REEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

[Anonymous No.1250951]

WHY DOES NOBODY UNDERSTAND BASIC ECONOMIC CONCEPTS?

I just missed most of the Penguins game tonight because I was stuck in a conversation about economics with somebody who thought it would be a good idea to join in on a conversation. I'm only a college student, and he was a 50 year old veteran (even though he was on the coast guard), so I couldn't really tell him to fuck off. He was just so willfully ignorant about anything regarding economics/finance, yet insisted that he knew more than me. I don't care that he disagreed, but I do care that he was so willfully ignorant. He said that I probably got all my information from liberal professors, and that's why I disagree with him. I've never taken an economics or finance course in my life, I just care enough not to be ignorant. Anyway, why do you think people hold so many clearly wrong views regarding economics? Is it that they are uneducated? Is it that they are fed lies by politicians? Are they just stupid? Examples below:

>compares national economy to personal finances
not how that works
>doesn't understand tax brackets whatsoever
no, your entire earnings are not being taxed 90%, are you retarded?
>we should just stop spending on anything as a nation until we pay off our debt
what the fuck
>paying good wages is bad for a business and long term economic growth
well paid workers are happy workers are productive workers are consumers of your product/service
>1910s were the glory days
I'll let this speak for itself


I would be less pissed, but I missed THE GODDAMN HOCKEY GAME AND GOING TO DAIRY QUEEN WITH FRIENDS BECAUSE OF HIS DUMB ASS

[Anonymous No.1250965]

/biz/ - Autism

[Anonymous No.1250968]

>>1250951
This is probably bait but whatever.

1) Many of the concepts of personal finance hold on a national level, including balancing a budget and maintaining sustainable levels of debt.
2) Assuming you are in the US, the effective tax of a 6 figure professional in New York City sits at close to 50%. That excludes sales tax, capital gains tax, property tax, etc.
3) Of course we shouldn't stop spending, but passing a balanced budget to at least cut the deficit would help. It's our children that will be on the hook to pay those interest payments; they won't just go away.
4) Paying a good wage will likely bring in more value-adding, efficient employees, not just magically make the ones you already have work better. If you're referring to raising the minimum wage, virtually all economists both liberal and conservative agree that it increases unemployment of the unskilled. You can read up on this, I'm not going to spoonfeed you, but as a start you can Google the productivity and ratio of Walmart to Costco employees.
5) Despite what's taught in most high school economics/history textbooks, the Gilded Age wasn't the evil proletariat-abusing capitalist nightmare when you compare the standard of living to the average poor worker before and during. Real wages increased because goods became so much cheaper thanks to efficient production and, while it sucked, it sucked a good deal less for all parties involved. If you read primary sources during the time period even the socialists like Samuel Gompers admitted the poor were better off, he just wanted wealth redistribution anyway.

[Anonymous No.1250972]

>>1250951

[Anonymous No.1250983]

>>1250951
>WHY DOES NOBODY UNDERSTAND BASIC ECONOMIC CONCEPTS?
Because they spend too much time listening to that old fart from Vermont?

[Anonymous No.1250992]

>>1250968
I bait-ified a true story, I am actually a little pissed
1) He was implying that because of the national deficit we should liquidate all assets. Again, he does not understand basic concepts.
2) I personally think that is the appropriate tax rate, but that is besides the point. He did not understand how tax brackets work, i. e. the "I shouldn't take this raise because I'll have to pay more than the value of the raise in taxes" mindset
3) Yep he actually believes that we should just effectively shut down the government for a few years, save for the military, Too radical to benefit anyone.
4) You got the point. As a business owner, it makes sense to pay workers a decent wage, because it attracts the best, most efficient workers. I would say that the minimum wage needs to be raised a little though, while the government creates jobs through public works
5) Eh. It was the transition from a shitty time period to another shitty time period, but 1910 certainly was not the glory days imo

[Anonymous No.1251042]

>>1250951
https://en.wikipedia.org/wiki/Dunning%E2%80%93Kruger_effect

[Anonymous No.1251049]

>>1250951
age does not guarantee wisdom or even knowledge

he was an idiot
/thread

[Anonymous No.1251054]

Boomers destroying america

[Anonymous No.1251055]

If he had ever taken an econ class in his life he would probably know that econ 101 is basically "conservative economic talking points: the class" and that it isn't until you get to the upper level classes that the more simplistic models you are introduced to in 101 don't apply in the real world and that you need more complex models to predict anything.

[Anonymous No.1251062]

>>1250951
>I'm only a college student
and thats when we stop reading

[Anonymous No.1251069]

>>1251055
you cant predict shit

[Anonymous No.1251076]

>>1251069

You can, in fact, predict shit.

>muh black swan

Doesn't apply to short term predictions.

[Anonymous No.1251114]

>>1250951

GO PENS

[Anonymous No.1251166]

>>1250951
You let yourself miss the game.

That said
>>1250992

I'm only picking the points I care about. Early 1900s were booming. Granted 1910s specifically probably weren't as crucial as the rest. Besides the pop up toaster of course.

Public works jobs are taken by prisoners that:
1) get paid
2) the majority that isn't locked up pays for that.
3) employers who use criminals get a tax cut.

Now obviously this is just a small point. But simple shit like picking up trash on the side of the road. $7-$9 an hour, should go to someone who wants it, nOT some one who does it because it's better than prison. Plus they could get city local benefits being a city employee.