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Srsly Wrong
222 – Economics as Horseshit (w/ Neighbor Science)
Nov 26, 2020
Ryan from Neighbor Science, an expert in neoclassical economics, joins the Wrong Boys to expose the flawed assumptions of economics. They discuss the misuse of efficiency, irrational consumer behavior, power dynamics in economics, Adam Smith's views on landlords and repetitive tasks, market failure, and diverse perspectives on the definition of civilization.
01:27:40
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Quick takeaways
- Economists assume rationality, but people's decisions are influenced by various factors and can change over time.
- Power dynamics and external factors can limit the true voluntary nature of market transactions.
Deep dives
Assumption 1: Prices are formed based on supply and demand
Prices are determined at the intersection of supply and demand curves. The more something costs, the lower the demand and the higher the supply. The less something costs, the higher the demand, but the lower the supply. Prices fluctuate based on these dynamics.
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Discover
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