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Thread: The Dow was at 34,715.39 on on 1/20/21

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    https://en.m.wikipedia.org/wiki/Scho...onomic_thought




    The list of economic schools of thought



    Notable schools or trends of thought in economics in the 20th century were as follows. These were advocated by well-defined groups of academics that became widely known:

    Austrian School
    Biological economics
    Chicago School
    Constitutional economics
    Ecological economics
    Evolutionary economics
    Free-market anarchism
    Freiburg School
    Freiwirtschaft
    Georgism
    Institutional economics
    Keynesian economics
    Marxian (Marxist) and neo-Marxian economics
    Neo-Ricardianism
    New classical macroeconomics
    New Keynesian economics
    Post-Keynesian economics
    Public Choice school
    School of Lausanne
    Stockholm school

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    https://en.m.wikipedia.org/wiki/Keynesian_economics



    Historical context
    Edit
    Pre-Keynesian macroeconomics
    Edit
    Macroeconomics is the study of the factors applying to an economy as a whole. Important macroeconomic variables include the overall price level, the interest rate, the level of employment, and income (or equivalently output) measured in real terms.

    The classical tradition of partial equilibrium theory had been to split the economy into separate markets, each of whose equilibrium conditions could be stated as a single equation determining a single variable. The theoretical apparatus of supply and demand curves developed by Fleeming Jenkin and Alfred Marshall provided a unified mathematical basis for this approach, which the Lausanne School generalized to general equilibrium theory.

    For macroeconomics, relevant partial theories included the Quantity theory of money determining the price level and the classical theory of the interest rate. In regards to employment, the condition referred to by Keynes as the "first postulate of classical economics" stated that the wage is equal to the marginal product, which is a direct application of the marginalist principles developed during the nineteenth century (see The General Theory). Keynes sought to supplant all three aspects of the classical theory.

    Precursors of Keynesianism
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    See also: Underconsumption, Birmingham School (economics), and Stockholm school (economics)
    Although Keynes's work was crystallized and given impetus by the advent of the Great Depression, it was part of a long-running debate within economics over the existence and nature of general gluts. A number of the policies Keynes advocated to address the Great Depression (notably government deficit spending at times of low private investment or consumption), and many of the theoretical ideas he proposed (effective demand, the multiplier, the paradox of thrift), had been advanced by authors in the 19th and early 20th centuries. (E.g. J. M. Robertson raised the paradox of thrift in 1892.[9][10]) Keynes's unique contribution was to provide a general theory of these, which proved acceptable to the economic establishment.

    An intellectual precursor of Keynesian economics was underconsumption theories associated with John Law, Thomas Malthus, the Birmingham School of Thomas Attwood,[11] and the American economists William Trufant Foster and Waddill Catchings, who were influential in the 1920s and 1930s. Underconsumptionists were, like Keynes after them, concerned with failure of aggregate demand to attain potential output, calling this "underconsumption" (focusing on the demand side), rather than "overproduction" (which would focus on the supply side), and advocating economic interventionism. Keynes specifically discussed underconsumption (which he wrote "under-consumption") in the General Theory, in Chapter 22, Section IV and Chapter 23, Section VII.

    Numerous concepts were developed earlier and independently of Keynes by the Stockholm school during the 1930s; these accomplishments were described in a 1937 article, published in response to the 1936 General Theory, sharing the Swedish discoveries.[12]

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    https://en.m.wikipedia.org/wiki/Chic...l_of_economics


    The Chicago school of economics is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and popularized its principles. Milton Friedman and George Stigler are considered the leading scholars of the Chicago school.[1]

    Chicago macroeconomic theory rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on the concept of rational expectations. The freshwater–saltwater distinction is largely antiquated today, as the two traditions have heavily incorporated ideas from each other. Specifically, new Keynesian economics was developed as a response to new classical economics, electing to incorporate the insight of rational expectations without giving up the traditional Keynesian focus on imperfect competition and sticky wages.

