Matthew D: If economics is a social science and analysis boils down to predicting human behavior?
What role does influencing human behavior play in economics? In the midst of the recession(which began in 2007 but no one acknowledged till months later) we, the educated ones, were whispered that we mustn’t say ‘recession’ because telling the truth about the recession would only exacerbate it. I see however many times on Fox News and others attempts at shaping the mind and social behavior in such a way as to influence economic and financial behavior of its viewers and society at large.
If economics can be boiled down to influencing human behavior, not simply predicting it, how valid a science is economics?
Answers and Views:
Answer by Andrea
Economics the science is valid. Media manipulation of people is what you are questioning. One can not allow one single viewpoint that is delivered with a slant- of any sort- so ingrained and then consider that real economic advice.
However I must say that propaganda and media manipulation based on behavioral analysis is also a quite valid field. Based on the success of such things one can hardly discount the viability of such techniques.
Answer by coldfuseAs my wise old Money & Banking professor said, “The questions in Economics never change. The answers do.”
That economics is not an exact science does not invalidate it. I work with data on labor and demographics on a daily basis, and believe the information is the best available even if it is not precise.
In college, many people refuse to take economics, thinking it is on the level of rocket science. All of a sudden, in debates with other people, and even with economists, folks think they are economics experts!
How would you respond, for example, to Harvard economist Martin Feldstein?
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