Secret Santa 2024
Originally Posted by deprav View Post
I wasn't getting upset because you weren't agreeing with me, that would be silly. I was getting upset because you and turtle were answering like condescending douchebages.

It's not that I didn't think it, both are viable point of views depending what perspective you adopt. The world isn't just one unique truth.
If you place yourself in the "present social situation" (don't really know how to put that) of our civilization and how it is actually working then yes, money is true, it exists and influence our lives as economics measure it.
If you take a step back and place yourself in an exterior perspective and considere life is suffiscient to itself, in the absolute, money (and therefore economics because they go along) doesn't make sense.

The thing is to balance both point of views to reach a "humanist" middle ground. Between primal state of life and overwhelming laws of wolrdwide exchange flux that we created.

So long as we can compare things, economics will exist. Economics is not the study of currency.

Currency makes sense from any perspective. You will have to explain further what you mean by "step back and place yourself in an exterior perspective". It seems to me that no matter how you look at it, currency is a convenient and lucid solution to abstraction of wealth.

Examining the difference between primal and modern humans? Even in primal humans a mate must be chosen by some criteria. An indigenous species of Australian birds called the 'bower bird' builds nests to attract mates. While these birds do not have the cognitive abilities to perform introspective studies, one could say that principles of economics do exist even in nature. When you look at territory owned by magpies then it's obvious that a concept of 'wealth' does exist in nature.


Thus our dependence on wealth abstraction as opposed to material wealth is not particularly relevant.
Before you start reading this post, or wish to respond to it:
Grab a glass of water, and find a comfy chair.

Now, consider the differences between the area called Psyco-economics (not sure of the correct english term, perhaps Behavioral finance...) which is the study of economics with the use of using psychology, and the area called Economics.

Pseudo-science : http://en.wikipedia.org/wiki/Pseudoscience




And here comes the big wall of text!



Originally Posted by ImmortalCow View Post
Examining the difference between primal and modern humans? Even in primal humans a mate must be chosen by some criteria. An indigenous species of Australian birds called the 'bower bird' builds nests to attract mates. While these birds do not have the cognitive abilities to perform introspective studies, one could say that principles of economics do exist even in nature. When you look at territory owned by magpies then it's obvious that a concept of 'wealth' does exist in nature.


Thus our dependence on wealth abstraction as opposed to material wealth is not particularly relevant.

Please, can't you listen to your own words now, or is it that you have redefined/defined material already in your mind and for some reason do not wish to share this with the rest of us, and could you give a reason to why you choose to stick with this definition?

What I believe you aim at Cow



Moving on one step we can then conclude that objectivity is not what we are discussing at all, rather the opposite, as you agreed on:


Originally Posted by ImmortalCow View Post
Worth is established merely by being trade-able.

Credit is not concrete, it is merely agreed on. In any trade you essentially agree that the value is fair.

So, if I do not trade, does that mean that my property is worthless or that they have an infinite worth? They stand outside of your world of trade, are they non-existent in your world then?

If I refuse to adhere to your credit, but I trade wit someone who in the majority of this world have/carry a lower creditability than you, if I decide to only give you an unfair price on that bottle of water when I give it away for free to the one beside you, then what is the credit?

- Notice the use of the word credit in this sentence; am I discussing creditability, or "the other" form of credit? What If we start using creditability when we mean creditability?


Originally Posted by deprav View Post
I did just look it up, it's still "technical giberish to justify/explain some absurd concepts human mind created under the influence of abstract auto-suggested needs we developped in a society disconnected from reality" ;p Economics ain't a science obeying to natural laws, it's a science WE made and defined and which we now follow the rules as they were immuable truth... Economics is a belief.

As deprav then moved on; Most theories that are not natural laws are just "jibberish", they can be changed over a day, and as such in difference to the natural sciences, they are psuedo-science as they only apply in the fix moment of when they where written and as such only function on the selection of both time and space studied and described...

Originally Posted by ImmortalCow View Post
Economics is not a 21st century invention, and it has never been regarded as demon-science. If I explained these concepts to someone 1000 years ago they would probably understand.
International trade has existed for thousands of years (there exists evidence from 4000 years ago, for example - and I doubt that is the earliest).
The idea that currency can be compared by the price of common goods is a very simple one.

You pretty much agree with deprav that it is a Pseudo-science, just like saying that just cause the one gas; methane, is flammable, all gases are flammable... Now, in science, you would if you want to describe the conditions of this exothermic reaction state what circumstances you need in order to set it ablaze, however economic theories have yet to develop to the level where we can bind it into reality.

If you ask me, an deprav I believe, we both argue and hope you will accept that we are not wrong in believing: that it is a Pseudo-science, by our definition: not a science.

Yep, I said it right there "...it's a science WE made...", i.e not obeying to natural laws, like physics, or chemistry etc... because it's the study of a concept WE invented (i.e money)

Originally Posted by Turtlenecks View Post
False dichotomy. Science and belief are not direct opposites (it's not 'one or the other'). You have a incomplete understanding of both concepts. I'll break it down for you so you don't have to do much additional reading.

Christianity is my new science, comprende'?
"The study of the person called Turtlenecks, turtleneckology, is my new science, comprende'?

Originally Posted by ImmortalCow View Post
The concept of 'value' is as much a part of human identity as 'humanity' itself is.

A good answer to the question in the first post!

However, you went on and shot yourself in the foot:
Originally Posted by ImmortalCow View Post
Value means value. Currency is merely one measure of value.

Moral values? Are they nor values, or valuable assets?

Originally Posted by ImmortalCow View Post
Your arguments are completely invalid and you just hand-wave away the entire field of economics...

You just hand-wave away any value that is not in the form of coin...

Originally Posted by ImmortalCow View Post
I think you don't understand the concept of value,

The use of basic economics,
Originally Posted by ImmortalCow View Post
probably evolution as well, plus you seem to subscribe to some pretty out there theories.

Right back at you, I believe Economics to be a Pseudo-science

Originally Posted by ImmortalCow View Post
Economics is more reliable on a macro scale than psychology, so even if you can explain things in terms of psychology it's not useful.

(Note, somehow you managed to get me pissed, hence the reason why I had to leave the computer in order to come back and finnish the post, GJ!)

Economics is nothing without psychology. It could in theory be the study of supply and demand, and some very basic principles, but without psychology its as worthless as a religious person using the bible as a reference when arguing a point.

Originally Posted by ImmortalCow View Post
The scientific proses is very trustworthy.

No. No. No. No. No. No. No. No. No. No.
It's called a psuedo-science for a reason.

Originally Posted by ImmortalCow View Post
So long as we can compare things, economics will exist. Economics is not the study of currency.

And it will still be a psuedo-science.

Originally Posted by Skolfe View Post
Do you think that the use of a Fiat Currency [(money that's only worth what people believe it to be)] could substantially impact the value of actual worthwhile material?

Sorry Skolfe, I do believe we deviate a bit from what you wished to discuss...
Now doing recoloring for people not in the clan as-well, PM for more info!
PROUD OWNER OF THORN'S GOOD ENOUGH WRITER AWARD!
I'm on my phone, so I'm not going to bother clarifying all the instances where you misunderstand what me or Cow said, but I will engage in responding to your main argument - You believe economics to be a psuedo-science.

I believe a lot of your misunderstandings result from your incorrect definitions.

Can you clearly state the criterion for pseudo-science?
I had to find the mental ressources to write this twice 'cause I accidentally pressed "previous page" before I wanted to post D: So I might have forgotten some stuff I wrote in the first version, but nvm, i'll clarify if you need me to.

So long as we can compare things, economics will exist. Economics is not the study of currency.

Once again, I didn't say Economics was the study of currency stop doing that thing when you imply things I never said. Tho yes I should have said :
"If you take a step back and place yourself in an exterior perspective and considere life is suffiscient to itself, in the absolute, economics (and therefore money because they go along) etc..."

Currency makes sense from any perspective. You will have to explain further what you mean by "step back and place yourself in an exterior perspective". It seems to me that no matter how you look at it, currency is a convenient and lucid solution to abstraction of wealth.

Yes it does seem hard to explain that perspective I'm trying to show you. It would involve a discussion distant from the original post. But basically, to percieve what I'm trying to expose, you have to considere the concepts of symobiosis and synergy as essential to evolution of Life.
What I called "primal state of life" (that you further in you answer understood as "primitive humans") is the fact that Life as we know it is an intricacy of many factors relying on each others and evolving together, without concept of value; each factor being of equal importance for Life to be as it is. It's a constantly changing balanced phenomenon.
From there there's no value, no economics, no currency, no wealth, just plain simple Life shapping itself. Those human concepts can even appear as absurd, unnecessary, or even wrong, like a burden pulling down our understanding of the world and setting boundaries to our mental capacities (but then again, kinda off topic considering the o.p). [That's what I meant in some earlier post by "we lost it", from that point of view, we're a crazy specy, destroying the environnement that made our existence possible.]

And that's between those two extremes that we need to find a just middle-ground : between the impartiality of primal Life that will keep rolling without us, and the subjectivity of the human mind and our daily issues.
Once we reached this middle ground, maybe we could "cure" ourselves from our "addiction" to money/currency, and reconsidere it under a more "realistic" and reasonnable angle.

An indigenous species of Australian birds called the 'bower bird' builds nests to attract mates. While these birds do not have the cognitive abilities to perform introspective studies, one could say that principles of economics do exist even in nature. When you look at territory owned by magpies then it's obvious that a concept of 'wealth' does exist in nature.

That's anthropomorphisme, you subjectively attribute human concepts to other animals' behaviour that we don't know the origins of. Or I'm not sure what you implied.

__________________________________________________ ___

Edit : woops, didn't see Smoggy's answer, nor turtle's.

Turtle > google pseudo-science it will cut a lot of unnecessary blablablah (oh actually he put a link to wikipedia for pseudo-science)
Last edited by deprav; Mar 27, 2013 at 04:43 AM.
Originally Posted by Smogard49 View Post
It's called a psuedo-science for a reason.

But it isn't a pseudo science.
Don't post links that you haven't read.
Don't post in threads that you don't understand.

Both of these things are bad form, and against the rules. Please educate yourself and then return.

"Economics is not a real science because I don't think so" is not tolerable.
I bet you think mathematics, computer science, physics and biology aren't real sciences either...


Originally Posted by deprav View Post
[/I]economics (and therefore [I]money because they go along) etc..."

But they don't. Money may be something under the umbrella of economics, but they don't 'go along'. That's like saying "biology (and therefore dogs)", completely ignoring that biology is a vast field which covers many organisms - and concepts and theories governing their mechanics and development.

Originally Posted by deprav View Post
What I called "primal state of life" (that you further in you answer understood as "primitive humans") is the fact that Life as we know it is an intricacy of many factors relying on each others and evolving together, without concept of value; each factor being of equal importance for Life to be as it is. It's a constantly changing balanced phenomenon.
From there there's no value, no economics, no currency, no wealth, just plain simple Life shapping itself. Those human concepts can even appear as absurd, unnecessary, or even wrong, like a burden pulling down our understanding of the world and setting boundaries to our mental capacities (but then again, kinda off topic considering the o.p). [That's what I meant in some earlier post by "we lost it", from that point of view, we're a crazy specy, destroying the environnement that made our existence possible.]

As previously stated, I don't think that idea of separating life from reality is reasonable. Recall the examples of the bower birds and magpies. There are a million other species that exhibit territorial or possessive behaviour.

You asked me to consider this perspective with respect to symbiosis and synergy - this is at the very heart of economics. Please consider economics as being on the same level as physics - it's a universal truth.
Taking again the example of PPP, we can apply it to territorial areas of the magpie. In a fertile area the magpies may have a smaller territory, in a less fertile area the magpies may need a larger area. The concept of PPP lets us compare them, and show that the two areas - though different sized - are of equivalent value.

Originally Posted by deprav View Post
Once we reached this middle ground, maybe we could "cure" ourselves from our "addiction" to money/currency, and reconsidere it under a more "realistic" and reasonnable angle.

Once again, money is a wealth abstractor, it is reasonable to want to horde it. In psychology it is called "super normal". In the wild humans want to horde food, clothes, tools, resources and land. Money enables any and all of these things - it's far more than primal humans have ever had access to. Hoarding valuable things is hard coded in to our brains.

Originally Posted by deprav View Post
That's anthropomorphisme, you subjectively attribute human concepts to other animals' behaviour that we don't know the origins of. Or I'm not sure what you implied.

I am sure that the many animals of the world are thankful that we also subject them to the human concept of "gravity" - lest they fall in to space.
Originally Posted by deprav View Post
Turtle > google pseudo-science it will cut a lot of unnecessary blablablah

The reason I asked him to provide the criterion was because I don't believe he (and you, if you're agreeing with him) knows/understands what they are. Because if he/you did know, you definitely wouldn't consider economics a pseudoscience.

Just briefly re-iterating a key point Cow raised, value is a universal. Economics, derived from value, is also a universal.
I'm not in the mood to join this debate, so I'll just state my opinion:

I love currency because power, wealth, blah blah.

But at the same time I don't like it, because I think all humans should be treated equal, and I think putting "values" on things is dumb; I prefer bartering, and I'm a bit (a lot) of a socialist.

I think the impact of currency has been beneficial for humanity, but has also really seeded corruption and greed everywhere, as well as really removing us from nature.

Now these are my beliefs, don't throw your "pseudo-science" all over my post, since I'm not being factual/attempting to prove myself right. Maybe I'll join in on the smart-talk fun tomorrow.
Originally Posted by NormalCitizen View Post
I don't like it, because I think all humans should be treated equal, and I think putting "values" on things is dumb; I prefer bartering, and I'm a bit (a lot) of a socialist.

I know you don't want to join the discussion, but...

When people engage in barter they are still 'putting values on things'. Both parties agree that the items they're exchanging are of the same value.

For example, Bob trades three pigs for one of Alice's fishing rods. Bob believes his three pigs are of the same value as one of Alice's fishing rods and Alice believes one of her fishing rods has the same value as three of Bob's pigs. So, they perform the trade.

Currency is only one way of communicating value. Barter is another.

Socialism vs. capitalism doesn't enter into the conversation.
That barrely makes sense anymore...

But they don't. Money may be something under the umbrella of economics, but they don't 'go along'. That's like saying "biology (and therefore dogs)", completely ignoring that biology is a vast field which covers many organisms - and concepts and theories governing their mechanics and development.

(If I wanna explain something about dogs' life, I can enlarge and rely on the laws of biology to explain that fact I'm interested in and then point it out for dogs... that's how sciences work.)

You said yourself :
"I'm sorry, but economics is a science. It isn't disconnected from reality, how many millions of people do you think exchange currencies every day?"
And now you're telling me economics and money don't go together. Your definition of economics seems at least as approximative and confused as mine and changing depending and what you're trying to prove.

Wiki's first line about Economics



Production, distribution, consumption of goods and services being all concepts actually (in the present time) regulated by money and defined by human society/civilization.
You applying it to birds and other animal species is irrelevant, territorial and "possessive" behaviours fall under the field of biology and observations of the "survival of the fitest" in a non-civilized world (wild animals world), it's once again anthropomorphisme, there's no PPP in a magpie's brain...
It would be like saying trees understand the concept of value because they need water and sunlight to live.

As previously stated, I don't think that idea of separating life from reality is reasonable. [...] You asked me to consider this perspective with respect to symbiosis and synergy - this is at the very heart of economics. Please consider economics as being on the same level as physics - it's a universal truth.

I'm not separating life from reality, Life is reality. I'm separating reality from human concepts we developped over the course of time and which are not necessary for the phenomenon of Life to happen, even if those concepts are applied and influence our actual life, they're still "just" human concept.
Symbiosis being the heart of economics ? o_O
I understand the concept of synergy can be found observing the interractions between multiple financial entities, but symbiosis is something strictly biologic.

Let me expose you why economics can't be a universal truth on the same level as physics :
Physics explains and predicts measurable and unchanging facts/phenomenon.
Economics is a tool trying to explain/predicts changing and uncertain factors, or made-up needs.

Like last year I bought a new Hard-drive twice the price it was a month before because there were floods in Thailand that stopped the production of the most part of the hard-drive industry. Economics can't take into account environmental factors since it can't predict them.
As for made-up needs, have you heard about programmed-obsolescense ?
Some consumer goods, like washing-machines for exemple, are built to stay functionnal a certain period of time so the customers will have to buy a new one in X years. People create the demand/need by themselves, it's made-up factor, it's not an immuable law, it's an imposed condition.

I am sure that the many animals of the world are thankful that we also subject them to the human concept of "gravity" - lest they fall in to space.

Gravity is a word we created, but we didn't created the concept itself, it's an immuable physical law that we can observe and that we named.
You seem pretty confused...

__________________________________________________ _


Just briefly re-iterating a key point Cow raised, value is a universal. Economics, derived from value, is also a universal.

You guys seem pretty confused with the concept of value.
As smog said, moral values ain't nothing like economic value, them being called the same in english (values) doesn't make them the same thing, words are tricky bastards, you need to think past words, use synonyms if you doubt.


Dictionnary



Like in "Life is most valuable thing, I could never put a price on it"


Do you guys understand what I mean when I say there's no concept of value in the phenomenon of Evolution and "Life to be as it is"?
Like in a chemical reaction : if you need a lot of X and just one Y for the reaction to happen, the need of a large amount of X doesn't make it more valuable since both elements are equally important for the reaction to happen.
That's impartiality, nothing is "valued" over another to exist.


[EDIT : just found this http://azizonomics.com/2012/05/02/th...-of-economics/
It's pretty short and well explained]
Last edited by deprav; Mar 27, 2013 at 05:04 PM.
Originally Posted by deprav View Post
"I'm sorry, but economics is a science. It isn't disconnected from reality, how many millions of people do you think exchange currencies every day?"
And now you're telling me economics and money don't go together. Your definition of economics seems at least as approximative and confused as mine and changing depending and what you're trying to prove.

No, it's fine to use just one part if you are making an example;
eg "I use maths every day, I count the date" is fine, but
"Maths is easy because I'm really good at counting" makes no sense.
My example of people using currency is just one example of economics is action.
Originally Posted by deprav View Post

Wiki's first line about Economics



Production, distribution, consumption of goods and services being all concepts actually (in the present time) regulated by money and defined by human society/civilization.

You may notice that wikipedia does not say that economics is governed by money. Stop putting words in to wikipedia's mouth. Why did you just quote the article, then ignore it and add your own sentence?

dog


is a subspecies of the gray wolf and in modern times wolves are just men that have transformed so dogs are just domesticated werewolves.

See how I just randomly added something unrelated and pretended that wikipedia is backing me up?

Originally Posted by deprav View Post
You applying it to birds and other animal species is irrelevant, territorial and "possessive" behaviours fall under the field of biology and observations of the "survival of the fitest" in a non-civilized world (wild animals world), it's once again anthropomorphisme, there's no PPP in a magpie's brain...
It would be like saying trees understand the concept of value because they need water and sunlight to live.

That doesn't matter. A magpie has neither knowledge of gravity nor fluid dynamics, yet somehow it is able to stand on the ground, and fly through the sky. It does not do these things through sheer force of animalism.
So how do you think this bird which has not read Newtons theories nor examined the Wright brothers' machines, is able to do these things?

Originally Posted by deprav View Post
I'm not separating life from reality, Life is reality. I'm separating reality from human concepts we developped over the course of time and which are not necessary for the phenomenon of Life to happen, even if those concepts are applied and influence our actual life, they're still "just" human concept.

Actually economics - like physics - is a study of universal laws.
PPP applies today in modern times, it applied 60 million years ago when the world was young, and in 100 billion years when our sun is dead or near death, the principals of PPP will still be valid.
[QUOTE=deprav;6400963]Symbiosis being the heart of economics ? o_O
I understand the concept of synergy can be found observing the interractions between multiple financial entities, but symbiosis is something strictly biologic.[QUOTE]
Symbiosis merely means to have a mutually beneficial relationship. Every time you trade with someone you do so because it is mutually beneficial. For example, you want to buy bread so you can eat, and the baker wants money so he can buy a new hat. This is symbiosis, and these relationships are the foundation of all modern society.

I suggest you look up the meaning of words before you throw them around.
Originally Posted by deprav View Post
Let me expose you why economics can't be a universal truth on the same level as physics :
Physics explains and predicts measurable and unchanging facts/phenomenon.
Economics is a tool trying to explain/predicts changing and uncertain factors, or made-up needs.

This is incorrect. As before, please research the fields physics and economics.
Originally Posted by deprav View Post
Like last year I bought a new Hard-drive twice the price it was a month before because there were floods in Thailand that stopped the production of the most part of the hard-drive industry. Economics can't take into account environmental factors since it can't predict them.

You are confusing economics with with future chronology. Economics neither predicts the future, nor does it deal with specifics.
If you ask a physicist how far a gun can shoot, then he will have a hard time answering because he needs to know the specific point of release, angle, atmospheric conditions, etc - and he certainly can't anticipate 'suddenly a meteor falls on the shooter'. Similarly an economist cannot predict the future without much data, and as with physics, there are many events with small probability that could change the outcome.


However if you ask a physicist or an economist to explain the expected outcome of a closed system event, both will thrive.
Once the flood occured, the price projections were calculated.
Originally Posted by deprav View Post
As for made-up needs, have you heard about programmed-obsolescense ?
Some consumer goods, like washing-machines for exemple, are built to stay functionnal a certain period of time so the customers will have to buy a new one in X years. People create the demand/need by themselves, it's made-up factor, it's not an immuable law, it's an imposed condition.

That is the realm of psychology, not economics.
Please think about the argument you just tried to make - "economics is unnatural because humans are involved" - how can something be considered unnatural just because of a natural factor?
Not that it matters, behavioural science is far outside the scope of economics.

Originally Posted by deprav View Post
Gravity is a word we created, but we didn't created the concept itself, it's an immuable physical law that we can observe and that we named.

Even if we didn't invent the name "Purchasing power parity" or even the concept, it's principals would still be in effect.
Like you said once before "if you are dying of thirst, which is more valuable, a gallon of water of a ton of gold?". This is essentially the PPP in effect. This is not some artificial construct that humans have unanimously decided to agree with - things really do have value dependant on context.

__________________________________________________ _


Originally Posted by deprav View Post
You guys seem pretty confused with the concept of value.
As smog said, moral values ain't nothing like economic value, them being called the same in english (values) doesn't make them the same thing, words are tricky bastards, you need to think past words, use synonyms if you doubt.

Moral values are moral values, if we were talking about them we would have said so.
Value is universal. All organisms that are able to make choices have a concept of value. Given two choices, they will internally use the concept of value to make the best choice. They think "which of these two things is more valuable to me" - no matter what the choice is, it can be abstracted to this.

Originally Posted by deprav View Post

Dictionnary



Do you guys understand what I mean when I say there's no concept of value in the phenomenon of Evolution and "Life to be as it is"?
Like in a chemical reaction : if you need a lot of X and just one Y for the reaction to happen, the need of a large amount of X doesn't make it more valuable since both elements are equally important for the reaction to happen.
That's impartiality, nothing is "valued" over another to exist.

Only an organism that can make choices can have a concept of value.
A chemical reaction is not an organism of any kind...

A slug has no conciousness, it has no ability to perform introspection, it is a purely reflex agent. However if presented with two sources of food, it will compare the two, and make a choice as to which is more valuable.

A rock however, cannot determine the value of wind nor rain. It is a rock.

Your argument makes 0 sense. Just because a chemical element cannot determine value does not mean that value is an artificial construct.

Please find a way to make your argument not seem like a word game without any substance, or stop making it.

Originally Posted by deprav View Post
Like in "Life is most valuable thing, I could never put a price on it"

This is putting a value on life. Even saying you won't put a price on it is still valuing it. As we have said numerous times, value is not a numerical dollar amount.
Originally Posted by deprav View Post
[EDIT : just found this http://azizonomics.com/2012/05/02/th...-of-economics/
It's pretty short and well explained]

Is this a joke? Physics is an extremely advanced field that has had an enormous amount of funds and research poured in to it - it's one of the most advanced scientific fields. Of course in very simple closed system such as the example of gravity, the predictions will be fairly accurate. Similarly in a closed system economic predictions are very accurate. However if a meteor hit a rocket as it took off, people wouldn't blame the physicists who were hired to calculate the trajectory. So why do we blame economists for not being able to predict natural disasters?

Economics deals with a FAR more complex and volatile field than physics. Besides that, real world economic predictions are NOT a field of pure economics - they are a multi-disciplinary field of macro behavioural science, mathematicians, business analysts - and you seem to think that seismic geologists and astronomers too!

Personally I think the author is pants on head retarded. I've never seen anything more oxymoronic than "The pseudo-scientific school of mathematical economics hungers and craves for a perfect world, where each river is the same, where there is no butterfly effect, where human preferences are expressed in equation form, where there is no subtlety or ambiguity or uncertainty."
ALL sciences would love this situation. Physicists would love to be able to calculate the fuel payload of a rocket by only consulting gravity - instead of air resistance, atmospheric conditions, atmospheric composition, quantum physics, etc. Luckily for those working on rockets, a closed feedback loop can counter most of these effects quite well.

The same can be said about economics - even though we can't predict when prices will rise or fall, if we have a closed feedback loop we can easily adjust to always take the best choice of action to move towards a goal.
Last edited by ImmortalCow; Mar 27, 2013 at 06:16 PM.