What school of Economics do you identify with?

[Phil25]

What school of Economics do you identify with?
Take this Quiz and post your score
Here is my score
Neo-Keynesian (100%)

Neoclassical (100%)

New Keynesian (100%)
Keynesian (94%)

Chicago School (57%)

Austrian Minarchist (47%)

Gandhian (38%)
Austrian Anarcho-Capitalist (36%)
Classical (27%)
Communist (27%)

Mercantalist (0%)

 

[Brickjectivity]

(Not an Economist but I have an opinion and hopefully and entertaining one) Nothing works forever. I think you have to keep some uncertainty in the market. It makes people invest, speculate and rely upon prices. I like Keynesian models but not consistently. Any economic model can work for a short time, but people adapt and that adaptation is knowledge that opposes uncertainty. Certainty undermines the independence of price and becomes a kind of structure that decreases the efficiency of any economic model. Anticipating the market is bad. Institutions figure out who to bribe. Businesses learn loopholes in the tax code. Monopolies sprawl confidently. People feel taken care of, so they stop saving. Businesses start laying off. Bubbles develop as people start trading like crazy but not producing like crazy. Throw uncertainty in and production increases. Portfolios diversify. Players have to change their ways, and that creates more circulation.

 

[Toten]

After reading a bit to learn more about each of these choices, I decided I agree most with Classical.
I took the quiz, result: 9% classical, 100% Keynesian.
Well played, quiz.

 

[Laika]

Voted commie in poll. Top three results in quiz: Communist (100%), Ghandian (92%), Keynesian (67%)

Its interesting as they are trying to make the ideas relatable to non-economists. So kind of fun.

 

[Eliab ben Benjamin]

Well the simple one i was brought up with,
' look after pennies and pounds look after
themselves' or simply spend as little as possible, be a stingy scrooge.
יק

 

[Terrywoodenpic]

Well the simple one i was brought up with,
' look after pennies and pounds look after
themselves' or simply spend as little as possible, be a stingy scrooge.
יק

On the personal finance level you are right in many respects.
Contradictorily, being very careful with ones money, lets you target more money on those things you find important in your life. and increases your wealth and capacity to spend.
Borrowing in any form reduces your wealth and money available for you to spend.

However this does not scale up well on a national level.
There is no well defined path from a debtor nation to a surplus situation.

Virtually all First world nations are Debtor nations. including the USA.
The USA has no strategy, policy or plan on how to reduce the burden of its accumulated national debt.
The annual cost of this burden is far higher than the annual National net income.
And far more costly than all Government spending combined.

Even a fire sale of the entire country would not cover this debt.

Translated in to personal terms the country would be Bankrupt.

 

[Brickjectivity]

Question #3 is a little vague: "Should there be regulations that restrict voluntary exchange?" is very fuzzy.

My results:

Keynesian 100%
Neoclassical 100%
New Keynesian 100%
Neo-Keynesian 97%
Communist 73%
Gandhian 64%
Chicago School 55%
Austrian Minarchist 41%
Austrian Anarcho Capitalist 32%
Classical 20%
Mercantalist 0%

 

[Jumi]

Keynesian and Neo-Keynesian 100% according to the quiz. Don't think I agree with that though.

 

[Eliab ben Benjamin]

On the personal finance level you are right in many respects.
Contradictorily, being very careful with ones money, lets you target more money on those things you find important in your life. and increases your wealth and capacity to spend.
Borrowing in any form reduces your wealth and money available for you to spend.

However this does not scale up well on a national level.
There is no well defined path from a debtor nation to a surplus situation.

Virtually all First world nations are Debtor nations. including the USA.
The USA has no strategy, policy or plan on how to reduce the burden of its accumulated national debt.
The annual cost of this burden is far higher than the annual National net income.
And far more costly than all Government spending combined.

Even a fire sale of the entire country would not cover this debt.

Translated in to personal terms the country would be Bankrupt.

Interesting advice and financial concepts ..... i prefer ...

"neither a borrower nor a lender be for loan oft loses both itself and friend"

 

[Terrywoodenpic]

Interesting advice and financial concepts ..... i prefer ...

"neither a borrower nor a lender be for loan oft loses both itself and friend"

Borrowed money is never more secure than the money that preceded it. It is a downward spiral.

 

[Eliab ben Benjamin]

Borrowed money is never more secure than the money that preceded it. It is a downward spiral.

Hence why i never Borrow or lend ...
If i see need i may give .... but never loan.