So what is Austrian Economics and Keynesian Economics? Well, let me start with Austrian Economics. It is being talked about in the media focusing on the Economic problems in the USA and by extension the world.

There are many polar opposites in this world and the USA has more than its share of them. You have the Broadway Musical CATS which is popular for the song “Memories” while you have Britney Spears who is popular for her mammaries. You have Humanism being promoted in the public schools, universities and media as something good when it advocates not following laws or morality while Christianity is deemed bad when it is for following laws and morality. Then you have Austrian Economics and its counterpart Keynesian Economics trying to co-exist in the USA at the same time.

You won’t find Britney doing CATS anytime soon. Humanism and Christianity are polar opposites. Austrian Economics and Keynesian Economics cannot coexist with one being grounded in reality and the other so out of touch that it needs to be sent to its room and be permanently grounded.

I am not going to go into the details on what Austrian Economics and Keynesian Economics are but I can direct you to sources that can. I am working my way through all of this information so I can best understand who is telling the truth, who is lying, and who is talking but has no clue what they are talking about. It is important that we know these terms as they keep popping up in discussions on topics regarding the global economy, the decisions of the USA Federal Government, and the current financial crisis and housing crisis.

Recommended reading for the Austrian Theory of Economics is best found at the following links:

The Austrian Theory of the Trade Cycle, An Introduction to Austrian Economics, Austrian Economic Theory essay, and a ton of links found in this page on Economic Reasoning.

Generally speaking, Austrian Economics focuses on an economy driven by saving money which is in turn used by private banks to fund industrial and business development. It recognizes that the economy is so incredibly complex that no government can adequately account for all of the factors and government intervention is likely to cause many bad chain reactions. It strongly advocates the Free Enterprise System with limited or no government intervention. The markets will handle themselves. In other words, what is commonly known as laissez-fair capitalism.

to be continued…..

Anah

Our Random Articles

• Upside Down Times Part II
• Upside Down Times Part I
• Things That Make You Ponder
• Caveat Emptor
• It Has Been A While

More Links