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:
