Britons 'misunderstand and distrust economics data'
26/11/2020 | news | business | 307
Groups such as the media and politicians need to explain economics data better, a study suggests.
1
26/11/2020 10:37:34 32 7
bbc
We need to look at devising alternative measures to grasp human welfare that’s more understandable and relatable.
The heavy focus on GDP is very poor at grasping personal experiences and often doesn’t pickup class and regional inequalities.

Furthermore for the sake of environmental action, we need to move on from the impossible concept of infinite growth on a finite planet that using GDP fuels.
3
26/11/2020 10:44:59 33 1
bbc
GDP also has no measure of "quality" in it. under GDP its better to make 10 widgets each lasting a year that sell for £10 rather than 1 unit lasting 10 years costing £50 even though the latter is obviously better for the user.

Japan had the so called lost decade were GDP flatlined but the quality of products continued to improve.

After 10 years they had better product for the same money
16
26/11/2020 11:09:28 4 2
bbc
In that case, the only solution to getting a pay rise would be to dispose of one of your fellow workers, welcome to the pyramid of nature, it's rather cruel and unforgiving.
115
26/11/2020 13:50:22 0 0
bbc
Per capita figures such as per capita GDP are easier to relate to.
2
26/11/2020 10:44:10 5 3
bbc
To paraphrase Bill Shankley, Economics is a simple game complicated by idiots.
209
26/11/2020 17:12:41 0 0
bbc
Who is Bill Shankley ? If it's who I think you mean at least get his name right
1
26/11/2020 10:37:34 32 7
bbc
We need to look at devising alternative measures to grasp human welfare that’s more understandable and relatable.
The heavy focus on GDP is very poor at grasping personal experiences and often doesn’t pickup class and regional inequalities.

Furthermore for the sake of environmental action, we need to move on from the impossible concept of infinite growth on a finite planet that using GDP fuels.
3
26/11/2020 10:44:59 33 1
bbc
GDP also has no measure of "quality" in it. under GDP its better to make 10 widgets each lasting a year that sell for £10 rather than 1 unit lasting 10 years costing £50 even though the latter is obviously better for the user.

Japan had the so called lost decade were GDP flatlined but the quality of products continued to improve.

After 10 years they had better product for the same money
29
26/11/2020 11:32:06 4 2
bbc
If only 1 widget is made every 10 years unemployment will go through the roof.
Economics can be complex, but with a little effort can be explained in terms most people will understand.
The problem is the experts who have to justify their salary so they resort to BBB management Bulls**t Baffles Brains
83
26/11/2020 12:42:21 2 1
bbc
Yes excellent point Chris.

Also .. if I have to buy a burglar alarm or security system for my house .. that is included as part of GDP .. so it is "economically good". But who would buy those things if there was no crime ? There is no real benefit to them.

Whereas say .. a trip to the theatre or a concert is something you "want to do" so is economically good but also adds value to your life.
116
26/11/2020 13:53:46 2 0
bbc
GDP isn't a perfect figure but it is a useful one partly because it has a fairly precise definition. Much work happens, unpaid, in the home: DIY, cooking etc. "Hedonistic" GDPs try to capture things like quality of environment as well. I think the over-emphasis on easy-to-measure numbers makes it harder to create policy favouring things like long-lasting products, community bonds etc.
121
26/11/2020 14:01:28 0 0
bbc
Great point !
On a lighter note, you'll also be able to get some good deals on those widgets, with tomorrow being "Black Friday" !!!
4
26/11/2020 10:46:02 14 3
bbc
Humans tend to make emotional judgements irrespective of hard data and generally believe what they want to believe. So no matter how the data is collected and presented the vast majority of folk will still only pay attention to what supports their viewpoint
5
Dan
26/11/2020 10:47:36 11 9
bbc
But in the mean time, lets let them vote on the country's core economic policy that they don't understand and then when 33% of the country vote to destroy the economy lets lie to them all and tell them it'll be great. Yay! Brexit Celebrations all round!!
6
26/11/2020 10:49:24 11 0
bbc
The problem is that human decision-making is not rational. If it were, economics would be an exact science. What is it, however, is more of a game-theory-type effort. People often act against their own best interests, and traditional economics can't take account of that. Does that lead to distrust? Maybe, but the core of the distrust is more likely irrationality and not any lack of understanding.
293
27/11/2020 01:17:00 0 0
bbc
Humans not being 100% rational doesn't invalidate Economics - it just means that real-life modelling needs to take account of human behaviour (and Behavioural Economics is the name given to the branch of Economics that does just that).
7
Bob
26/11/2020 10:55:19 0 3
bbc
They need to use numbers people understand, perhaps not the Olympic swimming pool analogy but how high a pile of money our debt is.
By my calculation (please check) based on the old paper notes the national debt at the beginning or March i.e. before covid was 1,800 billion pounds, this translates to a pile of £50 laying flat of £2250 miles high. If you use £5 approximately round the equator!
8
26/11/2020 10:57:38 1 5
bbc
I do not trust studies either .
9
26/11/2020 10:58:13 1 3
bbc
If you trust economic forecasts you have a limited grasp of economics...particularly at this time when we have a virus still less than a year old.
10
26/11/2020 11:00:32 6 4
bbc
And front and centre for who'd to blame?

The media.

I have lost count of the amount of band wagons being jumped on by politically motivated 'Independent thinks tanks' who play our ever willing media like a deck of cards

The media love a scare story and lap it up as cheap click bait fodder

However if you see through all the 'could, would, maybe, possibly, might' it's all utter speculative guff
11
26/11/2020 11:00:34 27 3
bbc
People are barely taught anything about finance in schools. Even personal finance, which is vitally important, is barely touched upon. It's not surprising people don't understand economics well.

Financial education really needs to be a mandatory subject to be taught in schools. People make financial decisions small and big every day of their lives, yet aren't taught how to make such decisions.
160
26/11/2020 15:40:38 3 0
bbc
You're quite right. I can recall spending weeks studying the effects of glaciation on north-eastern Canada when I was at school. Years later, I'm still waiting for that to come in handy. Some financial education is sorely needed along with a re-assessment of what school is actually for. Is it about education or qualification? They are not the same but the system concentrates solely on the latter.
12
Hex
26/11/2020 11:04:07 4 4
bbc
Judging by how many times forecasts are wrong I'd say economists don't understand the economy either!
23
26/11/2020 11:22:04 3 1
bbc
You've fallen into a trap already. The ONS are statisticians. They collect historic data. The stats are then used by economists in their work i.e. forecasts. There's a difference.
108
26/11/2020 13:25:25 0 0
bbc
forecasts will always be wrong to some extent. what matters is they are normally very close to being right.

No forecast will ever be perfect, what it does is give us a sense of where things might be in the future. they also can never respond to information that happens after the forecast is made.

