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Re: "Economics is a lot harder than physics, because people can think." J. Doyne Farmer

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On 8/9/2018 1:04 PM, Sergio wrote:
> On 8/9/2018 12:52 PM, alal65536@gmail.com wrote:
>> On Thursday, August 9, 2018 at 10:52:05 PM UTC+5:30, Sergio wrote:
>>> On 8/9/2018 10:28 AM, alal65536@gmail.com wrote:
>>>> On Thursday, August 9, 2018 at 8:03:24 AM UTC+5:30, Sergio wrote:
>>>>> On 8/8/2018 12:22 PM, alal65536@gmail.com wrote:
>>>>>> According to mathematician J. Doyne Farmer, in edge.org, in "Collective Awareness", he talks about economics, and building better economic models to predict the future.  People play a central role in economics, and the idea that they behave rationally has been discredited.
>>>>>>
>>>>>> It is very difficult to predict the behaviour of people not acting logically, but acting emotionally with all their cognitive biases.
>>>>>>
>>>>>> From my experience studying economics and physics, I must argue that the maths required to do even classical physics is a lot harder than mastering the basics of macroeconomics.  However physics can give much better predictions than economics.
>>>>>>
>>>>>> I would argue that much greater mathematical skill is required in being a successful physicist, than a successful economist.  However, top economists make more money than top physicists.
>>>>>>
>>>>>>
>>>>>>
>>>>>> Abhinav Lal
>>>>>>
>>>>>
>>>>> a lot of physicists do stock market prediction as a Quant.  Using math
>>>>> skills, not physics so much.  Huge $$$ there.
>>>>
>>>> According to various sources, the median wages for economists and physicists is similar at about USD 100,000.  However as I stated, top economists make more than top physicists.  The highest earning top 10% of physicists earned over USD 165k, while the highest earning top 10% of economists earned over USD 180k.
>>>>
>>>> Abhinav Lal
>>>> Writer & Investor 
>>>>
>>>
>>> yep,  those closer to the money stream, make more money. (old saying in
>>> my country)
>>
>> I made a mistake in giving astronomers salaries instead of physicists salaries above.  Physicists median is 120k, top 10% 190k.  So physicists earn more than economists.
>>
>> But economists in Finance and Insurance average 125k.
>>
>> I do know that the top economists working for the biggest investment banks earn very high salaries.
>>
>> I apologise for my mistakes.
>>
>> Abhinav Lal 
>> Writer & Investor
>>
> 
> there are very few jobs for astronomers, few jobs for physicists.  The
> statistics on how many jobs are online in US Gov somewhere, with salarie
> range.  I consider math used by physiciscs harder than economist, but
> that is a vague generalization at best.
> 
> stock brokers, or broker agents in Manhatten make well above $200k, I
> think they make $$ on commission sales and split part with the company,
> but they have to go find their own customers or get laid off.  And their
> skills are not math,  but relationship selling.
> 

lot of info on this site;

https://www.bls.gov/ooh/Life-Physical-and-Social-Science/Physicists-and-astronomers.htm

note # of jobs! only 20K jobs in the entire USA

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"Economics is a lot harder than physics, because people can think." J. Doyne Farmer alal65536@gmail.com - 2018-08-08 10:22 -0700
  Re: "Economics is a lot harder than physics, because people can think." J. Doyne Farmer Sergio <invalid@invalid.com> - 2018-08-08 21:33 -0500
    Re: "Economics is a lot harder than physics, because people can think." J. Doyne Farmer alal65536@gmail.com - 2018-08-09 08:28 -0700
      Re: "Economics is a lot harder than physics, because people can think." J. Doyne Farmer Sergio <invalid@invalid.com> - 2018-08-09 12:21 -0500
        Re: "Economics is a lot harder than physics, because people can think." J. Doyne Farmer alal65536@gmail.com - 2018-08-09 10:52 -0700
          Re: "Economics is a lot harder than physics, because people can think." J. Doyne Farmer Sergio <invalid@invalid.com> - 2018-08-09 13:04 -0500
            Re: "Economics is a lot harder than physics, because people can think." J. Doyne Farmer Sergio <invalid@invalid.com> - 2018-08-09 13:12 -0500
            Re: "Economics is a lot harder than physics, because people can think." J. Doyne Farmer alal65536@gmail.com - 2018-08-09 17:20 -0700
              Re: "Economics is a lot harder than physics, because people can think." J. Doyne Farmer Sergio <invalid@invalid.com> - 2018-08-09 20:50 -0500

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