What school of economics are you?

[FAST6191]

Couldn't resist the clickbait title. No polls or quizzes around here though.

Videos and links for those that want them.

https://www.businessinsider.com/table-different-schools-of-economics-2014-6?op=1&r=US&IR=T.







That they don't necessarily agree with each other in the videos is testament to the foundational aspect of this as well; things be different yo.

Short version though.
Economics attempts to position itself as a science, however where reactants producing a result of specified purity and such can be measured, as might whether your bridge stays up under the loads specified for the duration specified then economics necessarily can not -- you have however many billion actors (all the humans alive, plus meta concepts like corporations, religions, interest groups which might not necessarily behave as the individuals underpinning them care for), all with their own time preference (you have eggs to sell but they will spoil in a few weeks), baseline funds (which shift with time)... making an unknowable problem that all approach differently. Some would attempt to top down thing where some major player (presumably a government) attempts to set prices on things, some would go for bottom up wherein the individuals select things based on all manner of factors and the result is the result, some might attempt to put maths to things, others less so, some go for mixed versions of all of that.
Consequently there are some radically different ways of viewing the world of economics, usually categorised as schools. What one or ones then do it for you?

 

[Flame]

Not Liz Truss economics. what ever that is.

 

[Deleted member 194275]

People usually that line from interventionism to laissez faire that is the cover from the first video (I did not watched). This is over simplistic, and somewhat biased as it will put antagonists like socialism, fascism and Islamic monarchies really close from each other, and they are not the same no matter how hard you dig in for similarities. The table on the article is better, but represents just western academical thinking. Anyway, in the end is hard to categorize.

Just look, Japan is extremely interventionist, China is extremely interventionist, they are on the same region of earth and yet are completely different economical environments.

As for my opinion, free market leads to a bad distribution of wealth, so you don't want that where this is a very bad problem already. Where it is not, it is fine I guess.

Not Liz Truss economics. what ever that is.

Her school is about Robbin Hood, but the opposite. Instead of a person stealing from the rich to give to the poor, it is a State stealing from the poor to give to the rich.

There is a flavor above all that witch is the charisma and the energy of a bamboo plant.0

 

[Kopimist]

I'm probably going to get some flack for saying this but I believe in Democratic-Socialism. I do realize how bad socialism can get when it's not Democratic, so this aspect of it is crucial to my belief system in socialism. Democracy or bust. I favor a system of socialism where a government takes care of it's people in exchange for higher taxes (ultimately the citizens are paying for social services in any economy) but to me I'd rather pay higher taxes and know that people are better taken care of them say in a strictly capitalist or communist government.

Of course, it would be naive to assume that any form of government or economics is perfect because we'll humans aren't perfect and are prone to corruption and mistakes. No matter what ideology a person subscribes you, you have to realize there is just never going to be a perfect 'utopia' where everything is fine. People will get trampled by higher classes and fall through the cracks for various other reasons.

Even though it's never been tested in any government or economy, I support the idea of Universal Basic Income (UBI) as I believe it will drastically cut (not eliminate) homelessness. There will sadly always be some of the population that will be homeless but we need to strive for homelessness as best as we can to keep it to a minimum.

Of course with UBI you only get what's necessary to put a roof over your head, and have very basic needs met, anything else you have to work for which still provides incentive for people to work.

Of course like I said, this is completely uncharted waters so there's no telling what impact this could have on a country's economy so if it's going to be done anywhere in the world, it has to be done very carefully.

Anyways, I digress a bit here. I support social programs to help people especially the less fortunate even if it means redistribution of wealth by taxing the rich and all classes really but the wealthiest percentile would ideally be paying the most as they have the most.

 

[Luke94]

Back in my days nobody at my highschool were talking about cryptocurrencies in my country.

 

[Marc_LFD]

Back in my days nobody at my highschool were talking about cryptocurrencies in my country.

With what PayPal did recently, I'm hoping that Crypto stabilizes and can at some point in the future become a payment service that's reliable because PP burned a bridge and they lost trust of long-time clients who closed their accounts (myself included).

Uphold which is a Crypto payment service that I receive BAT and can withdraw it to Crypto or a fiat currency works really well and has the potential to fill that gap. For now.. Wouldn't say so.

Use the typical MasterCard, VISA, Amex, etc to pay for items thru eBay, Amazon, or whatever.

Anyway, people shouldn't rely on governments to help them out because if they do that, they'll never reach their potential and will live paycheck to paycheck when they could do much better if they handle their finances also better.