Which School of Economics Do You Agree With the Most?

Posted by: debate_power

This is not a poll about economic systems, this is about schools of thought.

Vote
20 Total Votes
1

Keynesian Economics

Keynesian economics is the view that in the short run, especially during recessions, economic output is strongly influenced by aggregate demand. In the Keynesian view, aggregate demand does not necessarily equal the productive capacity of the econom... y; instead, it is influenced by a host of factors and sometimes behaves erratically, affecting production, employment, and inflation.The theories forming the basis of Keynesian economics were first presented by the British economist John Maynard Keynes in his book, The General Theory of Employment, Interest and Money, published in 1936, during the Great Depression. Keynes contrasted his approach to the aggregate supply-focused 'classical' economics that preceded his book. The interpretations of Keynes that followed are contentious and several schools of economic thought claim his legacy.Keynesian economists often argue that private sector decisions sometimes lead to inefficient macroeconomic outcomes which require active policy responses by the public sector, in particular, monetary policy actions by the central bank and fiscal policy actions by the government, in order to stabilize output over the business cycle   more
9 votes
1 comment
2

Austrian Economics

The Austrian School is a school of economic thought that is based on the analysis of the purposeful actions of individuals. It originated in late-19th and early-20th century Vienna with the work of Carl Menger, Eugen von Böhm-Bawerk, Friedrich von W... ieser, and others. Current-day economists working in this tradition are located in many different countries, but their work is referred to as Austrian economics.Among the theoretical contributions of the early years of the Austrian School are the subjective theory of value, marginalism in price theory, and the formulation of the economic calculation problem, each of which has become an accepted part of mainstream economics.Many economists are critical of the current-day Austrian School and consider its rejection of econometrics, and aggregate macroeconomic analysis to be outside of mainstream economic theory, or "heterodox." Austrians are likewise critical of mainstream economics. Although the Austrian School has been considered heterodox since the late 1930s, it began to attract renewed academic and public interest starting in the 1970s   more
7 votes
1 comment
3

Other School of Thought (Specify)

4 votes
4 comments
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(Maximum 900 words)
Seido says2014-07-18T15:40:38.4396315-05:00
@haikvv That's the Austrian school of economics.
ChosenWolff says2014-07-18T15:44:51.3204945-05:00
Can I agree with more than one? This myth that we have to be dedicated to one encompassing ideology is silly. Anyways, I'm more into Institutionalism. Always have been for most of my life. I think it's more viable than keynesian, given that ideology tries to change inflation and distribution by targeting and stimulus spending. The real power behind economics is buyers and sellers. By modifying the platforms in which people spend their money, we are able to distribute to our will, and inflate steadily within the economy.
ChosenWolff says2014-07-18T15:45:18.7770225-05:00
Which is another reason in which I support the ACA and our governmental run trade firms.
ChosenWolff says2014-07-18T15:46:36.9422281-05:00
Which is another reason in which I support the ACA and our governmental run trade firms.
The_Immortal_Emris says2014-07-18T15:47:34.7960382-05:00
I have issues with many of our trade firms, but not the actual institutions so much as their policies.
ChosenWolff says2014-07-18T15:47:40.2482455-05:00
Damn double posting
The_Immortal_Emris says2014-07-18T15:48:11.4255426-05:00
Some time next week we should have a forum discussion to talk about our economic perspectives Chosen. It's nice to see someone with more nuance than SHOSHULIZM BAYAD.
ChosenWolff says2014-07-18T15:48:41.6958958-05:00
Our trade firms are great. What about OPIC? It has generated 75 billion in government exports, while also lowering the deficit by 300 billion.
The_Immortal_Emris says2014-07-18T15:50:38.5220491-05:00
I would have to read up a bit on OPIC's various policies before I could weigh in on their impact specifically, but I take your word about the deficit impact. I will endeavor to make some time to do some reading on it. I was speaking more generally, as we have several hundred trade firms which represent American business.
The_Immortal_Emris says2014-07-18T15:52:24.0384199-05:00
There are firms which handle financial transactions and investment funds which I find to be counter-productive. Groups like Avatar Trading come to mind. My focus lately has been more toward the handling of finances than the trade policies on specific export goods. I love exporting and domestic production. Exports are the crux of my economic theories.
ChosenWolff says2014-07-18T15:55:07.3919418-05:00
OPIC spends the majority of its money on green resource projects, but anyways, I said government owned trade firms. Trade firms operate with different functions. Usually determining stock prices and foreign direct investment. A institutionalist would target the trade firms prices, whereas a keynesian would stimulus spend.
The_Immortal_Emris says2014-07-18T15:57:06.3527260-05:00
Or declare a war to create demand.
ChosenWolff says2014-07-18T15:58:46.7945610-05:00
A simple ideology actually. For every product make sure there is a buyer. Many would call this price control, but Hamilton's main advocation was to work through different middle mans. For example, there were buyers for insurance, and hospitals lacking patients. Therefore, the government adjusted premiums through the Insurance companies, IE, the middle man, and now there are 10 million more with healthcare, and hospitals and insurance companies have record profits. That's a institutionalist approach to the economy.
The_Immortal_Emris says2014-07-18T16:00:01.6604007-05:00
Damn, I really want to start a forum to continue this, but I have to get drinks with some folks. Raincheck?
ChosenWolff says2014-07-18T16:00:19.6389147-05:00
NP

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