Philosophy
Before we get into the complexity of two of the most influential schools of economic thought of the previous century, you might want to take a look at this hilarious explanation of the basic principles of economics first (if nothing else, it's worth a good laugh).
As you may or may not know, the perception of economics trends in the twentieth century seemed to be dominated by two main schools of thought: one spearheaded by the economic philosophy of British economist John Maynard Keynes, who argued that economic collapse can be best dealt with through spending and government intervention. The other was led by Austrian economist and philosopher Friedrich von Hayek, who argued for free markets and the role of savings in helping to shape sustainable structures and financial institutions.
Despite their different approaches to the study of economics, as well as their divergent focus on the boom and bust stages of the economic cycle (which you can quickly learn in the following rap video), I tend to think that a unified understanding of these two scholars should always be considered by those in charge of setting up fiscal policy. Ignoring either of these two thinkers is a sure recipe for future failure.
For more goodies, check out the economics tag.
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Philosophy
The Hayek vs. Keynes Rap: Fear the Boom and Bust
As you may or may not know, the perception of economics trends in the twentieth century seemed to be dominated by two main schools of thought: one spearheaded by the economic philosophy of British economist John Maynard Keynes, who argued that economic collapse can be best dealt with through spending and government intervention. The other was led by Austrian economist and philosopher Friedrich von Hayek, who argued for free markets and the role of savings in helping to shape sustainable structures and financial institutions.
Despite their different approaches to the study of economics, as well as their divergent focus on the boom and bust stages of the economic cycle (which you can quickly learn in the following rap video), I tend to think that a unified understanding of these two scholars should always be considered by those in charge of setting up fiscal policy. Ignoring either of these two thinkers is a sure recipe for future failure.
For more goodies, check out the economics tag.
.
- Planned Communities And Planned Economies
I was driving past one of those new upscale planned communities the other day and noting the irony that those who buy into the planned community are likely those who most strongly oppose a planned economy. Social engineering in one milieu is seen as desirable...
- Beyond Freakonomics: Musings On The Economics Of Everyday Life
For most of its history, economics has been an esoteric discipline concerned with abstract concepts and trends about which only highly-trained experts could (or wanted to) discuss. But then in 2003, Stephen Dubner, from the New York Times, published a...
- 60 Seconds Adventures In Economics - The Invisible Hand
If you thought the Open University's 60 Second Adventures in Thought were over, think again! Yes, they may be done with paradoxes and strange thought puzzles (for now), but there's plenty of other fascinating things to explore, and they have...
- Shit Happens - The Economics Version
If you're anything like me, your memory sucks, big time. So how do you manage to remember events, definitions, dates, names, concepts and so on? Well, one possible method is to employ the use of mnemonics or heuristic devices designed to create associations...
- Free To Choose - The Power Of The Market
The roots of the idea of a free market can be traced back to the Scottish Enlightenment, but perhaps no scholar has done more to promulgate the Utopian dream of a free capitalistic society than the late and influential 20th century economist from the...