    Chicago economists have also left their intellectual influence in other fields, notably in pioneering public choice theory and law and economics, which have led to revolutionary changes in the study of political science and law. Other economists affiliated with Chicago have made their impact in fields as diverse as social economics and economic history. Kaufman (2010) says that the Chicago school can be generally characterized by the following:[2]

    A deep commitment to rigorous scholarship and open academic debate, an uncompromising belief in the usefulness and insight of neoclassical price theory, and a normative position that favors and promotes economic liberalism and free markets.

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    If you read that you will realize that the Chicago school basically accepted all the Keynesian school math models as the proved valid



    The republicans used to be Chicago school


    Now the are Austrian school which is what the libertarians are



    The Austrian school doesn’t like using math to do economics


    Yes you saw that correctly




    They do economics like it’s a sociology school


    Why do they not use math?



    Because math proves them wrong

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    So here’s the break down


    Republicans used to follow the Chicago school of economic thought


    Then some brand new ideas came along about economics after things like the Great Depression came along and made economics have to rethink the ideas because as is it couldn’t explain all that went wrong in the world economy


    Those knew thoughts were well explained by an economic expert named Keynes



    So it got his name


    The Chicago school over time absorbed the ideas as they proved valid over more and more time



    The libertarian party began to have more and more influence on the Republican Party base over the decades



    Now the Republican Party uses the Austrian school ideas over the Chicago school



    Otherwise they would have to Agree with the economic ideas of the Democratic Party



    Because they Democratic Party uses Keynesian economics


    And has sense FDR used it to save the nation after the Great Depression




    We are all Keynesians now



    Expect the idiots

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    The Austrian School is a heterodox[1][2][3] school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result exclusively from the motivations and actions of individuals. Austrian school theorists hold that economic theory should be exclusively derived from basic principles of human action.[4][5][6]

    The Austrian School originated in late-19th and early-20th-century Vienna with the work of Carl Menger, Eugen Böhm von Bawerk, Friedrich von Wieser, and others.[7] It was methodologically opposed to the Historical School (based in Germany), in a dispute known as Methodenstreit, or methodology struggle. Current-day economists working in this tradition are located in many different countries, but their work is still 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.[8]

    Since the mid-20th century, mainstream economists have been critical of the modern-day Austrian School and consider its rejection of mathematical modeling, econometrics and macroeconomic analysis to be outside mainstream economics, or "heterodox". In the 1970s, the Austrian School attracted some renewed interest after Friedrich Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal.[9]

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    Mainstream economists generally reject modern-day Austrian economics, and argue that modern-day Austrian economists are excessively averse to the use of mathematics and statistics in economics.[80] Austrian opposition to mathematization extends to economic theorizing only, as they argue that human behavior is too variable for overarching mathematical models to hold true across time and context. Austrians do, however, support analyzing revealed preference via mathematization to aid business and finance.[81]

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    Keynesian ideas are what was Used to get us out of every economic mess since and including the Great Depression


    Every time the republicans screw our economy



    We all become Keynesians until it’s fixed


    Then the Republicans say “it’s not working” after it’s already fixed


    They then claim Austrian crap will be ten times better


    Then after they deregulate some industries we get a mess



    And the cycle repeats

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    Anyone who reads our economic history can easily see this pattern


    It’s nearly 100 years old now


    The pattern is clear folks



    Stop doing and voting for what doesn’t work

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    Quote Originally Posted by goat View Post
    You may have proven that Russia and China are part of the global capitalist system, keep growing or die. I am convinced the capitalists will side with China.
    thats why a war footing is needed to set aside the constitution and we all adopt the CCCP ruling style.
    "Those who vote decide nothing. Those who count the vote decide everything." Joseph Stalin
    The USA has lost WWIV to China with no other weapons but China Virus and some cash to buy democrats.

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    Quote Originally Posted by Celticguy View Post
    thats why a war footing is needed to set aside the constitution and we all adopt the CCCP ruling style.
    No not nut bag theories Q told you about




    REAL ECONOMICS

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