Skip to comments.
Are The Big Four Econ Errors Biases? [ minimum wage vs string theory ]
Overcoming Bias dot com ^
| November 28, 2006
| Robin Hanson
Posted on 12/16/2006 1:47:21 PM PST by SunkenCiv
Consider how differently the public treats physics and economics. Physicists can say that this week they think the universe has eleven dimensions, three of which are purple, and two of which are twisted clockwise, and reporters will quote them unskeptically, saying "Isn't that cool!" But if economists say, as they have for centuries, that a minimum wage raises unemployment, reporters treat them skeptically and feel they need to find a contrary quote to "balance" their story.
(Excerpt) Read more at overcomingbias.com ...
TOPICS: Astronomy; Science
KEYWORDS: stringtheory
Not surprisingly, this didn't turn up in a Google news search until after someone in another blog tried to dispute it. Google is, after all, systemically biased toward partisan Dhimmicrat views.
1
posted on
12/16/2006 1:47:22 PM PST
by
SunkenCiv
To: AdmSmith; bvw; callisto; ckilmer; dandelion; FairOpinion; ganeshpuri89; gobucks; KevinDavis; ...
2
posted on
12/16/2006 1:47:46 PM PST
by
SunkenCiv
(Don't bother, I haven't updated my profile since 11/16/06. https://secure.freerepublic.com/donate/)
To: SunkenCiv
Well, since not many people understand [or even think they understand] the string theory, the depicted reaction to the purported physicists' announcement is a common self-defense mechanism. They do not know, and they know that they do not know ["known unknown"].
OTOH, everyone who has to manage from one paycheck to another, or to manage one's investment portfolio [however badly and inefficiently], has a legitimate claim to a small measure of economics skills and understanding. In their heads [despite the dictum of Warren Buffett that most investors arrive to their investment decisions using not heads, but completely different [lower] parts of their respective anatomies]- so, in their heads that degree of skills and understanding is usually magnified - thus they do have, and offer, the opinions in the field [a "poorly known known"]. Hence the difference. And it is precisely because of the limited nature of these skills and knowledge in the majority of the people concerned that the unsound ideas find defenders and proponents. Were they completely and self-knowledgeably ignorant, the debate would not have arisen.
3
posted on
12/16/2006 2:03:40 PM PST
by
GSlob
To: SunkenCiv
I don't think most economists have ever used a slide rule, so econ doesn't have the same awe factor physics does. Think of the kinds of kids you know who went on to become rocket scientists versus the kids that went on to become accountants.
4
posted on
12/16/2006 6:25:06 PM PST
by
GoLightly
To: IncPen
5
posted on
12/17/2006 12:53:36 AM PST
by
Nailbiter
To: SunkenCiv
Tell the same reporters that arresting illegal aliens who work in meat packing plants will raise the price of beef and chicken, and they will believe that without reservation.
6
posted on
12/17/2006 12:58:43 AM PST
by
Bernard
("Be thankful we're not getting all the government we're paying for." Will Rogers)
Disclaimer:
Opinions posted on Free Republic are those of the individual
posters and do not necessarily represent the opinion of Free Republic or its
management. All materials posted herein are protected by copyright law and the
exemption for fair use of copyrighted works.
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson