rbmcdonald Posted August 29, 2011 Share Posted August 29, 2011 I do not understand why people are so ready to dismiss the Gold Standard as lunacy, but have no problem with the Federal Reserve. The Federal Reserve is not a branch of the Federal Government, the Federal Reserve is a Banking Cartel. It would be like having a major portion of American Energy Policy being set by an Oil Cartel. http://www.conciseguidetoeconomics.com/book/overview/ this is a link that discusses the four major schools of Economic Thought: Marxist, Keynesian, Monetarist & Austrian. Austrian Economics supports the return to a Gold Standard. So if you prefer to believe in the Keynesian School of Economic, fine, but do not call me a lunatic because I prefer to support the Austrian School of Economics. Quote Link to comment Share on other sites More sharing options...
Azazello1313 Posted August 29, 2011 Share Posted August 29, 2011 I don't believe the pillars of "austrian economics" were so gung-ho on the gold standard and down on central banks. ludwig von mises certainly was, but hayek, not so much. probably the most respected, most influential economist of limited government, free market thought of the last 100 years is milton friedman, who would very much be a "monetarist" in your four-schools model. I like ron paul, but on this issue he is little more than a screeching populist. people on the side of economic liberty need to re-read friedman (and hayek) before they get too committed to this primitive murray rothbard gold standard crap and throw away 100+ years of the best thought their side has come up with. Quote Link to comment Share on other sites More sharing options...
wiegie Posted August 29, 2011 Share Posted August 29, 2011 (edited) http://www.conciseguidetoeconomics.com/book/overview/ this is a link that discusses the four major schools of Economic Thought: Marxist, Keynesian, Monetarist & Austrian. uh, the vast vast majority of economists don't subscribe to a "school of thought" but are what is referred to as "Neo-Classical" in their thinking. concerning Austrian economics, perhaps this might be of interest to you: http://econfaculty.gmu.edu/bcaplan/whyaust.htm Edited August 29, 2011 by wiegie Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted August 29, 2011 Share Posted August 29, 2011 uh, the vast vast economists You're not a vast economist. Au contraire........ Quote Link to comment Share on other sites More sharing options...
wiegie Posted August 29, 2011 Share Posted August 29, 2011 You're not a vast economist. Au contraire........ oops--my post is edited concerning "schools of economic thought", they really haven't been relevant for about 30 years--and the Austrian economics has NEVER been major schools of thought (and Marxist economics hasn't been a major school of thought for at least 70 years (if it even was a major school of thought then)) Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted August 29, 2011 Share Posted August 29, 2011 oops--my post is edited concerning "schools of economic thought", they really haven't been relevant for about 30 years--and the Austrian economics has NEVER been major schools of thought (and Marxist economics hasn't been a major school of thought for at least 70 years (if it even was a major school of thought then)) I defer to you on matters economic but I did also think that Marxism was kinda like a fish out of water in the list. Quote Link to comment Share on other sites More sharing options...
wiegie Posted August 30, 2011 Share Posted August 30, 2011 I defer to you on matters economic but I did also think that Marxism was kinda like a fish out of water in the list. no more so than Austrian economics (However, I'll state again that neither belong on a list of major schools of economic thought.) Quote Link to comment Share on other sites More sharing options...
CaP'N GRuNGe Posted August 30, 2011 Share Posted August 30, 2011 I'm confused. Where's Brent's Wave school? Quote Link to comment Share on other sites More sharing options...
Azazello1313 Posted August 30, 2011 Share Posted August 30, 2011 (edited) no more so than Austrian economics (However, I'll state again that neither belong on a list of major schools of economic thought.) that doesn't really seem true. marx and mises (and hayek if you count him) were pretty damned influential people, and they remain very influential. they're more influential when it comes to the philosophical underpinnings of economics than they are on techniques and methodology (the more 'scientific' aspects). Edited August 30, 2011 by Azazello1313 Quote Link to comment Share on other sites More sharing options...
wiegie Posted August 30, 2011 Share Posted August 30, 2011 that doesn't really seem true. marx and mises (and hayek if you count him) were pretty damned influential people, and they remain very influential. they're more influential when it comes to the philosophical underpinnings of economics than they are on techniques and methodology (the more 'scientific' aspects). I'm not saying that marx and mises/hayek didn't have any influence, I am saying that neither marxism nor Austrian economics are major schools of economics today (and Austrian economics has never been a major school of economic thought) I'd venture to guess that less than 5% of all economists today consider themselves Marxists or Austrians--both "schools" are fringe ways of thinking that have been rejected by the vast majority of economists for very good reasons. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted August 30, 2011 Share Posted August 30, 2011 I'd venture to guess that less than 5% of all economists today consider themselves Marxists or Austrians Are there ANY Marxist economists left? One would have thought that the collapse of the Soviet Union would be enough to persuade even the most diehard Marxist economist that his belief might be wrong. Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted August 30, 2011 Share Posted August 30, 2011 Are there ANY Marxist economists left? One would have thought that the collapse of the Soviet Union would be enough to persuade even the most diehard Marxist economist that his belief might be wrong. Barak Obama Nancy Pelosi Barney Frank Barbara Boxer Carol Mosley Braun Quote Link to comment Share on other sites More sharing options...
Square Posted August 30, 2011 Share Posted August 30, 2011 Barak ObamaNancy Pelosi Barney Frank Barbara Boxer Carol Mosley Braun Just couldn't help yourself huh? I'm not big on the topic, but I was reading some about John Rawls (Rawlsian economics) a bit lately and found it interesting. Not really sure how he fits into the 4 schools of thought but I liked it better than the wave theory. Quote Link to comment Share on other sites More sharing options...
westvirginia Posted August 30, 2011 Share Posted August 30, 2011 Barak ObamaNancy Pelosi Barney Frank Barbara Boxer Carol Mosley Braun Wouldn't that require them to actually know something about economics? And you only put Carol Mosley Braun on that list because she's a big ol' gators fan (which is reason enough to hate her - I'm just sayin'). Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted August 30, 2011 Share Posted August 30, 2011 (edited) Just couldn't help yourself huh? I'm not big on the topic, but I was reading some about John Rawls (Rawlsian economics) a bit lately and found it interesting. Not really sure how he fits into the 4 schools of thought but I liked it better than the wave theory. When you're in over your head on a topic it is best to simply mock it. ETA: That wasn't a shot at you, btw. Edited August 30, 2011 by SEC=UGA Quote Link to comment Share on other sites More sharing options...
Azazello1313 Posted August 30, 2011 Share Posted August 30, 2011 (edited) I'm not saying that marx and mises/hayek didn't have any influence, I am saying that neither marxism nor Austrian economics are major schools of economics today (and Austrian economics has never been a major school of economic thought) I'd venture to guess that less than 5% of all economists today consider themselves Marxists or Austrians--both "schools" are fringe ways of thinking that have been rejected by the vast majority of economists for very good reasons. not that I really disagree with you, but just to throw out one quote to the contrary: The former U.S. Federal Reserve Chairman, Alan Greenspan, speaking of the originators of the School, said in 2000, "the Austrian school have reached far into the future from when most of them practiced and have had a profound and, in my judgment, probably an irreversible effect on how most mainstream economists think in this country." the whole wikipedia article gives some pretty good reference points. Edited August 30, 2011 by Azazello1313 Quote Link to comment Share on other sites More sharing options...
wiegie Posted August 30, 2011 Share Posted August 30, 2011 not that I really disagree with you, but just to throw out one quote to the contrary: I'm not sure that quote actually is to the contrary of my statement. I already stated that Mises and Hayek were influential--but that doesn't mean that the Austrian school was ever a major school. And today Austrian economics isn't a major school of thought among economists at all. (In fact, it probably wouldn't be too unfair to say that a whole lot of Austrian economists today are just a priori ideologues who are bad at math.) Quote Link to comment Share on other sites More sharing options...
Azazello1313 Posted August 30, 2011 Share Posted August 30, 2011 I'm not sure that quote actually is to the contrary of my statement. I already stated that Mises and Hayek were influential--but that doesn't mean that the Austrian school was ever a major school. And today Austrian economics isn't a major school of thought among economists at all. (In fact, it probably wouldn't be too unfair to say that a whole lot of Austrian economists today are just a priori ideologues who are bad at math.) well, of course, their argument would be that the "math" is bad. and that sort of critique and skepticism of econometrics and models and whatnot is very much alive in modern "mainstream" economics. like it or not. Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted August 30, 2011 Share Posted August 30, 2011 Reading this thread is like watching turtles fu(k. Quote Link to comment Share on other sites More sharing options...
wiegie Posted August 30, 2011 Share Posted August 30, 2011 well, of course, their argument would be that the "math" is bad. and that sort of critique and skepticism of econometrics and models and whatnot is very much alive in modern "mainstream" economics. like it or not. no, the Austrians' argument is not that the math is bad--their argument is basically that the use of math itself in economics is bad in any case, no matter what you want to argue, Az, the simple fact is that Austrian economics is not, and has never been, a major school of economics Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted August 30, 2011 Share Posted August 30, 2011 [turtle penis] [turtle penis/] Quote Link to comment Share on other sites More sharing options...
wiegie Posted August 30, 2011 Share Posted August 30, 2011 [turtle penis] [turtle penis/] you're just waiting for the money shot, aren't you? Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted August 30, 2011 Share Posted August 30, 2011 you're just waiting for the money shot, aren't you? Any climax would be just fine... Can you call AZ a dolt, or something... PLEASE!!!! I need, I need.... Quote Link to comment Share on other sites More sharing options...
Azazello1313 Posted August 30, 2011 Share Posted August 30, 2011 no, the Austrians' argument is not that the math is bad--their argument is basically that the use of math itself in economics is bad umm, yeah, that's what I meant when I said "the math is bad". this sums up the austrian attitude. Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted August 30, 2011 Share Posted August 30, 2011 umm, yeah, that's what I meant when I said "the math is bad". this sums up the austrian attitude. You might get more out of him if you picked on the Swiss... Quote Link to comment Share on other sites More sharing options...
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