What school of economics do any of you favor?

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I’m into Austrian Economics, though I find something interesting in every economic philosophy.

You?
 
I like distributism, which was championed by three of my favorite people: Pope Leo XIII, Pope Pius XI, and G. K. Chesterton.
It, basically, emphasizes small businesses, widespread property ownership, and the ability of everyone to meet their basic needs. I think it’s kind of like the perfect middle-ground between socialism (flaws: abuse and impracticality) and capitalism (flaws: abuse and encouragement of selfishness).
en.wikipedia.org/wiki/Distributism
 
I find there’s a time for all theories. Each school of economics seems to have their strengths and weaknesses, and at different times a different school becomes the prevailing model. It’s a shame that humans aren’t as predictable as physics and chemistry. 😃
 
MatthewOlson said:
I like distributism, which was championed by three of my favorite people: Pope Leo XIII, Pope Pius XI, and G. K. Chesterton.
It, basically, emphasizes small businesses, widespread property ownership, and the ability of everyone to meet their basic needs. I think it’s kind of like the perfect middle-ground between socialism (flaws: abuse and impracticality) and capitalism (flaws: abuse and encouragement of selfishness).
en.wikipedia.org/wiki/Distributism
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This would be an end to the high unemployment in our country if the needless restrictive legislation that governs small business were done away with also. Government intrusion has to go the way of the dodo.
 
Minnesota 😛

Truthfully, I am a mainstream economist!, if I started arguing in favor of the heterodox economic theories I would be fired 😊
 
Distributism.

I am also interested in Modern Monetary Theory.
 
I with you on austrian but I have been putting it to the fire of Catholic Truth for the last 4 or 5 years or so. Not saying it is contrary to Catholic Teaching but I believe a libertarian viewpoint of austrian economics can possibly be.
 
MatthewOlson said:
I like distributism, which was championed by three of my favorite people: Pope Leo XIII, Pope Pius XI, and G. K. Chesterton.
It, basically, emphasizes small businesses, widespread property ownership, and the ability of everyone to meet their basic needs. I think it’s kind of like the perfect middle-ground between socialism (flaws: abuse and impracticality) and capitalism (flaws: abuse and encouragement of selfishness).
en.wikipedia.org/wiki/Distributism
Click to expand...
simple question for you

anyone else can feel free to chime in

but how does a distribuitst system promote small buisnesses? Would it punish large cooperations? Does it give subsidies to small businesses?

please explain, how would an idea distribuitest economy look if a country small or large adopted it and put it into practice effectively
 
catholictiger said:
thanks for the link but is just a ad-homine argument against mises and Catholics who support his view. I want a discussion on can a free enterprise that is backed up by Austrian economic theory (very limited government intervention) can be in lines with Catholic Social Doctrine.
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I think that a good way of realizing the connection between the two is to keep in mind that AE is a formal way of looking at human action while Catholic Economics fills in the material facts of human action. Both are important parts of anthropology.

For instance, AE can say that if corporate life is voluntary then it is welfare-maximizing but Catholic Economics says that corporate life is voluntary but there are other things which are more attractive to the will so there is a tendency towards those more appetible things.

Also AE’s value theory I find to be directly connected with Aristotle’s critique of usury in that Austrians and Aristotle would agree that money has to be based on real production in order to have meaning and that all real values are use-values.
 
Austrian economics all the way! 🙂

In fact, I consider myself to be a libertarian.
 
fakename said:
I’m into Austrian Economics, though I find something interesting in every economic philosophy.
You?
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I see distributism as more of a philosophy than a “school” (or science) of economics. I assume that both an Austrian school economist and a Keynesian economist could tell us what they think the economy in a distributist society would look like.

Being a libertarian, I look for an economic system that is free of coercion or fraud.

I love the distributist ideal, but so far no one has has figured out how to create a distributist society without a heavy dose of governmental violence (both at the inception and as an ongoing practice).
 
fakename said:
I think that a good way of realizing the connection between the two is to keep in mind that AE is a formal way of looking at human action while Catholic Economics fills in the material facts of human action. Both are important parts of anthropology.

For instance, AE can say that if corporate life is voluntary then it is welfare-maximizing but Catholic Economics says that corporate life is voluntary but there are other things which are more attractive to the will so there is a tendency towards those more appetible things.

Also AE’s value theory I find to be directly connected with Aristotle’s critique of usury in that Austrians and Aristotle would agree that money has to be based on real production in order to have meaning and that all real values are use-values.
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I can see where you are coming from and I mostly agree. The only part where I may slightly disagree is if you use this as an argument for distributes. I think we can all agree that unchecked economic activity isn’t catholic. Any immoral actions promoted by the freedom of economic activity should be stopped. But limiting of economic freedom free enterprise should be very very limited IMO. The capitalistic system back by AE’s theories is the most effective way to bring about economic growth, and the more economic growth in a community the better people are off. The only thing a free enterprise must look out for is human dignity.

I’m still looking for an explanation of distributism and its benefits. I know many like it but no one has explained how it is better than capitalism or free enterprise, or if its an even effective system. I understand the arguing against Austrian economics but this isn’t some either Austrian or Distributism, there are far many more theories. I lean to an Austrian system influenced by Catholic Social Justice values. Which I’m sure Austrians would disagree with but I’m trying to take the most effective system and turn it into the most moral system.
 
Reep said:
I see distributism as more of a philosophy than a “school” (or science) of economics. I assume that both an Austrian school economist and a Keynesian economist could tell us what they think the economy in a distributist society would look like.

Being a libertarian, I look for an economic system that is free of coercion or fraud.

I love the distributist ideal, but so far no one has has figured out how to create a distributist society without a heavy dose of governmental violence (both at the inception and as an ongoing practice).
Click to expand...
this is my concern as well, I’m also not sure how effective it would be.

Still waiting on an explanation
 
Not Saltwater economics (Keynesian)
Not Freshwater economics. (Chicago School)
Not Distributism (only mentioned since many on this forum seem to support it)

Keynesian economics give us stagflation and large deficits.
Austrian or Neoclassical economics give us instability and no social justice.
Distributism seems impossible to achieve without a massive government regulating everything (at least at first). Seems too utopian.

So I think I’ll go with the Freiburg school. :cool:
 
CrossofChrist said:
Not Saltwater economics (Keynesian)
Not Freshwater economics. (Chicago School)
Not Distributism (only mentioned since many on this forum seem to support it)

Keynesian economics give us stagflation and large deficits.
Austrian or Neoclassical economics give us instability and no social justice.
Distributism seems impossible to achieve without a massive government regulating everything (at least at first). Seems too utopian.

So I think I’ll go with the Freiburg school. :cool:
Click to expand...
Oh yeah, and I’m not Communist, so not the Frankfurt School.😛
 
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