Sigmund

Waiting for the Death of the Chicago and Keynesian Schools

You should read von Mises and Hayek. You should recognize that they and the Chicago School and Keynesianism are voices in the dialogue. Each brings a view point and rationale that assists us in understanding our current predicament; namely, that we have spent more than we can reasonably repay. The reliance on econometrics to predict the direction of the economy is a serious error. The arithmetic is precise, the world we live in is imprecise. Models are instantaineous in their calculation, occurance requires time. It is a political economy, rife with the foibles of man. While I favor free market capitalism, I also assert that absolute freedom is anarchy, rules keep free markets free. So let us not hasten to bury all that has gone before, let us learn from it and adjust the lessons of history to our current circumstance.