In the areas of liberty and economics there are two great , yet disparate , schools of economic thought : The Keynesians (proponents of the theories of John Maynard Keynes) and those of the Austrian School (followers of the theories of Carl Menger , and later Ludwig von Mises). In our present environment in the U.S. the Keynesians hold the upper hand , and it is , by and large , the theories of the Keynesian school we see in operation. The main theory of the Keynesians is that the government could inject itself into economic activities via policies and regulation such that it could stimulate demand , keep unemployment and deflation in check , and make things all-around hunky-dory. Government can do these things in just the way we see it , through the Federal Reserve (which is not a federal agency) and through governmental departments , being done today.
The Austrian School thought runs counter to the Keynesians in that it looks to individual human action (praxaeology , as Mises called it) in which it is entrepreneurship , among other things , absent government interference in the activities of exchange between individuals , which makes for a truly free and health economy. This is a rather incomplete and simplistic explanation of things , but it is a start.
I've included a video biography introducing Ludwig von Mises here :
Alexis D'Tocqueville
Observer of America
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment