0.25 interest rate hike
- Thread starter evince
- Start date
evince
Truthmatters
Can’t you at least quickly look up the schools of economics that exist and see which ones basically cover what you believe about economics?
You can’t be bothered
Because you know nothing of value about economics
Which is my whole point
evince
Truthmatters
https://www.economicshelp.org/blog/141461/economics/branches-of-economics/
Here you go
Take a quick look
Of course unless you fear learning something
Here you go
Take a quick look
Of course unless you fear learning something
Our company didnt take one thin dime of Covid money . Didnt need to. All these companies around us that took the money,....many in excess of a million dollars, and it was all forgiven. Just free money.....heres a million bucks,..just take it even though you never shut down. WTF! Payroll protection act. Sooooo glad we didnt do it. Nowadays anyone at all can look up who took it by zip code. A lot of the companies are now hated for it. People are looking at it like......" Gee, the govt just gave a free million dollars to someone who was already very wealthy. WTF"
evince
Truthmatters
Branches of economics
1. Classical economics
Classical economics is often considered the foundation of modern economics. It was developed by Adam Smith, David Ricardo, Jean-Baptiste Say. Classical economics is based on
Operation of free markets. How the invisible hand and market mechanism can enable an efficient allocation of resources.
Classical economics suggests that generally, economies work most efficiently when government intervention is minimal and concerned with the protection of private property, promotion of free trade and limited government spending.
Classical economics does recognise that a government is needed for providing public goods, such as defence, law and order and education.
2. Neo-classical economics
Key people: Leon Walrus, William Jevons, John Hicks, George Stigler and Alfred Marshall.
Neo-classical economics built on the foundations of free-market based classical economics. It included new ideas such as
Utility maximisation.
Rational choice theory
Marginal analysis. How individuals will make decisions at the margin – choosing the best option given marginal cost and benefit.
Neo-classical economics is often considered to be orthodox economics. It is the economics taught in most text-books as the starting point for economics teaching. The tools of neo-classical economics (supply and demand, rational choice, utility maximisation) can be used in new fields and also for critiques.
3. Keynesian economics
Key people: John Maynard Keynes, Paul Samuelson.
Keynesian economics was developed in the 1930s against a backdrop of the Great Depression. The existing economic orthodoxy was at a loss to explain the persistent economic depression and mass unemployment. Keynes suggested that markets failed to clear for many reasons (e.g. paradox of thrift, negative multiplier, low confidence). Therefore, Keynes advocated government intervention to kick-start the economy.
Keynesian economics is credited with creating macroeconomics as a distinct study. Keynes argued that the aggregate economy may operate in very different ways to individual markets and different rules and policies were needed.
Keynes didn’t reject all elements of neo-classical economics but felt new ideas were needed for the macro-economy – especially with the economy in recession.
Keynesian economics
4. Monetarist economics
Key people: Milton Friedman, Anna Schwartz.
Monetarism was partly a reaction to the dominance of Keynesian economics in the post-war period. Monetarists, led by Milton Friedman argued that Keynesian fiscal policy was much less effective than Keynesians suggested. Monetarists promoted previous classical ideals, such as belief in the efficiency of markets. They also placed emphasis on the control of the money supply as a way to control inflation.
Monetarist economics became influential in the 1970s and 1980s, in a period of high inflation – which appeared to illustrate the breakdown of the post-war consensus
Monetarism
5. Austrian economics
Key people: Ludwig Von Mises, Carl Menger
This is another school of economics that was critical of state intervention, price controls. It is broadly free-market. However, it criticised elements of classical school – placing greater emphasis on the individual value and actions of an individual. For example, Austrian economists argue the value of a good reflects the marginal utility of the good – rather than the labour inputs.
Austrian economics
6. Marxist economics
Key people: Karl Marx
Emphasises unequal and unstable nature of capitalism. Seeks a radically different approach to basic economic questions. Rather than relying on free-market advocate state intervention in ownership, planning and distribution of resources.
