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Hi all,

Been doing a bit of study into economics as of late. Just finished watching this video: https://www.hooktube.com/watch?v=9V3RlJdIXVY

So I need to ask, which economics is best economics?

As of late I've been skewing towards the Austrian school of economics, which itself is born from classical economics, however within that branch, there are several other types including Chicago school, and even Keynesian economics.

Now I know that Keynesian economics doesn't work, because in practice the government doesn't actually cut back on spending during a boom, and instead just uses it as an excuse to print or borrow more money.

But I'm split on Austrian and Chicago schools of thought. The difference seems to be that one believes in using mathematics and past history to prove or disprove economic theory, whilst the Austrian school uses logic.

On one hand, the use of empirical data has a high tendency to produce a flawed outcome, especially if one doesn't take into account certain factors. But on the other hand, it's real world results that expose things that mere ideas don't always take into account.

What is poal's opinion?

Hi all, Been doing a bit of study into economics as of late. Just finished watching this video: https://www.hooktube.com/watch?v=9V3RlJdIXVY So I need to ask, which economics is best economics? As of late I've been skewing towards the Austrian school of economics, which itself is born from classical economics, however within that branch, there are several other types including Chicago school, and even Keynesian economics. Now I know that Keynesian economics doesn't work, because in practice the government doesn't actually cut back on spending during a boom, and instead just uses it as an excuse to print or borrow more money. But I'm split on Austrian and Chicago schools of thought. The difference seems to be that one believes in using mathematics and past history to prove or disprove economic theory, whilst the Austrian school uses logic. On one hand, the use of empirical data has a high tendency to produce a flawed outcome, especially if one doesn't take into account certain factors. But on the other hand, it's real world results that expose things that mere ideas don't always take into account. What is poal's opinion?

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[–] • 1 pt

I haven't looked into the Chicago Economics before, but a few years back I started to dabble in Austrian Economics. One of the best sources on it is the Mises Institute, mises.org .

They have a lot of good information on the Austrian school of thought and you can grab any of the books you could possibly want on it through this link https://mises.org/library/books for free

[–] • 1 pt

There are a few few different theories floating around. There's even American economics, which is somewhat protectionist. Which doesn't really make sense according to Austrian economic theory.

Thanks for the resource, I've used mises in the past to great effect when debating "climate change".