Series: Definitions: Economic Schools

ECONOMIC SCHOOLS IN ONE LESSON

(from elsewhere)

Can I put the seed of an idea in your head?

AUSTRIAN (German – Science)

Austrian School: the search for economics of social science (natural law), and the means of improving institutions of cooperation without interference in the information system of the economy. Assumes the civilizational, generational, business, vocational, pedagogical, and fashion cycles, if interfered with, will produce greater subsequent harm than good. (CONSERVATIVE/ACHIEVED MASCULINE evolutionary strategy – eugenic – long term time preference )

CHICAGO (Anglo American – Rule of Law)

Chicago School: the search for economics under rule of law limited to predictable, rule based, interference in the information system of the economy, as a means of insuring against unnecessary asymmetries of information. Assumes civilization, generational, business, vocational, pedagogical, and fashion cycles will benefit from removal of unnecessary resistance. (LIBERTARIAN/ASCENDANT MASCULINE evolutionary strategy – balanced – medium term time preference )

SALTWATER (Jewish – Discretion )

Saltwater School: the search for economics of discretionary rule, the abandonment of rule of law, and the abandonment of institutional improvements to cooperation in search for the maximization of consumption. Assumes civilizational, generational, business, vocational, pedagogical, and fashion cycles are both less important than current consumption, and that the benefits of current consumption will (like borrowing against interest), outweigh the later consequences (similar to how the non neutrality of money is simply absorbed inconsequentially in niche effects. )(PROGRESSIVE/FEMININE evolutionary strategy – dysgenic – short term time preference.)