7. Neo-liberalism/Neo-classical
A modern interpretation of classical economics. Considerable overlap with monetarism. Essentially concerned with the promotion of free-markets, competition, free trade, privatisation, lower government involvement, but some minimal state intervention in public services like health and education. Few identify as ‘neo-liberal’ – sometimes used as a term of abuse.
Neoliberalism | Related terms: Washington Consensus
New Branches of economics
Environmental economics/welfare economics
Key people: Garrett Hardin, E.F. Schumacher, Arthur Pigou.
This places greater emphasis on the environment. This can include:
Neo-classical analysis of external costs and external benefits. From this perspective, it is rational for man to reduce pollution
Market failures – tragedy of the commons, Public goods, external costs, external benefits.
Environmental economics can take a more radical approach – questioning whether economic growth is actually desirable.
Behavioural economics
Key people: Gary Becker, Amos Tversky, Daniel Kahneman, Richard Thaler, Robert J. Shiller,
Behavioural economics examines the psychology behind economic decision making and economic activity. Behavioural economics examines the limitation of the assumption individuals are perfectly rational. It includes
Bounded rationality – people make choices by rules of thumb
Irrational exuberance – People get carried away by asset bubbles.
Nudges/Choice architecture – how the framing of decisions affects the outcome
Development economics
Key people: Simon Kuznets and W. Arthur Lewis, Amartya Sen and Muhammad Yunus.
Concerned with issues of poverty and under-development in poorer countries of the world. Development economics is concerned with both micro and macro aspects of economic development. Issues include
Trade vs aid
Increasing capital investment.
Best ways to promote economic development
Third World debt
Econometrics
Key people: Jan Tinbergen
Use of data to find simple relationships. Econometrics uses statistical methods, regression models and data to predict the outcome of economic policies. For example, Okun’s law suggests a relationship between economic growth and unemployment.
Labour economics
Key people: Knut Wicksell
Concentration on wages, labour employment and labour markets. Labour economics starts from the neo-classical premise of labour supply and marginal revenue product of labour.
Recent developments in labour economics have placed greater emphasis on non-monetary factors, such as motivation, enjoyment and labour market imperfections.
Other schools of economics
Chicago school – Based on neo-classical economics, rational choice and benefits of free markets. Key people from Chicago university, include Frank Knight, Milton Friedman, Eugene Fama and Gary Becker
Institutional economics – A look at how institutions, society and social trends can influence economics. A forerunner of behavioural economics. Key people include Thorstein Veblen, John Kenneth Galbraith, and Ha-Joon Chang.
Distributism/social-democratic approach. Seeking a third way between capitalism and socialism.
Real Business Cycle – Models that suggest macroeconomic fluctuations caused by supply-side changes, such as technological shocks. See – Real business cycle
Mercantilism – Early model of economics emphasising tariff barriers and the accumulation of gold reserves. Mercantilism
Modern Monetary Theory (MMT) – is a recent development that emphasises the ability of the government to print money and borrow in order to achieve full employment. See Modern Monetary Theory (MMT)
1. Classical economics
Classical economics is often considered the foundation of modern economics. It was developed by Adam Smith, David Ricardo, Jean-Baptiste Say. Classical economics is based on
Operation of free markets. How the invisible hand and market mechanism can enable an efficient allocation of resources.
Classical economics suggests that generally, economies work most efficiently when government intervention is minimal and concerned with the protection of private property, promotion of free trade and limited government spending.
Classical economics does recognise that a government is needed for providing public goods, such as defence, law and order and education.
2. Neo-classical economics
Key people: Leon Walrus, William Jevons, John Hicks, George Stigler and Alfred Marshall.
Neo-classical economics built on the foundations of free-market based classical economics. It included new ideas such as
Utility maximisation.
