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How Deep is your Understanding of Economics?!

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posted on Mar, 5 2009 @ 11:09 AM
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As more & more people turn to the GM forum for insight it would be helpful if posters could make clear how deep their knowledge & expertise goes. It is all too easy for readers to assume that those who post most often have the most training or experience, etc., so I propose this thread as a means of letting people know where we're coming from.

Maybe just indicate on a scale of 1-10 what level of expertise you are able to offer.

Specialist knowledge would be worth mentioning, as would an indication of any formal economics-related education/training/work experience. (In my case economics was just a subsidiary subject in one of my degrees. I maintain a keen interest, however, as I believe macro economics very often holds the key to current events.)



To start the ball rolling:

I'd rate myself no higher than 5, especially in the light of the fact that I suspect we have some full-time traders in here who'd qualify as 10s.

(Note - no-one should worry about not being humble enough. If you're a professional with years of experience, give yourself a 10.)

If you're pretty clueless, but starting to try and pick up the basics, go ahead, give yourself a 1. In that case others can adapt their replies to you to suit. Then feel free to revise your self-rating as you begin to feel your grasp improving.

Come on, don't be shy.

Fess it up...




posted on Mar, 5 2009 @ 11:12 AM
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This is such an interesting idea! There are so many "armchair economists" around nowadays. Bravo for calling people on it!

I'd say I'm about a 4. Frankly, I'm fascinated in the history and the trends, but not in the mathematical elements. I've taken a few classes, but I think there are a great number of things that are far beyond me.

Now, I really hope the people actually in charge of the economy are 10s.



posted on Mar, 5 2009 @ 11:25 AM
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reply to post by Iago18
 


Thanks for the support.

And welcome to ATS!!

That last comment of yours is actually very telling. I just don't want to think about it too much...




posted on Mar, 5 2009 @ 11:34 AM
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reply to post by pause4thought
 


I'm no economist. But I am a damned thorough in my research and I don't say anything I don't believe. This is very important, because alot of the so-called "armchair" economists are easily identified when they say something...usually reflecting the MSM.

I'm not an expert, but my advice to people has payed off for them in the past, and I always give any advice with a disclaimer. "I am not an economist, you should only listen to what I say if it fits your pre-existing goals, and you should always consult with professionals close to you investment accounts."

But at the same time, I'm not here to give investment advice. I'm here to gather and share information to prevent as many as I can from being blindsided by what is coming. It isn't the market I care about so much as the people it will affect down the line...My family, your family..That's what i care about. Because of this I'm also politically neutral.

As far as a level between 1 and 10. i'd say I'm comfortably a 6. If I added more trading experience I would be closer to 8 or 9. But again I'm not a trader, I'm a guard on duty. I'm interested only in how this will affect people on a vast scale.

[edit on 5-3-2009 by projectvxn]



posted on Mar, 5 2009 @ 11:38 AM
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I am not ashamed to admit I know nothing about economics or money. I hate money, I am horrid with finances, and math makes my head hurt. I am so sad about this, and wish I could learn, but how can I teach myself if I am so clueless??

That is why I read and try to to participate in economy threads, I need to learn, but gosh its hard. My strengths are definitely NOT in the math/money/economy areas, but lie elsewhere!



posted on Mar, 5 2009 @ 11:40 AM
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I love the idea too!

I'm definitely an "arm chair economist". But I'm also a corporate shill by profession who schemes to take other people's money - a necessary part of the economic food chain - so I look for trends, people watch and keep an eye on the competition.


I'm a two or a three, maybe.

And FWIW unless your last name is Krugman, Roubini or Denninger - don't be claiming to be a 10!

[edit on 5/3/2009 by kosmicjack]



posted on Mar, 5 2009 @ 11:45 AM
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These days, there are prominent academic economists who wouldn't even rate themselves very high.


I'd give myself a 10 when it comes to relatively useless microeconomic analysis, and a 3 when it comes to the type of useful financial and macroeconomic insight that people are looking for at the moment.

I spent four years studying Economics and Sociology. I'm primarily a math nerd. I focus on identifying market inefficiencies and irrationalities, and I'm very good at it, but I don't do much in regards to financial investment analysis (beyond: if there's a multi-trillion dollar credit bubble, sell your stocks near the peak, and don't buy a house near the peak -- and my more recent efforts at finding the "bottom").

I'm suspicious of much of technical analysis, but it seems to work, so I've started paying attention to it in the past few months. In college, we looked down on finance majors ("it's a watered down Econ program," we said), but these top-tier finance people have been right all along, with their gloom-and-doom.


I do believe that the Austrian school may have gotten it right, but I don't think that knowing that does us a whole lot of good at this point.


[edit on 5-3-2009 by theWCH]



posted on Mar, 5 2009 @ 11:49 AM
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Interestingly enough, usually after I make my dissertations on the economy I usually find that Karl Denninger has either beaten me to it, or in the door at the same time...Does that make me a ten? probably not. It just means we have the same goals. Karl has alot in-depth insider info. I have the same info but I have to seriously dig for it.



posted on Mar, 5 2009 @ 11:54 AM
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I would give myself a 5. However I work for a very large IT MO (Managed Operations) company and have a very unique and broad understanding of where a lot of our customers stand financially. This includes everything from Pharma / Healthcare to Construction to Governments both big and small.

