Objectives and Time Preferences of Different Schools of Economic Thought

I — OBJECTIVE OF DIFFERENT SCHOOLS — The different economic schools pursue different ends: a) Austrian: Social Science : reduction of frictions. Emphasis on institutions of cooperation. (“Paleo-Libertarianism / Natural Law”) b) Freshwater: Rule of Law: Non-interference with planning, but insurance against informational asymmetries, at the expense of consumption. Emphasis on ‘balance’. (“Classical Liberalism / Constitutionalism”) c) Saltwater: Discretionary Rule – favoring consumption at the expense of savings, capital, and planning. Emphasis on equality and spending. (“social democracy / leftism”) II — TIME PREFERENCE OF DIFFERENT SCHOOLS —- We can judge the time preference by the levers that each school advocates or shuns, from shortest to longest. – Direct Redistribution ( not practiced ) “New” but Saltwater will jump on it. – Fiscal Policy  – Saltwater – Social Policy – Saltwater – Monetary Policy – Freshwater – Tax and Trade policy – Freshwater – Infrastructure Policy – Freshwater – Education Policy (human capital) Immigration Policy (Austrian) – Institutional Policy  (Austrian)