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EconomyMany people are asking the question “what happened to economy?” It has been called a crisis, a depression, a tragedy. The “rich” have been blamed and the “poor” deceived. While there is plenty of blame to go around the real root of the problem is with the United States government and corrupt legislators who continually put their own self interests above the good of the country or the American Families the country relies on to function. So, why are we trusting the government to get us out of the mess they created and how can throwing the Country deeper in debt fix the problem? When is enough enough? There are two philosophies and types of study in economics—the Austrian Philosophy and the Keynesian Philosophy. It is important to recognize both of these philosophies to understand the economy and why the American it is failing. We have provided several links and a list of books to help you better understand where we are and how we got here. The basic definitions in the two philosophies are these:
Austrian Economics is a school of economic theory based upon the works of numerous like-minded economists, the earliest of whom were originally from Austria. The “dean” of the Austrian school was Ludwig von Mises. The Austrian school believes in the unfettered freedom of markets, the private ownership of the means of production and capital, and sound money. One of the important contributions of the Austrian school, and Mises in particular is the concept of economic calculation and the price system, which is impossible in socialist system, and which will lead to their inevitable failure.
Keynesianism is the school of economics founded by John Maynard Keynes, who was a contemporary of Mises. Keynesianism is the prevailing theory of economics found in Academia and government today. Keynesian Economics relies upon government run intervention to “run” the economy in the face of “market failures”. Mises refuted Keynes theories thoroughly, but for some inexplicable reason, Keynes’ ideas gained ascendancy, much like Darwin’s theory of evolution even though it too had no validity whatsoever and was proven unsound.
We hope you will find the following resources helpful in your study of this issue.
The Foundation for Economic Education Defenders of free market economics and publishers of “The Freeman” magazine
The Foundation for Teaching Economics Providers of summer seminars for students and teachers, economics lesson plans
Mises Institute (a scholarly defense of Austrian theories)
The Classroom Media Video programs on economic issues and current events www.izzit.orgEnd the
Fed by Ron Paul The Creature from Jekyll Island - A Second look at the Federal
Reserve by G. Edward Griffin Our Economic Answer is freedomhttp://www.heritage.org/Press/Commentary/ed0115092.cfmEconomic Freedom as a Human Righthttp://www.heritage.org/Research/WorldwideFreedom/hl1094.cfmThe Real Price of the Stimulus will be Individual Liberty http://www.cleveland.com/obrien/index.ssf/2009/02/the_real_price_of_the_stimulus.html50 Destimulating Facts http://www.americanthinker.com/blog/2009/02/50_destimulating_facts.htmlWall Street Journal: Blame Fannie Mae and Congress for the Credit Messhttp://online.wsj.com/article/SB122212948811465427.htmlWhat Happened to the US Economy?http://www.conservativemonitor.com/finance/2002007.shtmlThe Housing Market: Fannie Mae Freddie Machttp://video.google.com/videosearch?hl=en&q=fannie+mae+freddie+mac&um=1&ie=UTF-8&ei=DQ3FSfqAI8qJtgedsoXKCg&sa=X&oi=video_result_group&resnum=7&ct=title#Taxpayers for Commons Sense (earmarks update)
Obama Stimulus Plan ruins your health http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_mccaughey&sid=aLzfDxfbwhzs
Stimulus Bill Abolishes Welfare Reform and Adds New Welfare Spending http://www.heritage.org/research/welfare/wm2287.cfm
Welfare Spendathon http://www.heritage.org/research/economy/wm2276.cfm
The Boston Tea Party
Suggested Reading The Tragedy of American Compassion by Marvin Olasky
New Deal or Raw Deal?: How FDR's Economic Legacy Has Damaged
America
The Forgotten Man: A History of the Great Depression
Economics in One Lesson by Henry Hazlitt
The Politically Incorrect to the Great Depression and the New Deal by Robert Murphy
Human Action by Ludwig von Mises (advanced reading)
The Law by Frederick Bastiat
What Is Seen and What Is Not Seen by Fredereick Bastiat
End the Fed by Ron Paul
Crash Proof 2.0: How to Profit From the Economic Collapse by Peter D. Schiff and John Downes
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