I see you frequently give this same comment for PragerU videos, I gather you highly value what it offers; however, it would be more helpful for us all if you could be more specific. Thanks.
Here's how I see them: - Classical: Money matters. People behave rationally and trade to produce individual economic benefits. - Keynsian: Money matters but just as a signal to people. People are irrational and/or act in self-interest to the detriment of the economy. We need to use money policy to control people's sentiments and encourage them to consume/produce more. My policies only last a year or two so I don't have to worry about inflation, moral hazard, devaluing savings, etc. - Monetary: (I'm not sure I make such a distinction) - Austrian: Money is just a tool but has no intrinsic meaning. People individually act rationally have different values that are incomparable to other people. Aggregate statistics using dollars are meaningless. In short: classical is "economy is strong because lots of things are made", keynsian is "economy is strong because lots of dollars moved around", austrian is "economy is a meaningless concept but the people are happy"
Keynes "people are irrational and act in self interest to the detriment of the economy"... that doesnt sound irrational to me... it sounds like intelligence... and also sounds like a forced economy that isnt working...
@@chesterg.791 I am no expert, but Wikipedia lists praxeology as "contrary to reflexive behavior and other unintentional behavior." Humans do in fact engage in reflexive behavior, acting in response to stimuli without thought...or purpose.
When I lived in a state where my perception was that most of the politicians were really listening to my ideas and trying to understand them, I read every word of their newsletters. Later, I lived in a state where the only responses I got from politicians were form letters AND I disagreed with at least 90% of what the politicians of both major parties were bragging about doing. I finally got so sick of it, I stopped reading their newsletters.
Austrian Economics is REAL economics. It is the amalgamation of all economic thought leading up to Keynesianism... all other economic thought, is just economics with socialist central planning sprinkled into it.
Jesus Christ died for our Sins according to the scriptures and that he was buried and that he rose Again the third day praise God praying for everyone Everyday God bless you all...
Thank you for prayers, but feels very off topic. Clanging symbol. Lead in with something biblical about this subject: “Did you know the Bible teaches that every seven years all debt is forgiven?”
I can think of more than one adult who would benefit from this level of knowledge ........ The UK Chancellor of the Exchequer (or Rachel from accounts as she is fondly known) for one
You can do better than this... at least I would hope. Monetarists DO NOT advocate the government decide how much money to print but that that decision be made as a steady rate determined by a stable gauge of economic growth. What about the Socialist/Fascist/Communist "schools"of thought on the matter?
This. Moneterists recognize that monetary policy CAN affect the economy but don't advocate trying to do that. Small steady growth in the money supply promotes economic growth with minimal inflation.
I'm glad that you portrayed Keynesian economics truthfully so that people can see the ridiculous nonsense it is.
economics is nothing like a work of art. Austrian school economics is objectively better than Keynesianism and monetarism.
Prepare to get schooled in my Austrian perspective!
PRAGERU!!!!!
I see you frequently give this same comment for PragerU videos, I gather you highly value what it offers; however, it would be more helpful for us all if you could be more specific. Thanks.
Jesus Christ is the reason for the season praise the Lord praise God praying for everyone Everyday God bless you all..
Here's how I see them:
- Classical: Money matters. People behave rationally and trade to produce individual economic benefits.
- Keynsian: Money matters but just as a signal to people. People are irrational and/or act in self-interest to the detriment of the economy. We need to use money policy to control people's sentiments and encourage them to consume/produce more. My policies only last a year or two so I don't have to worry about inflation, moral hazard, devaluing savings, etc.
- Monetary: (I'm not sure I make such a distinction)
- Austrian: Money is just a tool but has no intrinsic meaning. People individually act rationally have different values that are incomparable to other people. Aggregate statistics using dollars are meaningless.
In short: classical is "economy is strong because lots of things are made", keynsian is "economy is strong because lots of dollars moved around", austrian is "economy is a meaningless concept but the people are happy"
Keynes "people are irrational and act in self interest to the detriment of the economy"... that doesnt sound irrational to me... it sounds like intelligence... and also sounds like a forced economy that isnt working...
"I can't wait to finish this raft so I can finally escape all this capitalism". What no one said, ever.
Good explanations. I think all but the Keynesian have good ideas.
No
Austrian School is the only real economics because praxeology.
@@chesterg.791 Praxeology isn't entirely correct. People DO behave reflexively, unthinkingly. irrationally.
@@SimonSezSo That's all irrelevant. Praxeology just says people engage in purposeful behavior. It doesn't have to be rational.
@@chesterg.791 I am no expert, but Wikipedia lists praxeology as "contrary to reflexive behavior and other unintentional behavior."
Humans do in fact engage in reflexive behavior, acting in response to stimuli without thought...or purpose.
Just let people keep their money.
When I lived in a state where my perception was that most of the politicians were really listening to my ideas and trying to understand them, I read every word of their newsletters. Later, I lived in a state where the only responses I got from politicians were form letters AND I disagreed with at least 90% of what the politicians of both major parties were bragging about doing. I finally got so sick of it, I stopped reading their newsletters.
Wishing everyone a blessed happy merry Christmas praise God praying for everyone Everyday God bless you all...
Austrian Economics is REAL economics. It is the amalgamation of all economic thought leading up to Keynesianism... all other economic thought, is just economics with socialist central planning sprinkled into it.
Jesus Christ died for our Sins according to the scriptures and that he was buried and that he rose Again the third day praise God praying for everyone Everyday God bless you all...
Fairy tails
Thank you for prayers, but feels very off topic. Clanging symbol. Lead in with something biblical about this subject:
“Did you know the Bible teaches that every seven years all debt is forgiven?”
@@americafirst1282fairytale like evolution?
@@rosstemple7617 Thank you for speaking up.
Bro that's what I was thinking! The video really makes you think things through, I tell you
Great video 👍🏼
Prepare to get schooled in my Austrian perspective!
Does anybody have a verbal "thumbnail sketch" of what Thomas Sowell's thoughts are about this topic? Thanks.
Cool that this is aimed toward kids, but I’ll bet that more than 90% of adults don’t know this either
I can think of more than one adult who would benefit from this level of knowledge ........ The UK Chancellor of the Exchequer (or Rachel from accounts as she is fondly known) for one
7th, 22 December 2024
You can do better than this... at least I would hope. Monetarists DO NOT advocate the government decide how much money to print but that that decision be made as a steady rate determined by a stable gauge of economic growth. What about the Socialist/Fascist/Communist "schools"of thought on the matter?
This. Moneterists recognize that monetary policy CAN affect the economy but don't advocate trying to do that. Small steady growth in the money supply promotes economic growth with minimal inflation.
This is mostly wrong