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Help with Economic Schools

CJKAllstar
Posts: 408
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6/12/2014 8:35:22 AM
Posted: 2 years ago
I've recently gained an interest in economics, and have started reading more into it.

As I do, I've become interested in economic schools of thought, namely Monetarism, Austrian Economics and Keynesiansim. What I haven't ever seen, whilst reading into economics, are succinct, non-biased and clear definitions and information on how these three schools work.

I'd just ask for someone, if they have the time, to explain thoroughly, yet concisely on how these three systems work. I would really appreciate if I could get a simple, but lengthy and detailed explanation of what these are, how they work and examples, etc.

If anyone could do this, either in a message form or on here, I would really appreciate it, and it would be of extreme help. Thanks in advance to anyone who does.
"Political language... is designed to make lies sound truthful and murder respectable, and to give an appearance of solidity to pure wind." - George Orwell
Osiris_Rosenthorne
Posts: 82
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6/13/2014 9:17:13 AM
Posted: 2 years ago
Monetarism is effectively a school of thought that says if one controls the supply of money one can control inflation.
Keynesianism is effectively a school of thought that says that aggregate demand=Consumption+Investment+Gov. spending+Net Exports, and government should increase expenditure during an economic downturn to stimulate growth.
Austrian economics I'm not to sure about, but I think it's just neoclassical economic thought.
Hope that helps, kinda.
I probably hate everything you stand for - and on.
CJKAllstar
Posts: 408
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6/13/2014 2:32:44 PM
Posted: 2 years ago
At 6/13/2014 9:17:13 AM, Osiris_Rosenthorne wrote:
Monetarism is effectively a school of thought that says if one controls the supply of money one can control inflation.
Keynesianism is effectively a school of thought that says that aggregate demand=Consumption+Investment+Gov. spending+Net Exports, and government should increase expenditure during an economic downturn to stimulate growth.
Austrian economics I'm not to sure about, but I think it's just neoclassical economic thought.
Hope that helps, kinda.

Thanks. Better than nothing. I didn't realise the economics section was this bad. Jifpop was pretty much the only one keeping it alive.
"Political language... is designed to make lies sound truthful and murder respectable, and to give an appearance of solidity to pure wind." - George Orwell
CJKAllstar
Posts: 408
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6/13/2014 2:33:31 PM
Posted: 2 years ago
It would still be nice to get some help...
"Political language... is designed to make lies sound truthful and murder respectable, and to give an appearance of solidity to pure wind." - George Orwell
ChosenWolff
Posts: 3,361
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6/13/2014 3:54:36 PM
Posted: 2 years ago
At 6/13/2014 2:33:31 PM, CJKAllstar wrote:
It would still be nice to get some help...

What do you need help with. I know my fair share from economic courses. What are you interested in? Stocks, investing, money control? Ask me anything.
How about NO elections?

#onlyonedeb8
CJKAllstar
Posts: 408
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6/14/2014 3:52:55 AM
Posted: 2 years ago
At 6/13/2014 3:54:36 PM, ChosenWolff wrote:
At 6/13/2014 2:33:31 PM, CJKAllstar wrote:
It would still be nice to get some help...

What do you need help with. I know my fair share from economic courses. What are you interested in? Stocks, investing, money control? Ask me anything.

Thanks. I just want a concise, detailed explanation of how Keynesianism, Austrian Economics and Monetarism work in terms of government policy, beliefs and ways of economic thought. I appreciate the help.
"Political language... is designed to make lies sound truthful and murder respectable, and to give an appearance of solidity to pure wind." - George Orwell
ChosenWolff
Posts: 3,361
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6/14/2014 3:58:00 AM
Posted: 2 years ago
At 6/14/2014 3:52:55 AM, CJKAllstar wrote:

Alright, give me about 10 minutes
How about NO elections?

#onlyonedeb8
CJKAllstar
Posts: 408
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6/14/2014 4:00:21 AM
Posted: 2 years ago
At 6/14/2014 3:58:00 AM, ChosenWolff wrote:
At 6/14/2014 3:52:55 AM, CJKAllstar wrote:

Alright, give me about 10 minutes

Thanks. I really appreciate it.
"Political language... is designed to make lies sound truthful and murder respectable, and to give an appearance of solidity to pure wind." - George Orwell
ChosenWolff
Posts: 3,361
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6/14/2014 4:12:47 AM
Posted: 2 years ago
At 6/14/2014 3:52:55 AM, CJKAllstar wrote:
At 6/13/2014 3:54:36 PM, ChosenWolff wrote:
At 6/13/2014 2:33:31 PM, CJKAllstar wrote:
It would still be nice to get some help...

What do you need help with. I know my fair share from economic courses. What are you interested in? Stocks, investing, money control? Ask me anything.

Thanks. I just want a concise, detailed explanation of how Keynesianism, Austrian Economics and Monetarism work in terms of government policy, beliefs and ways of economic thought. I appreciate the help.

Just the schools. Well, alright then.

Keynesian is the theory that money should be circulated through the economy. There is no "rich should hold the money", or "poor should hold the money". The theory is that whoever can make better use of money at the time should hold it.

For example, if deflation hits the EU, and our companies would stand to gain from investment, then the US government would intervene to make sure that inflation rates stay very high. John Maynard Keynes taught various ways on how a nation can do this.

He really started a revolution in Monetary over Fiscal policy. Money can be circulated by controlling inflation rates, which is generally done through central banks, stimuli, equity movement and control, and tariffs. The idea is to guide the economy instead of throwing taxes at it. With that said, Keynes wasn't opposed to taxation. Its a integral part of any economy.

Of course, many people argue that this is little more than the government controlling the economy. I can't disagree, but great Keynesian states set up a constitutional frame work that always ensures a good flow of money. Keynesian policy is considered a economic truism by most.

Austrian economics is quite the opposite. Its more of a neoclassical school, that advocates for low taxes and your classic capitalist ideals. Money blown to the top and watch it slowly trickle down in the wake of a rising deficit. Austrian economics is considered a denial of modern economic theory, which is rarely debated.

It relies greatly on something called "Says theory", which is the train of thought that all money will always be put back into the economy in the long run. Or, people will always spend what they make. This seems like it would be true, but we know its false. Most people sit on piles of wealth for generations, and if they do end up putting money back into circulation, it doesn't always go where its needed.

I would contend that money will eventually just get shared as back and forth equity between big time companies. Which if America, Britain, and Canada keep heading where they're going, it can be assumed the poor wont have any money to spend at all. Which means jobs fall, and without jobs, people work for free. We'll live in some feudal serfdom where there is a 1% and a 99%.

That's why its important to keep laws like Social Security, EITC's, and minimum wages maintained. The poor contribute most to the economy through consumption. In all areas actually. They buy minerals, oil, good, services. They are the 40%, and their consumption ensures that the 25% well off middle class maintain jobs. Shortly stated, Austrian economics ignores the key principle that the poor will also always spend what they make. They just do it a lot faster.

Any other questions you want to ask? I'm always ready to talk economics.
How about NO elections?

#onlyonedeb8
mackk1
Posts: 1
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6/16/2014 12:19:36 PM
Posted: 2 years ago
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