The whole point is to allow you to change things to improve on the forecast
13
26/11/2020 11:07:21 5 5
bbc
Britons 'misunderstand and distrust economics data'

--

No. The media misunderstands and misrepresents economic data which causes the public to mistrust it.
14
26/11/2020 11:07:51 35 23
bbc
Brexit is the classic example of people voting for something they don't understand. It's an economic disaster.
17
26/11/2020 11:09:38 31 9
bbc
True but then Brexit isn't, and never has been, solely about economics.
18
26/11/2020 11:10:57 12 3
bbc
I voted for unicorn skin passports
26
26/11/2020 11:26:26 12 15
bbc
Not true, many knew what they were voting for - UK sovereignty. A short economic downturn is a price worth paying. In the medium/long term we will prosper, providing Boris does not concede and give us a level playing field.
56
26/11/2020 12:02:57 8 8
bbc
Actually, I looked at the CBI forecast for remain on their predictions on brexit prior the referendum
Under WTO & FTA compared to remaining
They showed a smaller growth than remaining 1st 5 yrs
2nd 5yrs roughly same growth as remaining
3rd 5yrs, better growth under FTA & even better growth under WTO than remaining

The economic argument from remainers has & continues to be massively overstated
87
26/11/2020 12:46:59 0 9
bbc
You still lost.

:-D

IMO it would have been better to have referendums on things like immigration & foreign aid.

But you elite jockeys won't allow that .. so you are stuck with your "economic disaster".
276
27/11/2020 00:15:24 0 0
bbc
What an excellent example of sheer pomposity. I doubt if you understand the issues at all. You just assert ignorance on the part of others.
15
26/11/2020 11:09:00 3 2
bbc
Of course we distrust official stats. Take unemployment. Everybody knows there are about 5 million unemployed, mainly long term disability, pays more than UB, you don't have to be properly disabled as most people would understand and very hard for the Gov't to get you to go back to work.
77
26/11/2020 12:33:32 0 1
bbc
Everyone that read the article will know that the term "unemployed" does not mean "not working".

There's probably a few million not-working people under that age of 10 right now, but that's not a useful figure to steer government / economic decisions.

"Unemployed and actively seeking work and receiving a specific benefit" is the correct definition, but too long to say.
78
26/11/2020 12:33:57 0 0
bbc
Most people have little understanding of disability which is why we have laws to define it.
1
26/11/2020 10:37:34 32 7
bbc
We need to look at devising alternative measures to grasp human welfare that’s more understandable and relatable.
The heavy focus on GDP is very poor at grasping personal experiences and often doesn’t pickup class and regional inequalities.

Furthermore for the sake of environmental action, we need to move on from the impossible concept of infinite growth on a finite planet that using GDP fuels.
16
26/11/2020 11:09:28 4 2
bbc
In that case, the only solution to getting a pay rise would be to dispose of one of your fellow workers, welcome to the pyramid of nature, it's rather cruel and unforgiving.
101
26/11/2020 13:18:02 2 0
bbc
but the alternative is to be able to get what you want / need for less money.

I would like my quality of life to improve but I would be as happy for that to be by me being able to do more with what I have rather than simply getting more money. Become more efficient and make better stuff rather than simply more of it. Make quality products that last
14
26/11/2020 11:07:51 35 23
bbc
Brexit is the classic example of people voting for something they don't understand. It's an economic disaster.
17
26/11/2020 11:09:38 31 9
bbc
True but then Brexit isn't, and never has been, solely about economics.
42
26/11/2020 11:45:41 11 4
bbc
I agree but what annoys and distresses me in equal measure is that many who wanted Brexit refused to consider the economic arguments against it or dismissed them as unimportant. I work in economics and I can assure you that without a good deal being struck with the EU, the economic reality of Brexit will be at every door soon. Hope and pray that a free trade deal is struck.
140
26/11/2020 15:03:39 8 1
bbc
Still waiting for somene to tell me what it IS about then. (Excluding the 'keeping Johnny Foreigner out' and sentimental flag waving aspects.)
274
27/11/2020 00:01:26 0 0
bbc
Brexit isn't about economics at all
It's pure dog-in-the-manger-ism and a number of other misunderstood concepts, mainly by the older generation
14
26/11/2020 11:07:51 35 23
bbc
Brexit is the classic example of people voting for something they don't understand. It's an economic disaster.
18
26/11/2020 11:10:57 12 3
bbc
I voted for unicorn skin passports
259
26/11/2020 20:36:42 0 0
bbc
you cruel an unusual person!
19
26/11/2020 11:13:32 4 2
bbc
No what people can't do is abstract themselves and think about the world apart from them

This is why academic study in general is misguided since the number of people who are able to easily (and I think it's easily - most can do it eventually) think like this is small

It's partly why academically driven schooling before the age of 7 is largely futile and countries that don't do it don't suffer
20
jch
26/11/2020 11:15:38 0 0
bbc
When I was a lad, back in the 70s. The main economic news each month was the "balance of payments", usually depicted with a dockyard crane, showing the difference between imports and exports. There was always a caveat that it didn't include 'invisible export', basically financial services in those Pre-Big Bang days. That measure seemed to disappear sometime in the 90s, never to be mentioned again.
21
jch
26/11/2020 11:18:09 3 2
bbc
Never mind economics, there seems to be a general ignorance about any mathematic, other than simple arithmetic. The concept of exponential growth seems to be beyond most people.
94
26/11/2020 13:01:09 0 0
bbc
Economics as practised by the elite has nowt to do with maths.
22
26/11/2020 11:20:22 68 5
bbc
I think people will often mistrust what they don't understand. Equally they often mistrust that which they don't agree with.

The problem is aggravated by a lack of understanding of basic maths and also by a distinct lack of critical thinking and analysis skills, which should definitely be in every school curriculum.
30
26/11/2020 11:34:15 33 6
bbc
It is part of the "truth decay" syndrome of populism where anything that runs counter to the rhetoric is undermined as false or fraudulent. We need to safeguard the democratic approach, using review and debate as a means to seek new and better ways of approaching difficult issues in society.
84
26/11/2020 12:44:38 3 11
bbc
They are right to mistrust economics & economists.

They are little more than "Shamans" whose purpose is to justify that the few stay wealthy, the many stay poor or insecure, while in fact the contributions in general are actually less divergent.
178
26/11/2020 16:07:36 2 0
bbc
Totally agree. How many did economics at school, as I did. Really helped me to grasp economic terms and theory. I also enjoyed it and find it interesting. Realise many don’t though.
206
26/11/2020 17:04:37 1 1
bbc
It is fine when they report the stats of the past and . but when I see forecasts into 5 or 10 years or 20 years, it becomes ridiculous to everyone, whether educated or not. So why do they do it? It's not just economics though either. When we sometimes see inflation of 1% and our living cost has gone up by 3 to 5%, it starts to make us think we're being lied to.
12
Hex
26/11/2020 11:04:07 4 4
bbc
Judging by how many times forecasts are wrong I'd say economists don't understand the economy either!
23
26/11/2020 11:22:04 3 1
bbc
You've fallen into a trap already. The ONS are statisticians. They collect historic data. The stats are then used by economists in their work i.e. forecasts. There's a difference.
24
26/11/2020 11:23:12 2 3
bbc
Cue BBC to commence a patronising campaign via the One Show to ensure the public stays as confused as they are now.
25
26/11/2020 11:24:42 10 7
bbc
Not all Britons but certainly a large proportion of those who voted for Brexit. Those who claimed "It's not about economics" will find out how wrong they were in blindly following the cult leaders of Brexit. All our lives are ruled by economics.
31
26/11/2020 11:35:42 7 16
bbc
No. Our lives are ruled by culture and society and law and economics.
Remoaner's lives are ruled by ignorance and malice!
92
26/11/2020 12:51:34 0 1
bbc
"All our lives are ruled by economics."

Really ? .. I hadn't noticed all those who don't/won't/can't contribute being culled.

In reality in most decisions economics are not a big factor. People are political animals, not economic ones.
14
26/11/2020 11:07:51 35 23
bbc
Brexit is the classic example of people voting for something they don't understand. It's an economic disaster.
26
26/11/2020 11:26:26 12 15
bbc
Not true, many knew what they were voting for - UK sovereignty. A short economic downturn is a price worth paying. In the medium/long term we will prosper, providing Boris does not concede and give us a level playing field.
34
26/11/2020 11:38:02 14 6
bbc
Yet again, claims that the UK will prosper out of Brexit but with zero evidence to back it up. The IFS & LSE forecast economic damage arising from Brexit and they do understand about economics.
39
26/11/2020 11:42:20 16 3
bbc
We already had sovereignty. If people understood how international trade works they would also realise that. Trading under common rules which we helped to create is sound economics. Brexiteers twisted this into an apparent loss of sovereignty. Now they think they can dictate terms to the world. Any economist will say you can't do that.
173
26/11/2020 16:02:13 4 1
bbc
If they had known what they were voting for they would have known that the UK, like every other EU member, already had its sovereignty. If they were voting for a future in which the UK never kept to a treaty, they were foolish. The UK is going to be ruled from Washington from now on, but will be permitted to claim that it has "regained its sovereignty" so as to please the voters.
223
26/11/2020 18:17:22 2 1
bbc
You still have your head in the sand, be careful what hits you from behind.
242
26/11/2020 19:11:00 2 0
bbc
Not true, many knew what they were voting for - UK sovereignty. ...
-------
Sadly, thats the lie that was sold as the UK had sovereignty.

Outside the EU we have put ourselves in a weaker negotiating position for future major trade deals particularly post Covid

Moreover, most of the so called rules & laws that leave were railing against will still be there if we wish to trade internationally.
27
26/11/2020 11:26:27 25 7
bbc
I run a Co, I had a call with my MP who explained why No Deal would be fine for me and my Co. I then explained what he didn't know, I then explained how much the "minor changes" to what I do were going to cost me. But he was only shocked when I explained how much less UK tax I would be paying.

If he doesn't understand the issues and he's running the country what hope for the population as a whole
38
26/11/2020 11:40:43 13 4
bbc
I've worked in co.s where directors understood their industry and market, and succeeded, and for others where accountants ruled, which did less well. There's more than just economics. Look at Grenfell, accountants couldn't spot the problem, and those that should have done didnt. In a country where economics rule all, old would be killed off as uneconomic, as would disabled. Economics has no soul.
112
26/11/2020 13:36:12 2 1
bbc
Spot on. We elect MP's who havent passed an exam to be an MP. They should be educated and be examined in Economics, Ethics, Morality etc..
28
26/11/2020 11:30:10 3 1
bbc
It often feels like national economic projections are arbitrary indicators and goals that don't translate into our own house-hold level of income. We are constantly reminded that we must spend spend spend, assuming that we are all materialists who seek only pleasure in things.

And this is coming from a govt' who state: "no one listens to experts anymore." Well, why should we listen to you then?
3
26/11/2020 10:44:59 33 1
bbc
GDP also has no measure of "quality" in it. under GDP its better to make 10 widgets each lasting a year that sell for £10 rather than 1 unit lasting 10 years costing £50 even though the latter is obviously better for the user.

Japan had the so called lost decade were GDP flatlined but the quality of products continued to improve.

After 10 years they had better product for the same money
29
26/11/2020 11:32:06 4 2
bbc
If only 1 widget is made every 10 years unemployment will go through the roof.
Economics can be complex, but with a little effort can be explained in terms most people will understand.
The problem is the experts who have to justify their salary so they resort to BBB management Bulls**t Baffles Brains
105
26/11/2020 13:22:01 2 0
bbc
making a product that costs twice as much (or less) and lasts 4 times as long should always be the sensible option unless the timeframes are VERY long. Its only the current consumerist culture that suggests short life products are a good idea.
22
26/11/2020 11:20:22 68 5
bbc
I think people will often mistrust what they don't understand. Equally they often mistrust that which they don't agree with.

The problem is aggravated by a lack of understanding of basic maths and also by a distinct lack of critical thinking and analysis skills, which should definitely be in every school curriculum.
30
26/11/2020 11:34:15 33 6
bbc
It is part of the "truth decay" syndrome of populism where anything that runs counter to the rhetoric is undermined as false or fraudulent. We need to safeguard the democratic approach, using review and debate as a means to seek new and better ways of approaching difficult issues in society.
25
26/11/2020 11:24:42 10 7
bbc
Not all Britons but certainly a large proportion of those who voted for Brexit. Those who claimed "It's not about economics" will find out how wrong they were in blindly following the cult leaders of Brexit. All our lives are ruled by economics.
31
26/11/2020 11:35:42 7 16
bbc
No. Our lives are ruled by culture and society and law and economics.
Remoaner's lives are ruled by ignorance and malice!
73
26/11/2020 12:27:53 2 0
bbc
No ignorance nor malice at all from you, Phil.

