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[Aqizzar]

There's also the easily observed as bullcrap notion of rational self-interest.  There would be no such thing as luxury goods if people actually behaved the way classical economics works.

[Neruz]

There's also the easily observed as bullcrap notion of rational self-interest.  There would be no such thing as luxury goods if people actually behaved the way classical economics works.

The fact that modern economic theory is based around rational, logical and intelligent machines rather than around people doesn't help, no.

[Shinziril]

Well, we've got people working on "behavioral economics," which seems like it'll account for some of the wierd/stupid things "rational self-interest" doesn't. 

Luxury goods do work somewhat, at least, since rational self-interest includes "utility maximization" (I.E., happiness/satisfaction maximization) and if you have the resources to buy goods that give you more satisfaction, you obviously should.  But I digress.   

*wanders off again*

[eerr]

Well the majority of modern economics are founded on heavily flawed assumptions (that have been conclusively proven flawed and wrong no less), so most economists are by definition dumb.

Economics is not based on heavily flawed stuff.
It's based on generalizations, and also a highly critical math portion.

Quote me an example.

Modern economic theory is based on the flawed foundations of General Equilibrium, which assumes, amongst other things, infinite supply and demand so as to achieve the perfect balance (hence why it's called General Equilibrium).

If you want to read more, here is a supurb book on the subject. You can find most of the book on google ebooks for free.

Is it considered a flaw to approximate the area of a circle with a square?

[Dwarf]

Well the majority of modern economics are founded on heavily flawed assumptions (that have been conclusively proven flawed and wrong no less), so most economists are by definition dumb.

Economics is not based on heavily flawed stuff.
It's based on generalizations, and also a highly critical math portion.

Quote me an example.

Modern economic theory is based on the flawed foundations of General Equilibrium, which assumes, amongst other things, infinite supply and demand so as to achieve the perfect balance (hence why it's called General Equilibrium).

If you want to read more, here is a supurb book on the subject. You can find most of the book on google ebooks for free.

Is it considered a flaw to approximate the area of a circle with a square?

I would. It's really a damn primitive way to approximate the area of a circle.

[eerr]

Well the majority of modern economics are founded on heavily flawed assumptions (that have been conclusively proven flawed and wrong no less), so most economists are by definition dumb.

Economics is not based on heavily flawed stuff.
It's based on generalizations, and also a highly critical math portion.

Quote me an example.

Modern economic theory is based on the flawed foundations of General Equilibrium, which assumes, amongst other things, infinite supply and demand so as to achieve the perfect balance (hence why it's called General Equilibrium).

If you want to read more, here is a supurb book on the subject. You can find most of the book on google ebooks for free.

Is it considered a flaw to approximate the area of a circle with a square?

I would. It's really a damn primitive way to approximate the area of a circle.

What about a hexagon?

[Dwarf]

That's already better, but you might also use r*r*3.

[zchris13]

I like octagons to approximate area.

[Neruz]

Getting the area of a circle is not hard :\

[zchris13]

Where do you think they GOT that equation, hmmm??

[Neruz]

Uh, basic math? Pi is the ratio of the circumference to the diameter of a circle. Once you have that, it's not a difficult leap to realise that multiplying Pi by the squared radius of the circle will give you it's area, or multiplying Pi by the diameter of the circle will give you it's circumference.

[JoshuaFH]

Where'd pi come from anyway?

[Jreengus]

Pi is the ratio of the circumference to the diameter of a circle.

[Aqizzar]

Greece.  Or Egypt.  Honestly, if a bunch of bored guys sitting around the ancient world could work it out on their hands, it can't be that complicated.

[Jreengus]

Egypt aproximated Pi as about 22/9 IIRC. It was a bit tricky to be accurate until the decimal place was invented and you had a good way of displaying irrational numbers.