/sci/ - Science & Math

https://www.econlib.org/lets-not-emphasize-behavioral-economics/

The core ideas of economics are extremely counterintuitive and are not accepted by most people....

Non-economists also tend to reject the central ideas of basic economics, and for reasons that are not well justified. [In particular these central ideas do not rest on hyper-rationality.]

1. People don’t respond very strongly to economic incentives. (I.e., the demand for life-saving drugs is very inelastic.)

2. Imported goods, immigrant labor, and automation all tend to increase the unemployment rate.

3. Most companies have a lot of control over prices. (I.e. oil companies set prices, not “the market”.)

4. Policy disputes over taxes and regulations are best thought of in terms of who gains and who loses.

5. Experts are smarter than the crowd.

6. Speculators make market prices more unstable.

7. Price gouging hurts consumers.

8. Rent controls help tenants.

If you think any of these statements are true, you are retarded. These myths are all widely believed by the general public.

git gud, faggot

*creates the foundation of modern statistics*
*dies from jaundice at age 26*

Go do your homework, anons.