Instead of "remoaners", why not swap the word for "women", "under 30s, ""asians" ,"gays", "vegans", "golf players" and see exactly how ridiculous you are?
32
26/11/2020 11:37:07 3 6
bbc
Media reports selectively - today's article here about changing pensions from RPI. Misleading headline and leading para, other bits omitted. One paper will report in anti-govt fashion, another pro-govt. Each has axe to grind. Nobody (least of all BBC) reports all in an impartial fashion. I know how each BBC Journo votes except Andrew Neil. I shouldn't be able to tell this from their reporting.
33
26/11/2020 11:37:19 12 1
bbc
The problem is also jargon

Economics (and accountancy that I deal in) take concepts we all think we understand like "income" and even "cash" (the most genius bit of professional smoke-screening accountancy ever thought of) and define it in such a way as to make it unintelligible to normal (or unprofessional people)

All professions do it - keeps the salaries up with the thieves cant
26
26/11/2020 11:26:26 12 15
bbc
Not true, many knew what they were voting for - UK sovereignty. A short economic downturn is a price worth paying. In the medium/long term we will prosper, providing Boris does not concede and give us a level playing field.
34
26/11/2020 11:38:02 14 6
bbc
Yet again, claims that the UK will prosper out of Brexit but with zero evidence to back it up. The IFS & LSE forecast economic damage arising from Brexit and they do understand about economics.
224
26/11/2020 18:18:52 3 1
bbc
Brexiteeers who are still in the fog of Farage have got one hell of a shock coming over the next economic cycle.
35
26/11/2020 11:39:09 33 6
bbc
This is not surprising at all. To start with, there is no financial education at schools, unless someone is interested in studying it as a degree or for work. This is then reflected in our saving and spending habits as people do not understand the implications of credit and debt, lack of saving and investment vs spending.
48
26/11/2020 11:49:39 13 3
bbc
Economics or finance are quite specific disciplines but when it comes to personal finance (e.g. credit or debt), for most people that's little more than simple maths, which is taught in schools.
Anyone with a lot of money either learns more about 'finance' or uses an adviser who already has.
153
26/11/2020 15:33:53 0 1
bbc
Your first point is not entirely true. Finance is available as a school subject but few schools opt to teach it, mainly due to a shortage of suitably qualified teachers. Some financial education institutions provide outreach into schools and deliver a finance-related qualification as an optional subject.
264
26/11/2020 20:59:08 2 0
bbc
I studied Economics and Govt. to 'O' level at comprehensive school in Staffs. in the late 1970s so what has gone wrong since then? It was one of the most useful subjects I studied.
36
26/11/2020 11:39:10 11 2
bbc
Economists call their profession a "social science" which isn't a science like chemistry or biology, economists cannot provide a "proof" for their forecasts.

Hence they produce reports that contain a wide range of outcomes, useful when your forecast and reality are very different sometime later, when events/people don't do as they assumed they would.
155
26/11/2020 15:36:57 3 0
bbc
Echoes my opinion, many Economists favour one model over another, and also distrust, disbelieve or not understand others. What chance does the lay-person have?
37
26/11/2020 11:39:43 7 11
bbc
The British people misunderstand most things because the BBC in particular publishes misleading and agenda driven articles that warp or defy the truth. Combine that with a staggeringly low level of public education and an average IQ of 100 (meaning a huge number are below that) and it's no surprise that most people watch Eastenders and avoid actual information!
57
26/11/2020 12:03:42 6 3
bbc
Go read the Daily Excess and they Daily Heil, you'll be much happier.
66
26/11/2020 12:17:07 2 0
bbc
Claiming media bias is a lame old Trump tactic that deserves to follow the same fate as the soon-to-be former POTUS.
70
26/11/2020 12:22:05 1 0
bbc
Whereas Fox News and Russia Today don't do anything of the sort.

As you don't like the BBC, why are you here, every dfay, telling us (the people that do trust the BBC) how evil it is? Do you think we will be persuaded?

As you don't know what "median" means, thus there are exact the same number of people either side of IQ 100, perhaps you misunderstand more than the biased BBC?
27
26/11/2020 11:26:27 25 7
bbc
I run a Co, I had a call with my MP who explained why No Deal would be fine for me and my Co. I then explained what he didn't know, I then explained how much the "minor changes" to what I do were going to cost me. But he was only shocked when I explained how much less UK tax I would be paying.

If he doesn't understand the issues and he's running the country what hope for the population as a whole
38
26/11/2020 11:40:43 13 4
bbc
I've worked in co.s where directors understood their industry and market, and succeeded, and for others where accountants ruled, which did less well. There's more than just economics. Look at Grenfell, accountants couldn't spot the problem, and those that should have done didnt. In a country where economics rule all, old would be killed off as uneconomic, as would disabled. Economics has no soul.
71
26/11/2020 12:25:32 3 0
bbc
Grenfell wasn't "economics" - economics is monetary policy, fiscal theory, and a bunch of other stuff.

"Economics is a social science concerned with the production, distribution, and consumption of goods and services. ... Economics can generally be broken down into macroeconomics, which concentrates on the behavior of the economy as a whole..."
217
26/11/2020 17:59:55 3 0
bbc
What an ignorant comment. Why on earth are accountants responsible for the Grenfell manslaughter ???
26
26/11/2020 11:26:26 12 15
bbc
Not true, many knew what they were voting for - UK sovereignty. A short economic downturn is a price worth paying. In the medium/long term we will prosper, providing Boris does not concede and give us a level playing field.
39
26/11/2020 11:42:20 16 3
bbc
We already had sovereignty. If people understood how international trade works they would also realise that. Trading under common rules which we helped to create is sound economics. Brexiteers twisted this into an apparent loss of sovereignty. Now they think they can dictate terms to the world. Any economist will say you can't do that.
265
26/11/2020 21:10:55 1 0
bbc
We had already lost about half our sovereignty in terms of areas of law that the UK parliaments can legislate in to the European Parliament enforced by the European Courts.
40
26/11/2020 11:43:11 5 5
bbc
Mistrusting something you don't understand and then blaming others for it - sounds like the sort of ignorance that fuels racism.
46
26/11/2020 11:47:11 4 4
bbc
In my experience there is rarely any such thing as racism; it's actually culturalism because, justifiably, people don't want their long established culture modified or overridden by other cultures. Actual dislike of genetic differences is quite unusual and discountable statistically. That said; your sweeping generalisation is fatous.
79
26/11/2020 12:34:39 0 0
bbc
Sounds like BLM to me
41
26/11/2020 11:45:36 2 3
bbc
Roll forward to the end of the Brexit Transition period when businesses are faced with the hard reality of higher costs, lower margins and trying to stay afloat vs cutting headcount. Then economics will become all too real and personal for those in the (job) firing line.
17
26/11/2020 11:09:38 31 9
bbc
True but then Brexit isn't, and never has been, solely about economics.
42
26/11/2020 11:45:41 11 4
bbc
I agree but what annoys and distresses me in equal measure is that many who wanted Brexit refused to consider the economic arguments against it or dismissed them as unimportant. I work in economics and I can assure you that without a good deal being struck with the EU, the economic reality of Brexit will be at every door soon. Hope and pray that a free trade deal is struck.
43
26/11/2020 11:46:02 3 4
bbc
People mis-trust things they don't understand and unfortunately, most people aren't capable of understanding even basic economics. When politicians attempted to justify the possible entry into the Euro with "it'll mean not having to exchange holiday money" it tells you everything about the public's level
44
26/11/2020 11:46:35 3 3
bbc
Its because people are more worried about themselves in this me, me, me society than the big picture, as proved by the reactions to Covid.
98
26/11/2020 13:05:10 0 1
bbc
Weird.

It is perfectly rational & normal to be concerned for your own welfare & outlook.

