Ever feel like the dumbest guy or girl in the room? It's funny because I just read some of the initial posts in my Managerial Economics course and that is starting to be the impression that I am getting. So far our 1st week discussion questions only have a couple of responses, but man, are they some substantial responses. Part of me wants to get into competition mode and kick up an answer that would make Adam Smith proud, so I pop open my Word software and stare at a blinking cursor feeling more like saying "the heck with this".
Here's the deal with economics, it's all theory. That's right, there are no hard and fast rules, just tons of formulas and hypothesis compiled into exceedingly complex theory based upon very simple laws of supply and demand and abracadabra!!! We've got what I refer to as "circular science". That's when people spend millions of dollars, read hundreds of books and countless years of intense study only to come up with an educated guess supported by the very basis of theory in which you originally started. In other words, you use hypothesis to prove hypothesis, as if anything in economics is provable right? I knew a rancher once who referred to this type of effort as "chasing your tail". I find it funny when you have a dog out of a group that is so fascinated with his own posterior that he will chase it for hours on end and never tire of attempting to catch that which cannot be caught. Yeah, economics is kind of like that. Next time I see a dog doing that I'm going to say "hey, he must be an economist" and have a silent chuckle to myself.
UGH!!!