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Oh wait, maybe it’s the thing with the leaves? Leaves are green like money. – Ms. Fix-It
Favorite Comment: Graphite Gangreless says, “At the end of a course in economics, the professor asked us to write a few paragraphs summing up what we learned about economics. I said that economics was like meteorology. Best guesses are formed on very little data, at an attempt to predict the future, but in the end, nobody really knows anything.”
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Actually, I’d say that the circles should only intersect slightly – people who understand economics understand that it is very difficult to form an absolute opinion on many issues.
You don’t need an absolute opinion to have strong opinions.
Hey, at least this one is the right kind of graph.
Seconded
{People who voted and will vote 5*} ∈ {People who don’t unterstand economics} me included
Am I counted? I’m currently studying econ
It’s possible that the circles should be completely separate, no overlap.
This. Totally.
And a “Voters” circle should intersect 80-90% with the “Don’t understand” circle.
NOBODY understands economics. Economists only learn how little they understand.
“The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” –von Hayek
Or, as one of my econ professors -loved- to say, way too often, “if you took all the economists in the world and laid them end to end, they wouldn’t reach a conclusion.”
He was pretty sure it was hilarious every time, too. Outside that, he was a good professor, though.
At the end of a course in economics, the professor asked us to write a few paragraphs summing up what we learned about economics. I said that economics was like meteorology. Best guesses are formed on very little data, at an attempt to predict the future, but in the end, nobody really knows anything.
You’d better have gotten an A for that one.
That is brilliant, and true
COMPARISON WIN.
I TOOK ECON 110! I KNOW HOW TO FIX THE ECONOMY!
I read a blog about a seminar on economics once. I also read a book. Well it was the inside pannel of the front cover. I’m an expert now right?
Doesn’t take a genius to understand it, which is lucky for you.
People who actually know what to do about economics–> .
That little circle is waaaay too big.
i’d like to start a petition to put a tiny little dot on the left side of the big blue circle for Mr Obama
I think he would admit that, that’s why he has experts.
Yeah, but most of his experts would be in the same tiny little dot.
Even economists don’t understand economics. It’s why we’ve fallen in numerous fluctuations in the past decade. If econimists knew all, then our economy would be growing at a constant rate- but it’s not. According to the Rational Expectations Theory, people (who are oh so clueless) and firms base their consumption and investment on expected inflation- but their not always right, so IT’S THE “animal spirits” that govern our economy…NOT those who try to control it, because, in the long-run, everything seems to return to its natural rate. Next, it’s up to the government and the fed to fix whatever the animal spirits caused (Keynes would be so happy), but sometimes, the gov ends up making matters worse. Nice going Keynes.
As an economist I can’t hold this chart (not graph) to be accurate. No references, no sources data, no data collected. All of these comments make me laugh too. The problem isn’t that economists don’t know how an economy works, it’s that economists are the only ones who understand that the graphs, charts, and models we use are simplifications and only work under ideal circumstances, hence, “ceteris paribus.” The problem lies with politicians and the general public who take Econ 101 and 102 in college and think that this should explain everything, and when it doesn’t they freak out, saying economists don’t know what is going on, so how could anyone else? That is why experimental and behavioral economics are beginning to take off, because these do a better job of explaining peoples behavior in economic terms and how people effect economic conditions around the world. The general idea of rationality has been based off of money compensation alone but we know that this isn’t the only motivation people have and not every individual will contribute to the economy equally in measurable terms and be motivated to contribute to the economy in traditional ways (ex. income/GDP growth).