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Part 37 – The Austrian School v The Keynesians

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First published at 12:43 UTC on December 11th, 2021.

#austrian
#school
#keynesian

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Broadly speaking, there are two main schools of thought in Economics.

The Austrian School advocates free markets and fiscal prudence.

The Keynesians, on the other hand, don’t care so much about fiscal prudence. They support government spending - a…

Broadly speaking, there are two main schools of thought in Economics.

The Austrian School advocates free markets and fiscal prudence.

The Keynesians, on the other hand, don’t care so much about fiscal prudence. They support government spending - advocating a government spend its way out of a recession for example. The fancy term is “deficit spending” and they argue that it kicks starts a sluggish economy. Put simply, they like to spend, spend, spend.

And they don’t much like the Gold Standard either. The Economist Milton Friedman referred to the Gold Standard as “the golden handcuffs”. This is fairly telling in my mind.

Can you guess which school is dominant nowadays?

Wise up and rise up.

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