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Think You Understand Economics? Think Again

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JUST FIX IT!
DailyFeed

Recent gatherings at The World Social Forum (and its cousin, the U.S. Social Forum) have shown an increased interest in totally revamping economics as we know it.  Here’s the difference:

Textbook economics treats individuals as selfish optimizers, unconcerned about the welfare of others. Only recently have economists begun to explore the importance of fairness, reciprocity and altruism, and to consider the possibility that incentives to behave selfishly can undermine both moral norms and altruistic preferences.

Textbook economics also largely ignores worker-owned businesses and consumer cooperatives, although these are geographically widespread in the United States.

In related news, a few other basic subjects have undergone fundamental changes, and are as follows:

Psychology – It's time to accept that we'll never really understand how the brain works.  As such, the American Psychiatric Association recommends that all mental disease can and should be treated with lollipops and ice cream made out of clouds.

Chemistry – All matter, regardless of composition, is made out of three elements: rainbows, puppies, and a cinnamon smelling gaseous substance called Joy.

Quantum Mechanics – In an effort to simplify things, time and space no longer exist.  Instead, the fabric of reality is held together by an adorable old woman called Mammy who bakes blueberry pies every Tuesday.

We're also reminded of this classic exposition on Economics via SNL:

 

POSITION:  No positions in stocks mentioned.
TAGS:  ECONOMICS, IT, FIX, FIX IT!   

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