https://www.bloomberg.com/view/articles/2015-11-24/most-of-w...
As to your link, Noah (whom I respect tremendously) does make a good point, but I think he overstates his case; true, simple supply-demand models don't work in every case (and the minimum wage is a good example of that, although I would counter that most of the non econ101 parts are somewhat short term and restricted to small increases) but for the vast, vast majority of cases people encounter in real life they work surprisingly well. Additionally, supply and demand is only a part of econ 101: Why can't I get tickets to Hamilton without paying a lot? Why do some restaurants charge more for dinner? If we put a tariff on Mexico, who pays? What are the pros and cons of free trade? What does deadweight loss mean? What does the federal reserve do and how does it affect me? What's the relationship between the money supply and inflation? What are the arguments for targeting non zero inflation? Why did we leave the gold standard? Is government debt bad? How is GDP measured? Why does the exchange rate change? Why doesn't the employment rate go to zero? What does the employment rate even mean? How do taxes affect the economy? Do different taxes have different effects? What are the arguments for and against using tax policy to encourage saving? What options does the government have to fight a recession? My city wants to reduce driving downtown, what are some possible policies? What economic policies can we use to fight global warming? What are the arguments for and against rent control? What is a monopoly? All of these questions are easily answered with macroecon 101 level knowledge and most are hard to answer without (we haven't even started talking about micro!) That doesn't mean econ 101 is always applicable, but it does mean you'll have a far better understanding of the world after taking it, even if you do come in with some preconceived notions.
I will say that Noah's suggestion that econ 101 should be more emperical is a good idea, and I especially believe that there should be a stronger emphasis on stats. I actually think that's true of all the social sciences though, and its a separate issue from what you're talking about.
There are a few subjects where the average HN denizen thinks they know more than the professionals by having read a mainstream book or two. Economics is one. You can identify these people when they ask, 'How come economists couldn't predict the crisis?'
Ask anyone trying to buy a house in Vancouver.
Does Mankiw mention this in his "requirement for informed criticism"?
Also, your claim that economics hasn't advanced since the 18th century is absurd and betrays an ignorance of the subject.
Perhaps it was worded poorly but if you reread you can actually see that's the opposite of what I said.
