Sunday, January 24, 2021

A Science-Based Look At Economics

Economics is known as "The Dismal Science" for many reasons. It is a social science and, thus, there is less consensus of opinion among its experts than in the "Hard" sciences of physics, chemistry, geology, paleontology, archeology, et al (link). While there are many opinions on the economic spectrum, the two philosophies most visible in US economics presently are called Keynesian and Austrian (link):
  • Keynesian: more government involvement (favored by the Democrats)
  • Austrian: less government involvement (favored by the Republicans)
Please note: both of these views do not include extreme right-wing laissez faire capitalism (no limits on private enterprise) or left-wing socialism/communism (total control by the government of the means of production).

Now, which of these simple, basic binary views has been the most successful? I offer the following links that, on balance, seem to be more in support of the Keynesian view. If you disagree, please respond with evidence. Thanks.








Inflation:







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Choose how you look at reality wisely. Yes, it is a binary choice.

Choose how you look at reality wisely. Yes, it is a binary choice.
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SCIENCE JUSTIFIES ITSELF

SCIENCE JUSTIFIES ITSELF
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