This week we look at mainstream economics, including both Neo-Keynesian & Neoclassical Economics.
Economics is full of mathematics nowadays, and economists are trained to create economic models that accurately reflect economic activity in the real world. The results of all this econometric modeling are things like financial derivatives, economic stimuli, and corporate bailouts. I know its hard to believe, but economists actually are paid big money to do this kind of work!
Viewings
It’s All About Spending - https://youtu.be/ZRvaxUNDTKY
Keynes v Hayek - “https://youtu.be/JSesR-_qOrE"
Keynesian Predictions v. American History - Woods - https://youtu.be/6XbG6aIUlog
Listenings
An Austrian Critique of Mainstream Economics - Block - https://mises.org/library/austrian-critique-mainstream-economics
Readings
10 Things Economists Won’t Tell You - http://www.marketwatch.com/story/10-things-economists-wont-tell-you-2013-06-08?pagenumber=10
10 Reasons Why Austrian Economics Is Better - https://mises.org/blog/10-reasons-why-austrian-economics-better-mainstream-economics
Noah Idea About The Austrians - https://mises.org/blog/noah-idea-about-austrians
How To Think Like An Economist (long, but very cool) - https://mises.org/library/how-think-economist
Callahan - Economics for Real People Appendix B - Praxeological Economics and Mathematical Economics - https://mises.org/library/economics-real-people
Shostak - What is Wrong With Econometrics? - https://mises.org/library/what-wrong-econometrics