History of Economic Thought Final Essays

Economics; a study that has confounded people for years. The basic reason why we do not experience economic prosperity is because there lacks a basic understanding of economics. George Bernard Shaw once said, “If all the economists were lined up, they would still disagree” (White 1). He have schools ranging from government controlled such as Keynesians, and then free markets such as Chicago or Austrian. The one thing that economists can agree on is that economics is a complex science and there are various ways to interpret human behavior. Economics is a unique science that has various different ways of applying there outcomes to the society and the world around us.

Methodology plays a key role in the divergent nature of economics. Keynesians, monetarist, and neo-classicalists all use math in their studies. Most Economic master degrees require classes in higher level math. The use of math has led to a revolution among economic undergrads who say that the math in economics has created a barrier in how to convey their insights (Chang). Economics is a science that is physical, social, and ethical where each component plays a unique role in that science. It is a social science on how we interact with each other to better our self. It is an ethical science on how we make decisions, also which causes us to question our ethics on business. The social and ethic parts are interconnected because it works with how we serve our fellow man.

With the difference in methodology causes friction between the Austrian school and the rest of the schools of economics. The models and curves is a language that Alfred Marshall said that was supposed to be burned after the experiments we completed (Marshall). Economics is a study of the exchange of our go...

... middle of paper ...

... an emphasis on that the market wants to come to an equilibrium. Lastly, we put an emphasis on the math of trying to come to an equilibrium, but since Austrians do not use math our school is part of the problem of economics.

Economics is complex, and economists speak in a language that is complex which the general population does not understand. Economics challenges our fundamental values on life, the world, and service to our fellow man. Economics is an interesting study that can change our outlook on life, how we view our fellow man, and how we will serve them to the best of our ability. The Chicago school of economics may not be the best school of economics, but it is the best one for the United States and for the world. We are pragmatic in our thinking even though our definitions are arbitrary because what is reasonable to one person is unreasonable to another