[edit on 5-3-2009 by Anonymous Avatar]



posted on Mar, 5 2009 @ 11:58 AM
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I'm definitely a 3minus

if someone can understand & explain the gaussian copula formula
see: www.wired.com...

then i'd say they were a 8 or Above...


but what has a self rating have do do with the 'financial' crisis, or the potential for a soon-to-be 'Monetary' & 'Fiscal' crisis....

'economics' only touches the edges of the current spectrum of crises;


from www.education.yahoo.com
___________________________

ec·o·nom·ics (k-nmks, k-) KEY

NOUN:

(used with a sing. verb) The social science that deals with the production, distribution, and consumption of goods and services and with the theory and management of economies or economic systems.

[edit on 5-3-2009 by St Udio]



posted on Mar, 5 2009 @ 12:00 PM
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reply to post by pause4thought
 


Economics?

you mean - like - money?

I forgot - I'd be a 1 - on a good day

which isn't today

[edit on 3/5/2009 by Spiramirabilis]



posted on Mar, 5 2009 @ 12:08 PM
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reply to post by St Udio
 


Well since you actually used the term "gaussian copula formula" in a sentence on ATS you should at least rate a five - come on!!!



posted on Mar, 5 2009 @ 12:14 PM
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a give myself 7, i am an economics(hons)



posted on Mar, 5 2009 @ 12:18 PM
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I'll give myself a 1 being firmly entrenched in the view that economics is a pseudo-science based on faith.

When I have money I spend it. No money, no spend. That's all I know for sure.



posted on Mar, 5 2009 @ 12:49 PM
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Well, alongside my bachelors degree in civil engineering, I have a minor in economics with the emphasis on macroeconomics and would have had a second BS in math if I had realized I had the credits for it in time to apply for the degree (I took as many of my electives as possible in math and econ... I am a redneck egghead.)

That said, my knowledge of market economics is lax at best. I actually have found that my background is really, really lopsided and has clouded my abillity to view the current state of things with a rational view. In other words, I don't have the background to accurately say whether these bailouts are the right thing to do for the market, but the macroeconomist in me is screaming "No! No! For the love of God, what are you doing?!?"

I've tried my best to educate myself on the market, but I admit when the talk turns to things like shorts and especially when the market behaves irrationally as it has been over the past 6 months, I get a deer in headlights look. So I'd rate my market knowledge/experience as a 4 or 5.

My macro (and micro) econ experience and knowledge is obviously more robust. I'd feel confident assigning that an 8. Like I said, my anger over the way the government has handled this is rooted in a firm belief that they're royally screwing up the economy as a whole. I think the MSM has helped them obscure this fact from the public by focusing on the market and not acknowledging the fact that the market is only a part of the overall economy of the nation and of the world, not the be all end all they sell it as. Even if the market was to suddenly turn around, the actions taken by the government have caused massive damage to the rest of our economy, essentially just shifting problems from one sector to many sextors... The fact that this damage has been done AND has apparently done nothing to stop the slide of the market simply makes it all even more eggregious.



posted on Mar, 5 2009 @ 12:55 PM
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College Macro/Micro and more...investor for 20 years.

Read constantly and keep my mind and options open.

I know absolutely nothing these days however.

I am a lowly 3



posted on Mar, 5 2009 @ 01:00 PM
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reply to post by TravelerintheDark
 



When I have money I spend it. No money, no spend.

What are you trying to do? Start a revolution?


reply to post by St Udio
 


Look. People like you can clearly trump what people like me contribute. And I'm glad because:

a) we thereby 'out' those with high-level knowledge (some of whom are closet gurus)

and

b) people like me know we can gain a great deal from those with a higher rating, as it were.

(PS Do you wish to reassess your rating in the light of kosmicjack's comments?)



reply to post by kosmicjack
 



But I'm also a corporate shill by profession who schemes to take other people's money...

I'm a two or a three, maybe.


Sounds way too modest. Come clean & make peace with yourself.



And FWIW unless your last name is Krugman, Roubini or Denninger - don't be claiming to be a 10!

OK, agreed.

9.5-ers may also be lurking, though.


reply to post by burdman 30ot6
 


An exemplary post. One of many.


reply to post by irishchic
 



College Macro/Micro and more...investor for 20 years.

Read constantly and keep my mind and options open.

I'd say your second comment was as revealing as the first...



posted on Mar, 5 2009 @ 01:02 PM
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BA in Economics from UM.
Four Years in Banking
5 Years in Government Contracting

I'd give myself a 7 out of 10.



posted on Mar, 5 2009 @ 01:07 PM
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I dont have any fancy degrees on economics, I am self taught in most of my fields of expertise. I personally would rate myself a 8 on stock market sense, but I am a 10 in my personal finances. I am proud to say I have no debt besides the monthly spending on my credit cards which I pay the second I get the bill in the mail. I own my house and 3 cars fully as well.



posted on Mar, 5 2009 @ 01:07 PM
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reply to post by Quest
 



Then where are we headed Quest?



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