Schools of Economic Thought | Cash Course | PragerU

This is mostly wrong

"I can't wait to finish this raft so I can finally escape all this capitalism". What no one said, ever.

Keynesians are fascists.

Just let people keep their money.

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.

Keynes is a Moron.

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"

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.

I'm glad that you portrayed Keynesian economics truthfully so that people can see the ridiculous nonsense it is.

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?

Cool that this is aimed toward kids, but I’ll bet that more than 90% of adults don’t know this either

Prepare to get schooled in my Austrian perspective!

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

Good explanations. I think all but the Keynesian have good ideas.

Keynes copied Alfred Marshall. He didn't originate his economic policies. He was an idiot and a quack and his (or rather Marshall's) ideas are moronic and fail whenever and wherever they are implemented.

7th, 22 December 2024

economics is nothing like a work of art. Austrian school economics is objectively better than Keynesianism and monetarism.

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