The people I distrust are the ones who claim to be "looking out for others". Like Gordon Brown and "the poor". All the while he was selling us down the river to the banks. Not to mention dumping our gold at rock bottom prices... qui bono on that ?
45
26/11/2020 11:47:08 5 8
bbc
My distrust is not of economics but rather of the inexorable creep of "government" that has bribed the population to think it is indispensable while taking every opportunity to control even the most arcane aspects of our lives facilitated by a populace too diffident and lazy to stand on their own two feet.
40
26/11/2020 11:43:11 5 5
bbc
Mistrusting something you don't understand and then blaming others for it - sounds like the sort of ignorance that fuels racism.
46
26/11/2020 11:47:11 4 4
bbc
In my experience there is rarely any such thing as racism; it's actually culturalism because, justifiably, people don't want their long established culture modified or overridden by other cultures. Actual dislike of genetic differences is quite unusual and discountable statistically. That said; your sweeping generalisation is fatous.
68
26/11/2020 12:18:19 1 0
bbc
Your experience might not be the only measure of whether intolerance is founded on perceived threat to a culture.

In my experience, racists are fairly commonplace and have no idea about anyone's culture; they just see skin tone, hear an accent, and take it from there.

That said, Strawcat didn't make a sweeping generalisation, and your derision of it was unnecessary as well as wrong.
72
26/11/2020 12:26:49 1 1
bbc
If you believe your culture is being overridden by others then you must be a far-right nationalist. If you embraced and celebrated diversity it would make you a better person. You might even learn to spell "fatuous" properly.
47
26/11/2020 11:49:16 9 3
bbc
British people don't misunderstand economics.

They understand perfectly well when their inflation such as energy and food is going up by 20% somethings wrong when somebody keeps telling them inflation is at 2% or so.
When house prices triple yet there is no inflation
Living week to week they don't care or need to know about hotel prices, flights etc lower priced flights doesn't alter their figure
53
26/11/2020 11:56:34 10 3
bbc
Thinking your personal inflation should correlate with national inflation is to misunderstand economics - or at least that element of it.
35
26/11/2020 11:39:09 33 6
bbc
This is not surprising at all. To start with, there is no financial education at schools, unless someone is interested in studying it as a degree or for work. This is then reflected in our saving and spending habits as people do not understand the implications of credit and debt, lack of saving and investment vs spending.
48
26/11/2020 11:49:39 13 3
bbc
Economics or finance are quite specific disciplines but when it comes to personal finance (e.g. credit or debt), for most people that's little more than simple maths, which is taught in schools.
Anyone with a lot of money either learns more about 'finance' or uses an adviser who already has.
127
26/11/2020 14:16:29 4 0
bbc
I agree that most of the basics are taught in school. and there is no new or complicated maths. However, the personal finance education is what is lacking. One does not have to have a lot of money before being to do learn or hire people to do that for them.On the other hand, having his knowledge and application may help people stay out of debt and also increase their wealth, irrespective of income
134
26/11/2020 14:34:48 2 1
bbc
I agree it is simple maths, but the issue for me is that kids who have either limited ability or desire to do well at school are the ones that are going to end up with the lowest incomes.

I'd much rather they be taught the simple maths that they will need to navigate a difficult financial life rather than quadratic equations that they will never understand and never use.
49
26/11/2020 11:50:56 1 0
bbc
They have done a great job of economics given the mess and price we have paid the last 20 years.

Next their will be telling us our living standards haven't dropped because some have increased massively.
50
26/11/2020 11:54:30 41 2
bbc
It's not the data it's the manipulation of the data by those wishing to spin a narrative that the current economic model is working that I misstrust.
51
26/11/2020 11:54:56 1 3
bbc
The lack of understanding of the negative economic impact of a No Deal Brexit can be seen only a daily basis. This is how it would/will affect you:
https://www.bbc.co.uk/news/uk-politics-47470864
81
26/11/2020 12:37:26 2 0
bbc
Could, not would
52
26/11/2020 11:55:17 5 6
bbc
Economics is the miserable science and it is misused by socialists and communists to justify nationalisation and centralisation of all activities . The media explain economics ? The gotcha class discussing the euro ? Burley , Rigby and K-berg debating monetary theory ? We have seen academics screwing up COVID explanations and numbers--so best to educate ourselves
62
26/11/2020 12:14:26 1 0
bbc
Economics is misused ONLY by those groups?

Isn't is also used to explain / justify privatisation, pension changes, interest rates, QE, pay freezes, benefits cuts - obviously only by the communists...

One group of people gets one thing wrong, therefore a totally different set of people on an unrelated topic are therefore necessarily wrong?

I'm bad at golf therefore you are bad at football. QED?
47
26/11/2020 11:49:16 9 3
bbc
British people don't misunderstand economics.

They understand perfectly well when their inflation such as energy and food is going up by 20% somethings wrong when somebody keeps telling them inflation is at 2% or so.
When house prices triple yet there is no inflation
Living week to week they don't care or need to know about hotel prices, flights etc lower priced flights doesn't alter their figure
53
26/11/2020 11:56:34 10 3
bbc
Thinking your personal inflation should correlate with national inflation is to misunderstand economics - or at least that element of it.
93
26/11/2020 13:00:12 1 0
bbc
Ha ha .. yes .. economics should never be about yourself should it ?

You are not doing well .. its all your own fault even if you have been working productively.

Meanwhile for instance B2L jockeys are getting fabulously wealthy on the low interest rate scam ..... you should think of the "greater good " .. ie making sure B2L jockeys continue getting richer.
285
27/11/2020 00:27:23 0 0
bbc
Pomposity at its weakest.
54
26/11/2020 11:56:52 6 4
bbc
The reason we mistrust economics is because of the rubbish economists come out with
Almost never get a forecast right, even when adjusting every few weeks

Plus of course different economic models
You can choose to use the one you wish to show what you want to be seen

In a similar vein to lies, damn lies & statistics
182
26/11/2020 16:11:57 1 0
bbc
Forecasts by their very nature cannot be expected to tell you what will happen. They can only give an indication of the possible or perhaps probable risks & opportunities. If we could tell the future, it might come as a nasty shock. Also that old saying about "lies, damn lies..." is wrong. Statistics do not tell lies if it is clearly explained what they represent, but facts can be misrepresented.
55
26/11/2020 12:00:23 31 6
bbc
I don't think the lack of grasp of economics is the issue here - I think that actually huge swathes of the UK public are just not very well educated or interested in understanding or appreciating economic fundamentals or how the UK operates from a business perspective.

Part of this may be poor education but its also a step change in UK people becoming increasingly self centred and uninterested.
85
26/11/2020 12:45:11 6 0
bbc
Spot on
14
26/11/2020 11:07:51 35 23
bbc
Brexit is the classic example of people voting for something they don't understand. It's an economic disaster.
56
26/11/2020 12:02:57 8 8
bbc
Actually, I looked at the CBI forecast for remain on their predictions on brexit prior the referendum
Under WTO & FTA compared to remaining
They showed a smaller growth than remaining 1st 5 yrs
2nd 5yrs roughly same growth as remaining
3rd 5yrs, better growth under FTA & even better growth under WTO than remaining

The economic argument from remainers has & continues to be massively overstated
37
26/11/2020 11:39:43 7 11
bbc
The British people misunderstand most things because the BBC in particular publishes misleading and agenda driven articles that warp or defy the truth. Combine that with a staggeringly low level of public education and an average IQ of 100 (meaning a huge number are below that) and it's no surprise that most people watch Eastenders and avoid actual information!
57
26/11/2020 12:03:42 6 3
bbc
Go read the Daily Excess and they Daily Heil, you'll be much happier.
58
26/11/2020 12:06:17 4 2
bbc
Many can't even correctly use an apostrophe.
67
26/11/2020 12:17:45 2 2
bbc
Many many, myself included. But when i went to school if you were brilliant at something science/maths/computers that was great and celebrated. If at the same time you were a bit rubbish at English, that just got brushed under the rug. It was the "Great Comprehensive Education"

If i put a floaty comma in the wrong place, its not going to kill you, unless its in some code i write maybe.....
74
26/11/2020 12:28:50 0 0
bbc
And frequently split infinitives.
59
26/11/2020 12:08:45 5 4
bbc
I blame the housing market. Most people have grown up with an investing education consisting of "haha house price increases goes brrrrrrrr" and have all their eggs in that one basket.
60
tv
26/11/2020 12:10:28 23 4
bbc
Britons mistrust the media even more !
Removed
216
26/11/2020 17:56:40 3 0
bbc
And the relevance to this debate is ?????

This is about economists.

But they are experts, but apparently, we've had enough of them.
220
26/11/2020 18:11:27 3 0
bbc
Then get off the media. Bye Bye.
61
26/11/2020 12:11:57 4 2
bbc
I would suggest it a bit harsh to say most people misunderstand economics, most people haven't studied the subject at any level.
The media bang on endlessly about this thing call inflation, the person in the street looks at how much their gas bill went up and naturally calls foul! That is, it this person actually knows what a percentage is. Was that one of the questions?
52
26/11/2020 11:55:17 5 6
bbc
Economics is the miserable science and it is misused by socialists and communists to justify nationalisation and centralisation of all activities . The media explain economics ? The gotcha class discussing the euro ? Burley , Rigby and K-berg debating monetary theory ? We have seen academics screwing up COVID explanations and numbers--so best to educate ourselves
62
26/11/2020 12:14:26 1 0
bbc
Economics is misused ONLY by those groups?

Isn't is also used to explain / justify privatisation, pension changes, interest rates, QE, pay freezes, benefits cuts - obviously only by the communists...

One group of people gets one thing wrong, therefore a totally different set of people on an unrelated topic are therefore necessarily wrong?

I'm bad at golf therefore you are bad at football. QED?
63
26/11/2020 12:15:40 4 1
bbc
Not helped by saying stuff like "UK borrowed" when it's the UK govmt that borrowed, not UK people with loans & mortgages, or UK businesses with overdrafts.

Or failing to mention that less spending by some means less income for others, means less spending, means less pay...

Or saying "money doesn't grow on trees" when every High St bank can create new money from fresh air by agreeing a new loan.
289
27/11/2020 00:31:12 0 0
bbc
Mrs May said there is no magic money tree. So where did the Treasury hide it while she was in power?
64
26/11/2020 12:16:08 2 2
bbc
Economics the Science of explaining the reason the forecast they made a year, a quarter or month ago did not turn out how they expected and why their latest forecast is the best there is.
65
26/11/2020 12:16:21 3 4
bbc
Doesn't bode well when we are economically 'going it alone' and the majority of UK people have no idea about economics or business or how their own country works fiscally.

Brexit - everyone expecting that someone else in the country will do amazing things to save everyone, when less and less UK people are actually doing anything for the country. Brilliant. Disaster.
37
26/11/2020 11:39:43 7 11
bbc
The British people misunderstand most things because the BBC in particular publishes misleading and agenda driven articles that warp or defy the truth. Combine that with a staggeringly low level of public education and an average IQ of 100 (meaning a huge number are below that) and it's no surprise that most people watch Eastenders and avoid actual information!
66
26/11/2020 12:17:07 2 0
bbc
Claiming media bias is a lame old Trump tactic that deserves to follow the same fate as the soon-to-be former POTUS.
91
26/11/2020 12:51:23 1 0
bbc
Whilst there are left or right leaning tendencies in many media outlets, at least one can make a judgement call on where along the line reality lies. Its Facebook keyboard warriors that worry me, no way of assessing that, yet so many folk just swallow whatever they want to hear.
58
26/11/2020 12:06:17 4 2
bbc
Many can't even correctly use an apostrophe.
67
26/11/2020 12:17:45 2 2
bbc
Many many, myself included. But when i went to school if you were brilliant at something science/maths/computers that was great and celebrated. If at the same time you were a bit rubbish at English, that just got brushed under the rug. It was the "Great Comprehensive Education"

If i put a floaty comma in the wrong place, its not going to kill you, unless its in some code i write maybe.....
46
26/11/2020 11:47:11 4 4
bbc
In my experience there is rarely any such thing as racism; it's actually culturalism because, justifiably, people don't want their long established culture modified or overridden by other cultures. Actual dislike of genetic differences is quite unusual and discountable statistically. That said; your sweeping generalisation is fatous.
68
26/11/2020 12:18:19 1 0
bbc
Your experience might not be the only measure of whether intolerance is founded on perceived threat to a culture.

In my experience, racists are fairly commonplace and have no idea about anyone's culture; they just see skin tone, hear an accent, and take it from there.

That said, Strawcat didn't make a sweeping generalisation, and your derision of it was unnecessary as well as wrong.
69
26/11/2020 12:20:25 2 4
bbc
Do the BBC 'economics' reporters who pop up occasionally ( what do they do in between?) understand it I ask myself? from their trendy biased political presentations I doubt it. For sure Labours Ms Dodds doesn't !
200
26/11/2020 16:35:42 0 0
bbc
"Trendy biased"?

Sorry to be so out of vogue, but choosing bankruptcy instead of economic recovery is neither lefty nor righty; it's just Mrs Beetons instead of Milton Keynes.

Sadly, it appears to appeal to the economically illiterate, who confuse the economy of a nation with their pin money.
37
26/11/2020 11:39:43 7 11
bbc
The British people misunderstand most things because the BBC in particular publishes misleading and agenda driven articles that warp or defy the truth. Combine that with a staggeringly low level of public education and an average IQ of 100 (meaning a huge number are below that) and it's no surprise that most people watch Eastenders and avoid actual information!
70
26/11/2020 12:22:05 1 0
bbc
Whereas Fox News and Russia Today don't do anything of the sort.

As you don't like the BBC, why are you here, every dfay, telling us (the people that do trust the BBC) how evil it is? Do you think we will be persuaded?

