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Austrian vs. Keynesian
Business exchanges on the whole make up the economy, and the study and implementation of policy regarding the economy is called economics. Currently, there are two prevailing schools of thought on how the economy works and how it can be more efficient. These two schools are called Keynesian, based off of the theories of John Maynard Keynes, and the Austrians theory which is based on the works of the founders of the Austrian school of economics Carl Menger, Friedrich von Wieser, and Eugene von Böhm-Bawerk. These two schools of thought differ in many ways and the proponents of each attempt to criticize and discredit the other. Economics to the average person is a pseudo-science and most do not understand economics beyond the purchases they make on a day-to-day basis. Below will be an overview of the two prevailing economic theories and how they differ using two articles that explain their respective philosophies, Understanding “Austrian” Economics by Henry Hazlitt and Keynesian Economics by Alan S. Blinder.
Keynesian economics, at its core, is based off of aggregate demand, or the total spending in an economy. Whether this spending is by the private sector or the public (government) sector is irrelevant. In this theory changes in total spending in the economy does not affect prices of goods and services, only employment rates. The Phillips Curves show the relationship between unemployment and inflation, and over the decades has shown that inflation only rises slowly when employment rates go down; supposedly proving that unemployment has little effect on the prices of goods. Keynesians believe that monetary policy (adjusting the money supply) can only affect employment and output of goods and services if certain prices stay rigid, before being adjusted for inflation. If all prices changed by the rate of inflation or deflation as soon as the monetary policy changed then there can be no effect on the economy because the purchasing power of the money and the prices have stayed proportionate. An example of this is how the minimum wage stays the same for years while the prices of commodities continue to go up, the rigid price is the minimum wage, while the price of commodities rises with inflation. A core belief of Keynesian economist is that the business cycle must be constantly monitored and manipulated to prevent recessions and depression and insure steady growth, “periods of recession or depression are economic maladies, not, as in real business cycle theory, efficient market responses to unattractive opportunities.”(Blinder) Keynesianism becomes very complex when it gets into the workings of spending fluctuation as it affects output. The use of multipliers to represent the increase in potential output by an increase in total spending (measured in billions) regardless of how this increase in spending was accomplished. This brings to mind the broken window fallacy where a broken window causes a shop owner to purchase the services of a glazier to fix the broken pane therefore stimulates the economy by causing the spending of saved or unspent money, while ignoring the potential uses for that money on something that would garner the man to grow his business and create a greater demand for other goods and services. Money just spent for the purposes of being spent may not always be a net gain to the economy as a whole as is suggested by the Keynesian multiplier formula.
Austrian economics is also called free market economics. It is commonly misunderstood that the United States economy operates in the “free market” or “capitalism” actually operates under Keynesian economics and is subject to constant “tinkering” by politicians, business elite, and the Federal Reserve Bank. Austrian economics argues that value is subjective and because of this economics should remain a subjective science as well. What gives a good or service its value is its ability to fulfill a need or want. Everyone has heard someone say “it is only worth what someone is willing to pay for it” and this fundamental truth is one of the core beliefs of free market economics. Supply and demand also affect the value of a particular good or service, for these purposes demand is what category of need or want the product falls into. The definition of the word “cost” is also different in Austrian economics. “Cost” is not simply just that, it is expanded into “Opportunity cost” or “foregone opportunity cost.” Just as before we touched on the broken window fallacy, Austrian economics takes into account how spending can be used to increase productivity or can hinder it. “The cost of learning French in any given period is to forego learning German, or to learn less Mathematics, or to give up some tennis or bridge, and so on.”(Hazlitt) The existence of “money” is also fundamentally different in the Austrian way of thought. The use of a triangular money system or indirect barter arose out of the fact that two parties may not have what the other desires to trade for another good or service, therefore another medium of exchange is needed, historically this was precious metals just as gold, silver, or copper. In Austrian economics there is no such thing as “money,” only preferred mediums of exchange, decided by the marketplace, be it gold, silver, sea shells(ancient china), or federal reserve notes with differing denominations printed on them(modern USA). Austrian economists are critical of nearly all interference of government in the market which are generally championed by Keynesians such as: inflation, subsidies, price controls, and controlling interests rates. The basis of Austrian theory is its foundation in individualism. The philosophy that the individual is what drives the marketplace. Human actions driven by initiative, formed by preference and rewarded by incentive are what drive the economy, not averages and aggregates or complicated mathematical equations, but quid pro quo interaction between consenting parties for the advancement of the quality of life for all parties involved.
At its very core economics is the exchange of goods and services for other goods or services. I personally am a proponent of Austrian economics as it is the economic basis for Libertarianism and a mutual exchange society. Keynesianism is what our country currently operates under and micromanagement of the economy is prone to unforeseen consequences or purposeful mismanagement. No man or group of men is perfect and to allow the economic system of literally the entire world rest on the manipulation of a few men is, in my opinion, foolish.