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This Is Biden’s Soft Landing, and He Deserves Some Credit
(newrepublic.com)
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this post was submitted on 19 Nov 2023
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politics
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"Econ 101" is an oversimplification and doesn't explain how the economy works practically. People don't put off purchases because their money is supposedly worth 2% more after a year. Similarly, people don't spend just because their money is supposedly worth 2% less after a year. According to you, people would only buy when there is a sale, unless it's an essential good, but it doesn't work out that way. Tell me how well the car and housing markets are going under inflation.
Yes, the "Econ 101" example is an oversimplification, it's why it's the "Econ 101" example.
Yes, which is why it doesn't apply to real life. It's an oversimplification.
If you don't understand the point of an oversimplified educational example, I'm afraid I cannot help you.
If you don't understand how an oversimplified example doesn't apply in real life, I'm afraid I cannot help you.
If you went through economy classes and didn't realize our fractional reserve system is built on a house of cards and misguided principles there is no point where you would actually understand the concepts we are talking about here. People still have wants and needs. People buy housing whether rates are good or bad, because they need a place to sleep. Yes investment property purchases will drop, but that's not the average american, nor is the average american realistically investing in the stock market beyond regular 401ks because we deregulated bank investments and you can no longer get a savings account for retirement saving. Stop measuring economy health based on manufactured data points like the stock market and you might actually understand how people function in an economy.