpetual growth on a finite planet as a possibility.
-- Sir David Attenborough
This is a good reason to stock up on bitcoins and ripple XRP
For what it's worth, as a person who's rubbed shoulders with a number of economists, I'd say that the economists understand the mathematics better than most people. If economists have a fault, it's that they understand the math too well - and are are blinded by it to the point that they cannot see the people whose decisions their math is supposed to predict.
PhD's in economics are really more applied math degrees. You need not have ever taken an economics class to get into a program nor do you have to demonstrate basic theory to teach an undergad econ course. The textbook publisher will give you everything you need.
T o put it another way, there is little regard for understanding the processes that actually drive the phenomenon economists are trying to study. Observation, that is practical experience or spending time intimately outside the office with the subject matter, isn't valued. Being able to publish is what is most valued among academia.
To note, there is no Steem economics any more than a black economics or a white economics or what have you. The basics of supply and demand never change. The problems created by a centrally planned economy and monetary policy are the same. Rent seeking is rife in crypto and so on and so forth. The standard theories that are present in introductory textbooks hasn't changed in decades. What has change is they put a little more math in there and a lot more color pictures.
How long is a piece of string? The thing is... exponential growth does happen, you only have to look at technology and Moore's Law to see that. Network effects do happen... "Viral things" do happen on the internet.
It's just a matter of figuring out where to take them so they don't blow up in our faces!