âGiven the complex interdisciplinary nature of societal issues, studying the basics of economics might make you overconfident that you can solve societal problems. Take, for example, supply and demand. The standard supply and demand model will tell you that having/âincreasing the minimum wage will automatically increase unemployment. But if we look at actual empiricalevidenceitshows usthat it doesnât. Overrelying on simple economic models might mislead us about which policies will actually help people, while a more holistic look at the social sciences as a whole may counter that.â
I disagree with this paragraph. Economists are trained to NOT stay at the basics of economics and NOT overrely on simple economic models. They develop more complex models. I rather have the impression that many people in other social science fields, when they deal with economics issues, rely too much on basic economics with its overly simplified models.
Note that economistsânot sociologists, psychologists or anthropologistsâcame up with the empirical evidence that minimum wages barely increase unemployment. All your references are published in economics journals. And note that economistsânot sociologists, psychologists or anthropologistsâdeveloped more complex models that explain why the competitive market equilibrium model with labor supply and demand was too simplistic.
âGiven the complex interdisciplinary nature of societal issues, studying the basics of economics might make you overconfident that you can solve societal problems.
Take, for example, supply and demand. The standard supply and demand model will tell you that having/âincreasing the minimum wage will automatically increase unemployment. But if we look at actual empirical evidence it shows us that it doesnât. Overrelying on simple economic models might mislead us about which policies will actually help people, while a more holistic look at the social sciences as a whole may counter that.â
I disagree with this paragraph. Economists are trained to NOT stay at the basics of economics and NOT overrely on simple economic models. They develop more complex models. I rather have the impression that many people in other social science fields, when they deal with economics issues, rely too much on basic economics with its overly simplified models.
Note that economistsânot sociologists, psychologists or anthropologistsâcame up with the empirical evidence that minimum wages barely increase unemployment. All your references are published in economics journals. And note that economistsânot sociologists, psychologists or anthropologistsâdeveloped more complex models that explain why the competitive market equilibrium model with labor supply and demand was too simplistic.