Rational choice theory
Marginal analysis. How individuals will make decisions at the margin – choosing the best option given marginal cost and benefit.
Neo-classical economics is often considered to be orthodox economics. It is the economics taught in most text-books as the starting point for economics teaching. The tools of neo-classical economics (supply and demand, rational choice, utility maximisation) can be used in new fields and also for critiques.
3. Keynesian economics
Key people: John Maynard Keynes, Paul Samuelson.
Keynesian economics was developed in the 1930s against a backdrop of the Great Depression. The existing economic orthodoxy was at a loss to explain the persistent economic depression and mass unemployment. Keynes suggested that markets failed to clear for many reasons (e.g. paradox of thrift, negative multiplier, low confidence). Therefore, Keynes advocated government intervention to kick-start the economy.
Keynesian economics is credited with creating macroeconomics as a distinct study. Keynes argued that the aggregate economy may operate in very different ways to individual markets and different rules and policies were needed.
Keynes didn’t reject all elements of neo-classical economics but felt new ideas were needed for the macro-economy – especially with the economy in recession.
Keynesian economics
4. Monetarist economics
Key people: Milton Friedman, Anna Schwartz.
Monetarism was partly a reaction to the dominance of Keynesian economics in the post-war period. Monetarists, led by Milton Friedman argued that Keynesian fiscal policy was much less effective than Keynesians suggested. Monetarists promoted previous classical ideals, such as belief in the efficiency of markets. They also placed emphasis on the control of the money supply as a way to control inflation.
Monetarist economics became influential in the 1970s and 1980s, in a period of high inflation – which appeared to illustrate the breakdown of the post-war consensus
Monetarism
5. Austrian economics
Key people: Ludwig Von Mises, Carl Menger
This is another school of economics that was critical of state intervention, price controls. It is broadly free-market. However, it criticised elements of classical school – placing greater emphasis on the individual value and actions of an individual. For example, Austrian economists argue the value of a good reflects the marginal utility of the good – rather than the labour inputs.
Austrian economics
6. Marxist economics
Key people: Karl Marx
Emphasises unequal and unstable nature of capitalism. Seeks a radically different approach to basic economic questions. Rather than relying on free-market advocate state intervention in ownership, planning and distribution of resources.
7. Neo-liberalism/Neo-classical
A modern interpretation of classical economics. Considerable overlap with monetarism. Essentially concerned with the promotion of free-markets, competition, free trade, privatisation, lower government involvement, but some minimal state intervention in public services like health and education. Few identify as ‘neo-liberal’ – sometimes used as a term of abuse.
Neoliberalism | Related terms: Washington Consensus
New Branches of economics
Environmental economics/welfare economics
Key people: Garrett Hardin, E.F. Schumacher, Arthur Pigou.
This places greater emphasis on the environment. This can include:
Neo-classical analysis of external costs and external benefits. From this perspective, it is rational for man to reduce pollution
Market failures – tragedy of the commons, Public goods, external costs, external benefits.
Environmental economics can take a more radical approach – questioning whether economic growth is actually desirable.
Behavioural economics
Key people: Gary Becker, Amos Tversky, Daniel Kahneman, Richard Thaler, Robert J. Shiller,
Behavioural economics examines the psychology behind economic decision making and economic activity. Behavioural economics examines the limitation of the assumption individuals are perfectly rational. It includes
Bounded rationality – people make choices by rules of thumb
Irrational exuberance – People get carried away by asset bubbles.
Nudges/Choice architecture – how the framing of decisions affects the outcome
Development economics
Key people: Simon Kuznets and W. Arthur Lewis, Amartya Sen and Muhammad Yunus.
Concerned with issues of poverty and under-development in poorer countries of the world. Development economics is concerned with both micro and macro aspects of economic development. Issues include
Trade vs aid
Increasing capital investment.
