Economic Schools of thought late 1800's and early 1900's. (user search)
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  Economic Schools of thought late 1800's and early 1900's. (search mode)
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Poll
Question: What theory would you have been a disciple of?
#1
Austrian School/Neoclassicalism
 
#2
German Historical School
 
#3
English Historical School
 
#4
Marxian Economics
 
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Partisan results

Total Voters: 23

Author Topic: Economic Schools of thought late 1800's and early 1900's.  (Read 12222 times)
opebo
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« on: August 14, 2009, 04:35:40 AM »

Of the four, Austrian, but I see myself more as a DistributivistThe Austrian school works quite well if your only economic goal is maximizing GDP, but it lacks any consideration of the ethical consequences of doing so.

No, the Austrian school works very poorly for the purpose of maximizing GDP, which is why the Keynesian fix was necessary.
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opebo
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« Reply #1 on: August 14, 2009, 11:54:40 AM »

Modern mainstream economics, including Keynesianism, gets its genealogy from the Austrian branch here. Carl Menger and Leon Walras basically opened the way for Alfred Marshall who mentored Keynes; so I don't think the distinction at this stage is as stark as it would become later.

Precisely.

But my point was that the exact problem that Keynes and co. had with 'the Austrian school' was not that it was 'immoral' in its distribution but that it failed utterly to maintain demand and avoid crashes, deflations, and depressions. 
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opebo
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« Reply #2 on: August 14, 2009, 02:53:58 PM »

Those things are bad if you want to maximize growth, yes.
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