Economics
-
- Posts: 797
- Joined: Fri Jan 22, 2016 6:29 pm
- Been Liked: 197 times
- Has Liked: 48 times
Economics
Oil price down - bad news. Oil price up - bad news! Always thought ‘Economics’ as a subject (art? Science?) is tripe. Can anyone elucidate on why economists actually earn a living? Personally think that Stocks, shares etc are a game played by the super rich & World events are merely ‘moulded’ into their ‘economist’s’ educated opinions to make massive profits. Of course, I’m not an expert, but am sure that some on here can enlighten me?
This user liked this post: IanMcL
-
- Posts: 4189
- Joined: Thu Jan 21, 2016 8:58 am
- Been Liked: 2320 times
- Has Liked: 2696 times
- Location: Isles of Scilly
Re: Economics
poor working class folk flogging their guts out in a factory or retail outlet etc...for barely a lving wage..well, if they get a raise on above the level of inflation..thats kinda bad apparently..its why the current government..despite brexit, will ensure a continued supply of cheap labour from the third world to keep our own folk on the breadlne.
a worker on the breadline is far easier to control.
a worker on the breadline is far easier to control.
-
- Posts: 797
- Joined: Fri Jan 22, 2016 6:29 pm
- Been Liked: 197 times
- Has Liked: 48 times
Re: Economics
Precisely - the real economic world operates in the stratosphere, way out of reach from we plebs.
-
- Posts: 8467
- Joined: Thu Jan 31, 2019 10:06 pm
- Been Liked: 2461 times
- Has Liked: 1991 times
Re: Economics
Living in Ireland on UK pensions we are constantly tracking sterling/euro rates. They go up and down for no rhyme or reason. Yet moneymen all around the world make money on it up or down. We have got so good at following it I could make money moving it back and forward myself but they’d call me out for it and I’d get taxed. We get a call from the bank every time we transfer more than £10k across. Treating us like money launderers.
Re: Economics
"I like saving money. Will raising baseline interest rates to 10% destroy the economy?"
"I don't know, mate. Let's try it out and see what happens!"
...said nobody ever.
Whether employed by the private sector, as researchers, or as govt advisors, that's why economists are helpful. They're trained on the workings of economies and markets, and so can help understand and steer it. For a start, the entire pension industry exists because of the financial markets, so it's not just the absurdly wealthy who have skin in the game. It doesn't take a great imagination to think what would happen if nobody understood the dynamics of the global economy. Interesting titbit I always come back to: David Cameron prepared a speech encouraging everyone to pay off their credit card debt in an attempt to project 'fiscal responsibility'. His advisors advised him that if everyone followed his advice it would destroy the economy of the United Kingdom. He took this part out of his speech. All the virtue in the world and all the effort exerted to cultivate political capital won't change market logic.
On oil price fluctuations, the reasons why a rise and a fall in price can both be "bad" (I'd say 'newsworthy') is because a primary concern for economists and governments is price stability, and any interruption to that stability has ripple effects which might require action - especially in the case of oil, which underpins so much of the global economy as a sort of baseline measure. I'd make an argument that price stability is a concern for government on a par with homeland security.
"I don't know, mate. Let's try it out and see what happens!"
...said nobody ever.
Whether employed by the private sector, as researchers, or as govt advisors, that's why economists are helpful. They're trained on the workings of economies and markets, and so can help understand and steer it. For a start, the entire pension industry exists because of the financial markets, so it's not just the absurdly wealthy who have skin in the game. It doesn't take a great imagination to think what would happen if nobody understood the dynamics of the global economy. Interesting titbit I always come back to: David Cameron prepared a speech encouraging everyone to pay off their credit card debt in an attempt to project 'fiscal responsibility'. His advisors advised him that if everyone followed his advice it would destroy the economy of the United Kingdom. He took this part out of his speech. All the virtue in the world and all the effort exerted to cultivate political capital won't change market logic.
On oil price fluctuations, the reasons why a rise and a fall in price can both be "bad" (I'd say 'newsworthy') is because a primary concern for economists and governments is price stability, and any interruption to that stability has ripple effects which might require action - especially in the case of oil, which underpins so much of the global economy as a sort of baseline measure. I'd make an argument that price stability is a concern for government on a par with homeland security.
Re: Economics
Betting for the rich if you lose, don't worry, you can start again and usually keep your assets from the past.jackmiggins wrote: ↑Tue Mar 10, 2020 12:21 pmOil price down - bad news. Oil price up - bad news! Always thought ‘Economics’ as a subject (art? Science?) is tripe. Can anyone elucidate on why economists actually earn a living? Personally think that Stocks, shares etc are a game played by the super rich & World events are merely ‘moulded’ into their ‘economist’s’ educated opinions to make massive profits. Of course, I’m not an expert, but am sure that some on here can enlighten me?
-
- Posts: 7065
- Joined: Fri Sep 08, 2017 4:43 pm
- Been Liked: 2238 times
- Has Liked: 1617 times
- Location: Baxenden
Re: Economics
Could I just ask bud (and it's a genuine question not a put down) - how do you know what Cameron OMMITTED from a speech if he didn't say it? Honestly interested.Spiral wrote: ↑Tue Mar 10, 2020 2:48 pm"I like saving money. Will raising baseline interest rates to 10% destroy the economy?"
"I don't know, mate. Let's try it out and see what happens!"
...said nobody ever.
Whether employed by the private sector, as researchers, or as govt advisors, that's why economists are helpful. They're trained on the workings of economies and markets, and so can help understand and steer it. For a start, the entire pension industry exists because of the financial markets, so it's not just the absurdly wealthy who have skin in the game. It doesn't take a great imagination to think what would happen if nobody understood the dynamics of the global economy. Interesting titbit I always come back to: David Cameron prepared a speech encouraging everyone to pay off their credit card debt in an attempt to project 'fiscal responsibility'. His advisors advised him that if everyone followed his advice it would destroy the economy of the United Kingdom. He took this part out of his speech. All the virtue in the world and all the effort exerted to cultivate political capital won't change market logic.
On oil price fluctuations, the reasons why a rise and a fall in price can both be "bad" (I'd say 'newsworthy') is because a primary concern for economists and governments is price stability, and any interruption to that stability has ripple effects which might require action - especially in the case of oil, which underpins so much of the global economy as a sort of baseline measure. I'd make an argument that price stability is a concern for government on a par with homeland security.
Re: Economics
Speeches are often pre-briefed. It's why you'll read a headline like "PM to announce such and such a thing". Distributing a speech to the media in advance of the speech acts as a tease and draws more attention. It's a basic part of any politician's media strategy. If you're trying to communicate a message, you want to make sure folks are listening. I believe in this specific case it was a party conference speech, too.
Re: Economics
It's all Adam Smiths fault.
-
- Posts: 3281
- Joined: Thu Jan 21, 2016 9:07 am
- Been Liked: 843 times
- Has Liked: 1049 times
- Location: Newcastle upon Tyne
Re: Economics
Falling oil prices - a worry, heading for possible world recession or low growth period but good news for motorists, farmers, industrialists and all consumers/users of oil. Deflationary.
Rising oil prices - may indicate a boom in world output as industrialists/ manufacturers (oil users) bid up its price prior to increasing their output. Poor news for motorists, central heating users and consumers who will all eventually face higher prices. Inflationary.
Economics at its simplest!
Rising oil prices - may indicate a boom in world output as industrialists/ manufacturers (oil users) bid up its price prior to increasing their output. Poor news for motorists, central heating users and consumers who will all eventually face higher prices. Inflationary.
Economics at its simplest!
