Economics is a social science but is not a science in the way the chemistry is. The most basic component of economics is a person like the atom is the most basic component of chemistry. Atoms and their behavior do not sway from the factual evidence that has been proven in concrete theory. People and their activity do not stick to a mathematical model, hence why it is a model and not a theory. In a general and macroeconomical view yes, the mass activity must be oversimplified in order to properly quantify it but this can never be entirely accurate because you cannot exactly predict the actions of people. It is too dynamic. But if economics was a science, don't you think it would be easier for the government to regulate banks, and understand what policies and systems work? It does not conform to the scientific method. It thrives on the basis of trial and error. Economics is a social science but can never be a science in the way that chemistry or biology are.
Great points here, Atul. It will be important that we continue to take on a paradigm shift in thinking, both in academic and business settings. More consideration for how we develop metrics and analysis around various comparisons/data sets is a constant for progress. At the end of the day, the role of human psychology and interaction around scientific formulas should also be considered. Thank you for keeping the conversation going...
No, he doesn't. He has a degree in PPE, otherwise known as Philosophy, Politics, & Economics. Such labeled degrees are typically fluffed with liberal arts courses and thus avoid the real scientific nature of economics. They present basic economic ideas only to complement other fields. They avoid the advanced calculus, econometrics, nonparametric statistics, stochastic processes, etc. that inevitably go along with studying research-level economics (Masters or PhD level). And I'm not trying to downplay his degree -- being from oxford, it is of course impressive. But it is not enough to claim any level of authority on the real field of economics. He is, after all, a lawyer by training. Not an economist.
Well macroecnomics is a nonsense and it has proved that its completely worthless as a prognostic or repair tool in economy. Not to mention that it is based on completely wrong basis.
How much do consumers lose on the depreciation of automobiles every year in every country? Oops! That is too difficult a question for economists. Making junk designed to fall apart creates JOBS!
If y'all are so much smarter than him, why aren't you educating us instead? I've always known that those who complain about a problem without contributing to solutions are useless in opinion and efficacy.
Economics is a social science but is not a science in the way the chemistry is. The most basic component of economics is a person like the atom is the most basic component of chemistry. Atoms and their behavior do not sway from the factual evidence that has been proven in concrete theory. People and their activity do not stick to a mathematical model, hence why it is a model and not a theory. In a general and macroeconomical view yes, the mass activity must be oversimplified in order to properly quantify it but this can never be entirely accurate because you cannot exactly predict the actions of people. It is too dynamic. But if economics was a science, don't you think it would be easier for the government to regulate banks, and understand what policies and systems work? It does not conform to the scientific method. It thrives on the basis of trial and error. Economics is a social science but can never be a science in the way that chemistry or biology are.
Thanks for that, now I have inspiration to my exam papers! :)
Great points here, Atul.
It will be important that we continue to take on a paradigm shift in thinking, both in academic and business settings. More consideration for how we develop metrics and analysis around various comparisons/data sets is a constant for progress.
At the end of the day, the role of human psychology and interaction around scientific formulas should also be considered.
Thank you for keeping the conversation going...
The sound cutting out is really annoying :/
Sir,, u r great.... Its was pleasure to meet u...
Neeraj singh (delhi airport)
This guy is downgrading the math of an economist? Clearly he has never seen the math of econometrics and statistics
@@Amit-lh1jz right, and that too from Oxford university
As with most people who so adamantly criticize economics, this guy has very little idea what he's talking about. Shameful.
The man has a masters in economics from Oxford.
No, he doesn't. He has a degree in PPE, otherwise known as Philosophy, Politics, & Economics. Such labeled degrees are typically fluffed with liberal arts courses and thus avoid the real scientific nature of economics. They present basic economic ideas only to complement other fields. They avoid the advanced calculus, econometrics, nonparametric statistics, stochastic processes, etc. that inevitably go along with studying research-level economics (Masters or PhD level).
And I'm not trying to downplay his degree -- being from oxford, it is of course impressive. But it is not enough to claim any level of authority on the real field of economics. He is, after all, a lawyer by training. Not an economist.
en.wikipedia.org/wiki/Atul_Singh
fifth paragraph
Well macroecnomics is a nonsense and it has proved that its completely worthless as a prognostic or repair tool in economy. Not to mention that it is based on completely wrong basis.
gondor532 100% incorrect. Please education yourself.
Economics is the science of wealth
How much do consumers lose on the depreciation of automobiles every year in every country? Oops! That is too difficult a question for economists. Making junk designed to fall apart creates JOBS!
what a talk!
TEDx trash talk
ideas which waste your time
one of the worst Ted talk I have seen
i know, u will only admire the talks by white...If a brown will give such talk it wll be waste!! I know!
this really is a worst talk...nothing to do with racism....
He is a lawyer and not a economist to speak in the name of the field and second he is not answering the fundamentals question...
he has a masters in economics from the University of Oxford
@@adityagarg2325 politic philosophy and economics... Need the heavy empirical background
I wish if there was an emoji to laugh at this gentleman. Its like eating veg and judging non-veg...lmao
If y'all are so much smarter than him, why aren't you educating us instead? I've always known that those who complain about a problem without contributing to solutions are useless in opinion and efficacy.