Abundance Theory Economics

[JCricket]

Since we are talking economics, can anybody give me a list of the different theories of economics?

I know of so************************m and capitalism. I have now hear of abundance and scarcity. What else lies out there. I ama going to do a fair amount of reading on this stuff so as to make my $0.02 worth a just a little bit more.
Seriously, I am going to read up on it.
Mark

[ebacon]

IMO the most important read is the Communist Manifesto. It is in the public domain and available online. It explains the weak point of capitalism. The fact that capitalism has a weak point is a ghost that American leaders keep in the closet.

Capitalism a word that gets thrown around a lot but it its users often do not define it in hopes of misleading the voting public. There are basicly two flavors of capitalism working in the United States. The first is what most of us think of when we use the word capitalism. We generally think of privately owned means of production and markets that are somewhat regulated for consumer safety, economic stability, and the like. Typical mom and apple pie stuff. What is noteworthy with the traditional flavor of capitalism is that the markets are regulated according to an unwritten moral code that in our society all have some duty to respect and watch out for one another. That underlying moral code and duty that binds us is what has in part been painted as sexlaxalism by the Tea Party leadership of the right.

The other definition of capitalism is a more radical one. When the people that are being honest in discussion are talking about this more radical capitalism they modify it with adjectives such as laissez-faire capitalism or free market capitalism. It is also called anarcho-capitalism, Randism, and Objectivism.

The theory of Laissez-faire capitalism removes the regulation and hence governmentally enforced moral code that binds us. It removes consumer protections and pits us dog-eat-dog against each other. Easy to see examples of laissez-faire are deregulated campaign finance, deregulated financial markets such as hedge funds, deregulated banking structures, deregulated credit card interest rates, and the like.

Another big economic topic to understand is the concept of creative destruction. While the phonomenon is very real, the term is used misleadingly on the American public to rationalize shipping jobs overseas. There is a decent discussion of creative destruction on wikipedia.

Wealth of Nations is also an outstanding read. It is also in the public domain and free on the internet.

Other major topics:

Austrian School/Hayek
Keynes

[ebacon]

It might be interesting to see the movie 2016:Obama's America that TD discussed in another thread. I suspect it will be released for free prior to the election. It might be on Netflix or On Demand cable already.

While the movie is obviously a propaganda piece it might explain a bit about the economic theory behind globalism/New World Order. If it does then there is something the movie makers aren't saying -- they are in it up to their eyeballs, too. They just want their man to be the boss instead of Obama.

It's all a nasty game when it doesn't have to be. Sad.

[bhunter]

Originally Posted by ebacon

It might be interesting to see the movie 2016:Obama's America that TD discussed in another thread. I suspect it will be released for free prior to the election. It might be on Netflix or On Demand cable already.

While the movie is obviously a propaganda piece it might explain a bit about the economic theory behind globalism/New World Order. If it does then there is something the movie makers aren't saying -- they are in it up to their eyeballs, too. They just want their man to be the boss instead of Obama.

It's all a nasty game when it doesn't have to be. Sad.

The egaltarian nature of free trade might just be why both parties aupport it, albeit with their own nuanced justifications. Inasmuch that free trade flattens the disparity between haves and have nots, one would hope that it would be broadly supported.

[ebacon]

Originally Posted by bhunter

The egaltarian nature of free trade might just be why both parties aupport it, albeit with their own nuanced justifications. Inasmuch that free trade flattens the disparity between haves and have nots, one would hope that it would be broadly supported.

Why would the haves support it if their standard of living gets knocked down?

And to follow Ross Perot's logic, what incentive does the have not's government have to improve their standard of living?

[bhunter]

Originally Posted by ebacon

The other definition of capitalism is a more radical one. When the people that are being honest in discussion are talking about this more radical capitalism they modify it with adjectives such as laissez-faire capitalism or free market capitalism. It is also called anarcho-capitalism, Randism, and Objectivism.

The theory of Laissez-faire capitalism removes the regulation and hence governmentally enforced moral code that binds us. It removes consumer protections and pits us dog-eat-dog against each other. Easy to see examples of laissez-faire are deregulated campaign finance, deregulated financial markets such as hedge funds, deregulated banking structures, deregulated credit card interest rates, and the like.

What justification is there for government enforced moral code? I'm not certain that the social contract is sufficient to overide the sanctity of individual choice without sufficient harm being caused to that individual. Can't government always justify its actions by such appeals to a moral code and who or what determines what moral code ought be enforced?

Other major topics:

Austrian School/Hayek
Keynes

Particularly, Keynes' General Theory and Hayek's extensive critique of Keynes' General Theory. Galbraith, Thurow, Arrow, Schelling, Friedman, Samuelson, and even early Krugman articles and books are all good background material in economics.

[ebacon]

Originally Posted by bhunter

What justification is there for government enforced moral code?

It is a simple manifestation of our sense of morality that gets embodied in the laws we write. For example in our traditional mode of capitalism we have a bankruptcy system that provides for a systematic unwinding of an insolvent estate. That system has roots in the Bible. We transferred our moral code into the law of the land.

By comparison the laissez-faire capitalists have been nibbling away at individual bankruptcy law and sticking debtors between a rock and a hard place. At the same time they have left the old Biblical based code intact for corporations.

See the bankruptcy act of 2005.

[BlueStreak]

Originally Posted by bhunter

What justification is there for government enforced moral code? I'm not certain that the social contract is sufficient to overide the sanctity of individual choice without sufficient harm being caused to that individual. Can't government always justify its actions by such appeals to a moral code and who or what determines what moral code ought be enforced?

Oh, yes. we can't violate the "sanctity" of individual choice, even if that individual is a one way pig, apparently. See, expecting the "job creaters" to create jobs that are worth a shit might offend them....damage their delicate emotional state, their genteel sensibilities and leave them scarred for life. Heaven forfend! Oh Lawdy no, we don't want that! No, instead we'll all just learn to bow and scrape, shut up and do as we're told, ask Massa do he wanna nice shine to go with his poached eggs in da mornin'....Mebbe he'll leave a nice neckbone in the pot for us..............

You know what? This delusional and unrealistic Pollyanna garbage you guys seem to believe is going to turn into one big, ugly fucking mess someday. It really is. The kind where cities burn and people get hurt.

You know how I know this?

Because we've been there before.

It really is that simple.

Christ, I swear.............

Dave

[BlueStreak]

And, no I'm not angry. I'm incredulous that anyone actually believes this horseshit.

In the REAL WORLD, you work hard to earn your money, yes. But you also fight to protect that which has been accrued or some slick corporate weasel and his team of lawyers will soon get busy finding ways to shave you down. That's how they make their living, this is what they do.

Honestly, I don't know when our generation got this cockamamie notion that all businessmen are angels in their heads, but it needs to go the way of the dinosaur before we all end up exchanging company script at the company store to stock the shelves in the pantries of our company owned homes in our company run lives.......AGAIN.

Shakin' ma head,
Dave