As you don't know what "median" means, thus there are exact the same number of people either side of IQ 100, perhaps you misunderstand more than the biased BBC?
38
26/11/2020 11:40:43 13 4
bbc
I've worked in co.s where directors understood their industry and market, and succeeded, and for others where accountants ruled, which did less well. There's more than just economics. Look at Grenfell, accountants couldn't spot the problem, and those that should have done didnt. In a country where economics rule all, old would be killed off as uneconomic, as would disabled. Economics has no soul.
71
26/11/2020 12:25:32 3 0
bbc
Grenfell wasn't "economics" - economics is monetary policy, fiscal theory, and a bunch of other stuff.

"Economics is a social science concerned with the production, distribution, and consumption of goods and services. ... Economics can generally be broken down into macroeconomics, which concentrates on the behavior of the economy as a whole..."
46
26/11/2020 11:47:11 4 4
bbc
In my experience there is rarely any such thing as racism; it's actually culturalism because, justifiably, people don't want their long established culture modified or overridden by other cultures. Actual dislike of genetic differences is quite unusual and discountable statistically. That said; your sweeping generalisation is fatous.
72
26/11/2020 12:26:49 1 1
bbc
If you believe your culture is being overridden by others then you must be a far-right nationalist. If you embraced and celebrated diversity it would make you a better person. You might even learn to spell "fatuous" properly.
31
26/11/2020 11:35:42 7 16
bbc
No. Our lives are ruled by culture and society and law and economics.
Remoaner's lives are ruled by ignorance and malice!
73
26/11/2020 12:27:53 2 0
bbc
No ignorance nor malice at all from you, Phil.

Instead of "remoaners", why not swap the word for "women", "under 30s, ""asians" ,"gays", "vegans", "golf players" and see exactly how ridiculous you are?
58
26/11/2020 12:06:17 4 2
bbc
Many can't even correctly use an apostrophe.
74
26/11/2020 12:28:50 0 0
bbc
And frequently split infinitives.
96
26/11/2020 13:04:25 0 0
bbc
Of course the jury is out on that one, John.
97
26/11/2020 13:05:01 0 0
bbc
Prob that too :)
75
26/11/2020 12:29:22 1 3
bbc
People distrust the economic data and regret a lack of understanding of economics! Yet the same people accept without question the data on COVID, the version of science trotted out by SAGE re masks, effectiveness of lockdowns and swallow hook line and sinker what the media tells them about it. Remarkable ...
89
26/11/2020 12:49:26 2 0
bbc
It seems to me that you are actually one of the contrarians who continually spew falsehoods that there is no disease and no deaths and that all control measures are ineffective, so YOU don't have take any personal responsibility for contributing to the solution.
76
26/11/2020 12:33:24 3 1
bbc
The blind leading the blind

It would help if the media understood the economic data that they presented to the public. If they understood it then they might be able to explain it as well - instead all we get is a recital of the latest figures plus some quotes from the BoE, politicians and think tanks
82
26/11/2020 12:40:35 4 1
bbc
Follow up. The public is right to be confused or sceptical about economic data

inflation, unemployment are general concepts on price increases and people out of work

Inflation with a capital I has multiple definitions and has arbitrary elements and methods of calculation. As we saw yesterday with pensions the goalposts are often moved

Similarly Unemployment is an arbitrary definition
90
26/11/2020 12:51:22 0 0
bbc
People such as yourself would not understand data however it was presented. This gives you carte blanche to disagree with everything.
162
26/11/2020 15:43:51 0 0
bbc
True - but I also think its the sheep being led by the wolves....'experts' have a vested interest in their own nests that is often not as transparent as an 'independent advisor' should be. Aren't Government advisors just discreet lobbyists?
15
26/11/2020 11:09:00 3 2
bbc
Of course we distrust official stats. Take unemployment. Everybody knows there are about 5 million unemployed, mainly long term disability, pays more than UB, you don't have to be properly disabled as most people would understand and very hard for the Gov't to get you to go back to work.
77
26/11/2020 12:33:32 0 1
bbc
Everyone that read the article will know that the term "unemployed" does not mean "not working".

There's probably a few million not-working people under that age of 10 right now, but that's not a useful figure to steer government / economic decisions.

"Unemployed and actively seeking work and receiving a specific benefit" is the correct definition, but too long to say.
15
26/11/2020 11:09:00 3 2
bbc
Of course we distrust official stats. Take unemployment. Everybody knows there are about 5 million unemployed, mainly long term disability, pays more than UB, you don't have to be properly disabled as most people would understand and very hard for the Gov't to get you to go back to work.
78
26/11/2020 12:33:57 0 0
bbc
Most people have little understanding of disability which is why we have laws to define it.
40
26/11/2020 11:43:11 5 5
bbc
Mistrusting something you don't understand and then blaming others for it - sounds like the sort of ignorance that fuels racism.
79
26/11/2020 12:34:39 0 0
bbc
Sounds like BLM to me
80
26/11/2020 12:35:25 2 1
bbc
All very convenient for the sooth sellers..
51
26/11/2020 11:54:56 1 3
bbc
The lack of understanding of the negative economic impact of a No Deal Brexit can be seen only a daily basis. This is how it would/will affect you:
https://www.bbc.co.uk/news/uk-politics-47470864
81
26/11/2020 12:37:26 2 0
bbc
Could, not would
76
26/11/2020 12:33:24 3 1
bbc
The blind leading the blind

It would help if the media understood the economic data that they presented to the public. If they understood it then they might be able to explain it as well - instead all we get is a recital of the latest figures plus some quotes from the BoE, politicians and think tanks
82
26/11/2020 12:40:35 4 1
bbc
Follow up. The public is right to be confused or sceptical about economic data

inflation, unemployment are general concepts on price increases and people out of work

Inflation with a capital I has multiple definitions and has arbitrary elements and methods of calculation. As we saw yesterday with pensions the goalposts are often moved

Similarly Unemployment is an arbitrary definition
103
26/11/2020 13:19:11 0 0
bbc
The reason why don't belive half and quarter is every death is now some how linked to covid even when the person that died was dying of a serious illness in the first place, plus most people that have had the virus have only mild syptoms
3
26/11/2020 10:44:59 33 1
bbc
GDP also has no measure of "quality" in it. under GDP its better to make 10 widgets each lasting a year that sell for £10 rather than 1 unit lasting 10 years costing £50 even though the latter is obviously better for the user.

Japan had the so called lost decade were GDP flatlined but the quality of products continued to improve.

After 10 years they had better product for the same money
83
26/11/2020 12:42:21 2 1
bbc
Yes excellent point Chris.

Also .. if I have to buy a burglar alarm or security system for my house .. that is included as part of GDP .. so it is "economically good". But who would buy those things if there was no crime ? There is no real benefit to them.

Whereas say .. a trip to the theatre or a concert is something you "want to do" so is economically good but also adds value to your life.
22
26/11/2020 11:20:22 68 5
bbc
I think people will often mistrust what they don't understand. Equally they often mistrust that which they don't agree with.

