Re: Glenn Beck- Latest Example of Logic Challenged Arrogant Moron
One of the reasons I never wanted to study economics was because I was worried that even with approximations introduced into functions, theoretical models could still be way off due to hidden complexities.
Example:
suppose the amount of tax revenue (R) is given by some complex function of the tax rate (T) like So:
R= kT^2 +T/2Dsin(T) + c
where k,c,d are constants fitting experimental data to this equation.
Though I made up this equation and it is obviously not correct at all, there are tons of economics textbooks filled with equations like this that describe economic quantities like revenue and taxes.
The reason I distrust these models is that I think there is alot of "variance" in economic phenomena caused by political, social factors etc. Taxes could suddenly be effected by some new crazy factor like a war. Because of this and also because I distrust economists in general I think that it is a bogus field.
I'm interested if anyone else thinks that economic/mathematical theories are worth formulating and studying or not?
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