Best ways to promote economic development
Third World debt
Econometrics
Key people: Jan Tinbergen
Use of data to find simple relationships. Econometrics uses statistical methods, regression models and data to predict the outcome of economic policies. For example, Okun’s law suggests a relationship between economic growth and unemployment.
Labour economics
Key people: Knut Wicksell
Concentration on wages, labour employment and labour markets. Labour economics starts from the neo-classical premise of labour supply and marginal revenue product of labour.
Recent developments in labour economics have placed greater emphasis on non-monetary factors, such as motivation, enjoyment and labour market imperfections.
Other schools of economics
Chicago school – Based on neo-classical economics, rational choice and benefits of free markets. Key people from Chicago university, include Frank Knight, Milton Friedman, Eugene Fama and Gary Becker
Institutional economics – A look at how institutions, society and social trends can influence economics. A forerunner of behavioural economics. Key people include Thorstein Veblen, John Kenneth Galbraith, and Ha-Joon Chang.
Distributism/social-democratic approach. Seeking a third way between capitalism and socialism.
Real Business Cycle – Models that suggest macroeconomic fluctuations caused by supply-side changes, such as technological shocks. See – Real business cycle
Mercantilism – Early model of economics emphasising tariff barriers and the accumulation of gold reserves. Mercantilism
Modern Monetary Theory (MMT) – is a recent development that emphasises the ability of the government to print money and borrow in order to achieve full employment. See Modern Monetary Theory (MMT)
evince
Truthmatters
Then report them so they can be made to give it back and have fines assessed on top of that
They didn't shut down and they didn't lay off workers - even though the government made it nearly impossible to turn a profit.
Don't be the shithead that turns on your fellow citizen when governments act badly.
STFU you old crazy. Ive known about the different schools of economics for several decades.....
The last thing I need is some simpleton like you trying to explain economics to me. Go tell it to one of your hood rats on welfare.
I know. Which is why they shouldnt have taken the money.
"How do I explain I have no idea how to run a business without coming out and just saying it"
evince
Truthmatters
STFU you old crazy. Ive known about the different schools of economics for several decades.....
Thanks for admitting you have NO IDEA what the actual experts believe in the field of economics
You wing it from your partisan racist Brain full of trump slobber
evince
Truthmatters
Then report their crimes idiot
evince
Truthmatters
These are the ideas of the worlds EXPERTS ON ECONOMIC ISSUES
You refuse to discuss this in even the smallest of detail for what reason?
Different people are taught different things. In my family there is no such thing as taking money from Government. Can you tell me WHY in the wide world of fuckall a company who never shut down and never lost a thin dime during covid should be allowed to just be gifted a million dollars?
evince
Truthmatters
THEN REPORT THEIR CRIMES ASSHOLE!
Dont have to. There are so many people looking this stuff up by zip code that its unreal. We are coming out of this smelling like a rose.
evince
Truthmatters
Dont have to. There are so many people looking this stuff up by zip code that its unreal. We are coming out of this smelling like a rose.
No
It’s because you are just fucking lying about your competition that is squashing your ass
You have no idea who took what money and why
You are doing the Trump brain idiocy of assuming bad things about others to pump up your own image of your self
evince
Truthmatters
Dont have to. There are so many people looking this stuff up by zip code that its unreal. We are coming out of this smelling like a rose.
Now tell us which one of those schools of economics best fits your take on economics
You can’t and you won’t
Because in your fetid brain nothing fits it
It’s just you pissing and moaning about anything the experts do
LMAO! Look it up yourself you fucking idiot. ANYONE with computer access can look up by zip code who took the money, for what reason " most said payroll LOL...
" and if it got paid back or forgiven. Almost nobody had to pay back. Loans were all forgiven.Pretending what is a good thing? The fact that year over year inflation has come down for the last five months? I don't think I'm pretending. That the Fed has signaled an easing of rate hikes? I don't think I'm pretending. I get that you are part of the Chicken Little brigade, but the sky hasn't fallen. Sorry to disappoint you.