-
- Posts: 1566
- Joined: Thu Jan 21, 2016 11:40 am
- Been Liked: 428 times
- Has Liked: 1460 times
- Location: Leicestershire
- Contact:
-
- Posts: 3613
- Joined: Thu Jan 14, 2016 2:03 pm
- Been Liked: 891 times
- Has Liked: 1100 times
- Location: Solihull Geriatric Centre
Re: Economics
Falling oil prices may lead to falling pump prices (not as guaranteed as pump price rising when the oil price increases). Pump price falling, however welcome to the person on the street, leads to a reduction in the tax & VAT take which affects government spending plans as they have less revenue to borrow against.
Rising oil prices almost invariably become rising pump prices which means the government get a boost to tax and VAT revenues but leaves the average person with less money to spend on other taxable goods and a degree of public dissatisfaction with government performance.
Rising oil prices almost invariably become rising pump prices which means the government get a boost to tax and VAT revenues but leaves the average person with less money to spend on other taxable goods and a degree of public dissatisfaction with government performance.
-
- Posts: 5084
- Joined: Mon Jan 25, 2016 11:15 am
- Been Liked: 1180 times
- Has Liked: 636 times
- Location: Tibet
Re: Economics
Jezzzzzzzzzzzzzzzz TT hell of a pension you get from the UKTricky Trevor wrote: ↑Tue Mar 10, 2020 12:52 pmLiving in Ireland on UK pensions we are constantly tracking sterling/euro rates. They go up and down for no rhyme or reason. Yet moneymen all around the world make money on it up or down. We have got so good at following it I could make money moving it back and forward myself but they’d call me out for it and I’d get taxed. We get a call from the bank every time we transfer more than £10k across. Treating us like money launderers.
-
- Posts: 3982
- Joined: Sun Feb 16, 2020 3:04 pm
- Been Liked: 855 times
- Has Liked: 604 times
Re: Economics
Baffles me why people keep voting to keep the super rich in power then.fatboy47 wrote: ↑Tue Mar 10, 2020 12:27 pmpoor working class folk flogging their guts out in a factory or retail outlet etc...for barely a lving wage..well, if they get a raise on above the level of inflation..thats kinda bad apparently..its why the current government..despite brexit, will ensure a continued supply of cheap labour from the third world to keep our own folk on the breadlne.
a worker on the breadline is far easier to control.
-
- Posts: 183
- Joined: Mon Mar 09, 2020 6:31 pm
- Been Liked: 44 times
- Has Liked: 31 times
Re: Economics
When I went to secondary school. I was a bit wet behind the ears. Had options the first two years. Thought Home Economics was home budgeting and finance. Spent two f*cking years doing needlework and baking cakes! Buggered up my education for two years but I can make a marvellous jam sponge!
-
- Posts: 8467
- Joined: Thu Jan 31, 2019 10:06 pm
- Been Liked: 2461 times
- Has Liked: 1991 times
-
- Posts: 7210
- Joined: Sun Jan 17, 2016 6:11 pm
- Been Liked: 2378 times
- Has Liked: 3801 times
- Location: Padiham
Re: Economics
And what about darning socks?Claret32yrs wrote: ↑Tue Mar 10, 2020 7:49 pmWhen I went to secondary school. I was a bit wet behind the ears. Had options the first two years. Thought Home Economics was home budgeting and finance. Spent two f*cking years doing needlework and baking cakes! Buggered up my education for two years but I can make a marvellous jam sponge!
-
- Posts: 481
- Joined: Fri Jan 22, 2016 9:57 pm
- Been Liked: 131 times
- Has Liked: 114 times
Re: Economics
Economics- predictions.
This will scare you, Putin and his 3D chess end game.
https://www.youtube.com/watch?v=hw4GGrYTHog
This will scare you, Putin and his 3D chess end game.
https://www.youtube.com/watch?v=hw4GGrYTHog
-
- Posts: 183
- Joined: Mon Mar 09, 2020 6:31 pm
- Been Liked: 44 times
- Has Liked: 31 times
-
- Posts: 8467
- Joined: Thu Jan 31, 2019 10:06 pm
- Been Liked: 2461 times
- Has Liked: 1991 times
Re: Economics
A lot will be glad they aren’t going to Europe this Summer. £ down 10cent in a month.