The problem is aggravated by a lack of understanding of basic maths and also by a distinct lack of critical thinking and analysis skills, which should definitely be in every school curriculum.
84
26/11/2020 12:44:38 3 11
bbc
They are right to mistrust economics & economists.

They are little more than "Shamans" whose purpose is to justify that the few stay wealthy, the many stay poor or insecure, while in fact the contributions in general are actually less divergent.
147
26/11/2020 15:21:17 3 1
bbc
The problem lies in the education system. Everyone is taught to get a job. No one is taught what do do with ones earnings, how to invest and the options available. Its all about stick it in the bank!
166
26/11/2020 15:48:45 4 1
bbc
You have no idea what an economist does. The aims that you ascribe to economists are in fact the aims of some politicians. Please, do not vote on anything again.
55
26/11/2020 12:00:23 31 6
bbc
I don't think the lack of grasp of economics is the issue here - I think that actually huge swathes of the UK public are just not very well educated or interested in understanding or appreciating economic fundamentals or how the UK operates from a business perspective.

Part of this may be poor education but its also a step change in UK people becoming increasingly self centred and uninterested.
85
26/11/2020 12:45:11 6 0
bbc
Spot on
219
26/11/2020 18:10:31 0 0
bbc
Or business is understanding of their role in society.
86
26/11/2020 12:45:31 2 1
bbc
They should give an outcome of how accurate their last set of figures were before releasing more
14
26/11/2020 11:07:51 35 23
bbc
Brexit is the classic example of people voting for something they don't understand. It's an economic disaster.
87
26/11/2020 12:46:59 0 9
bbc
You still lost.

:-D

IMO it would have been better to have referendums on things like immigration & foreign aid.

But you elite jockeys won't allow that .. so you are stuck with your "economic disaster".
88
26/11/2020 12:47:44 1 0
bbc
These are abbreviations not acronyms
118
26/11/2020 13:56:30 0 0
bbc
Yes, but 'acronym' is often used that way. Just like the term abbreviation - I would generally use initialisation in this context.
75
26/11/2020 12:29:22 1 3
bbc
People distrust the economic data and regret a lack of understanding of economics! Yet the same people accept without question the data on COVID, the version of science trotted out by SAGE re masks, effectiveness of lockdowns and swallow hook line and sinker what the media tells them about it. Remarkable ...
89
26/11/2020 12:49:26 2 0
bbc
It seems to me that you are actually one of the contrarians who continually spew falsehoods that there is no disease and no deaths and that all control measures are ineffective, so YOU don't have take any personal responsibility for contributing to the solution.
109
26/11/2020 13:26:43 0 0
bbc
Everyone knows there is disease but the likes of you obsess about Covid and forget about everything else. There is more to life than Covid and we're well past the point where the harm caused by Covid is way below the damage we're doing to everything else. Why?
76
26/11/2020 12:33:24 3 1
bbc
The blind leading the blind

It would help if the media understood the economic data that they presented to the public. If they understood it then they might be able to explain it as well - instead all we get is a recital of the latest figures plus some quotes from the BoE, politicians and think tanks
90
26/11/2020 12:51:22 0 0
bbc
People such as yourself would not understand data however it was presented. This gives you carte blanche to disagree with everything.
66
26/11/2020 12:17:07 2 0
bbc
Claiming media bias is a lame old Trump tactic that deserves to follow the same fate as the soon-to-be former POTUS.
91
26/11/2020 12:51:23 1 0
bbc
Whilst there are left or right leaning tendencies in many media outlets, at least one can make a judgement call on where along the line reality lies. Its Facebook keyboard warriors that worry me, no way of assessing that, yet so many folk just swallow whatever they want to hear.
25
26/11/2020 11:24:42 10 7
bbc
Not all Britons but certainly a large proportion of those who voted for Brexit. Those who claimed "It's not about economics" will find out how wrong they were in blindly following the cult leaders of Brexit. All our lives are ruled by economics.
92
26/11/2020 12:51:34 0 1
bbc
"All our lives are ruled by economics."

Really ? .. I hadn't noticed all those who don't/won't/can't contribute being culled.

In reality in most decisions economics are not a big factor. People are political animals, not economic ones.
53
26/11/2020 11:56:34 10 3
bbc
Thinking your personal inflation should correlate with national inflation is to misunderstand economics - or at least that element of it.
93
26/11/2020 13:00:12 1 0
bbc
Ha ha .. yes .. economics should never be about yourself should it ?

You are not doing well .. its all your own fault even if you have been working productively.

Meanwhile for instance B2L jockeys are getting fabulously wealthy on the low interest rate scam ..... you should think of the "greater good " .. ie making sure B2L jockeys continue getting richer.
114
26/11/2020 13:48:50 1 0
bbc
Of course it has to be about yourself, but expecting your very specific personal circumstances to be the same as a calculated national average is naive.
21
jch
26/11/2020 11:18:09 3 2
bbc
Never mind economics, there seems to be a general ignorance about any mathematic, other than simple arithmetic. The concept of exponential growth seems to be beyond most people.
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26/11/2020 13:01:09 0 0
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Economics as practised by the elite has nowt to do with maths.
95
26/11/2020 13:02:36 4 2
bbc
One of our Ex Chancellors was asked by a School Child what 7x9 was, he conveniently passed on the subject??????
198
26/11/2020 16:32:51 0 0
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Yet again, illustrating the point.

I know that borrowing using gilts with a 0.01% yield over a 100 year period will allow CapEx to stimulate tier 1, 2 and 3 growth; returning a median 10% RoI on that per annum, compounding into an astronomical benefit to all.

Paying a low interest loan by selling your high-yield investments is economic insanity; likewise failing to borrow cheap and invest!
74
26/11/2020 12:28:50 0 0
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And frequently split infinitives.
96
26/11/2020 13:04:25 0 0
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Of course the jury is out on that one, John.
74
26/11/2020 12:28:50 0 0
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And frequently split infinitives.
97
26/11/2020 13:05:01 0 0
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Prob that too :)
44
26/11/2020 11:46:35 3 3
bbc
Its because people are more worried about themselves in this me, me, me society than the big picture, as proved by the reactions to Covid.
98
26/11/2020 13:05:10 0 1
bbc
Weird.

It is perfectly rational & normal to be concerned for your own welfare & outlook.

The people I distrust are the ones who claim to be "looking out for others". Like Gordon Brown and "the poor". All the while he was selling us down the river to the banks. Not to mention dumping our gold at rock bottom prices... qui bono on that ?
99
26/11/2020 13:13:08 0 2
bbc
Maybe if politicians and banks did not lie so much people might have a bit more trust also the globalization does not work yet the powers that be doggedly stick to sinking ship
100
26/11/2020 13:13:48 6 3
bbc
The fact that we distrust the lying thieving scum we vote into power shouldn't come as a great surprise.
288
27/11/2020 00:30:12 0 0
bbc
So why did you vote for them?