Economic Wednesdays

Why I Like Economics

Economics is knows as the silly science. Why? Because you can never actually prove anything in economics. Sure you can speculate why something happened. Lets take the Great Depression for example. How did we come out of the Great Depression? Was it....

A. The New Deal saved us, by pumping the economy full of money, raising the savings curve and increasing productivity.

B. WWII. Increased production for the war...and WWII actually lowered unemployment because so many people were in the army or died {that's sorta depressing sounding}.

C. Easing of tariff taxes in the 40's cause more international trade.

D. It was just a very difficult recession and it bounced back like it was supposed to after a certain amount of time.

The Answer {unbelievable suspense right now}...

No one knows. Everyone has their theories. It could be all of them. It could be just one. All we can do is speculate and try and learn from what worked or didnt work in the past.

Barack Obama just pumped like a trillion dollars into the economy in hopes of revitalizing it. Did it work? Maybe. Would the recession have been even worse if he hadnt done so? Maybe. It could have just turned around on its own in due time. But people say that the New Deal helped during the great depression. So...well...maybe {we get the maybe part dummy}.

Thats why I like economics. Cause theres so many theories, opinions, and ideas but we really dont know what works. We have a pretty good idea in a lot of cases. But on the grandest of scales...no idea. Fascinating.

*Stay tuned for this Fridays special on sports betting. Including my sports pick of the week*

Pat

{Pat is severly missing something in his life right now....

....thats right...he has not been able to watch the Cav's games recently...}