If one wished to learn about economics...

[Seacrest]

What is this "Capitalism" of which you speak?
I don't recall Adam Smith ever writing about "bailouts."

[michaelb]

If this is a serious question, I would recommend studying micro, first, to give you a foundation in the concepts and the methodology.

Macro economics is still poorly understood, subject to major rifts and debate, and lacks a coherent unifying theory. We have been seeing that play out now in a big way for the past several years.

[Greg]

michaelb wrote:
If this is a serious question, I would recommend studying micro, first, to give you a foundation in the concepts and the methodology.

Fully serious. I was with some folks last night, the discussion turned to current events, and involved many of us stating opinions which weren't based on a whole lot of knowledge.

Context aside, I was truly interested to know which of the two topics is normally learned first.

[deckeda]

It's OK, learning macro economics fills you with theories, not definitive knowledge. Take it from an econ major.

Like michaelb indicated, one's economic opinions are influenced less by "facts" and more by beliefs of what should work. Better to discuss economic theories and how they might play out then policies themselves, as is often the case (which have the theories behind them.)

[JoeH]

At the introductory course level (100 something), Macro or Micro first doesn't make too much of a difference.

[Lux Interior]

1) Draw a set of axes

2) draw one line with a positive slope from the origin. Call it "summand".

3) draw another line with a negative slope starting at some positive point on the Y-axis. Label it "depply".

4) Draw a point where the lines intersect. Circle it. Label it "It's simple supply and demand, you idiot"

5) Give yourself a PHd in econ.

[robfilms]

greg-

i thought this explanation of economic teaching methods was brilliantly discussed by cornell professor robert frank in his talk at google hq.

here is the link:

http://redonomics.blogspot.com/2008/02/a...essor.html

ymmv

be well

rob

[Greg]

Thanks again, everyone!