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We won’t fix inflation while economists stay in denial about its causes (www.smh.com.au)

submitted 1 year ago by Zagorath@aussie.zone to c/australia@aussie.zone

34 comments fedilink hide all child comments

Non-paywall link.

TL;DR: economists are still stuck in the idea of the market as a perfect force for reaching optimal outcomes. They're ignoring the simple fact that businesses are putting prices up purely to increase profits. And that they can do this because the economic ideal of perfect competition (where many small firms compete with near-identical products) does not exist. We have a small number of very powerful businesses—oligopolies—in nearly every market for consumer-facing goods.

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[–] Mrrt@sh.itjust.works 1 points 1 year ago

Physics will approximate a cow as a sphere, which you can observe it is not.

In science theory you have to make assumptions and approximations to simplify and get at the underlying mehanics. THEN you can complicate everything with the reality of it all.