Pair of Dimes

Economic thought is somewhat limited to Russian, Germanic, Keynesian, Monetarist and Austrian schools (and a few pick and choose the pieces they like in each pile and ignore that they don't work together; we will summarily dismiss these heretics ).

Thomas Taylor concisely summarizes these schools as follows-(with some commentary added)

German historical school -
Sought to discover economic truth through the study of economic history. History repeating that's what you've got- these guy's are definitely looking out the back window they will be right, but after the fact.

Monetarist -
They Love free market economy, but everything has to move as one unit for their mathematical formulas to hold. Freewill and choice on a individual basis is not considered.

Keynsian-
For such a brilliant thinker he forgot to think through his theory, the last vestiges of hold outs follow this, but we have all seen this dons not work. this basic model is Government spends like a drunken sailor in recession and then government gets drunk on the power of spending and never wants to slowdown let alone quite. Don't forget the perfect competition ad pure monopoly none of which the world has ever seen, but it looks good in a book. oh yeah they love Math too.

Russians-
The thoughts of Marx are really regurgitated from the Anti-Baptist centuries earlier, Truthfully Communism is the finest form of government there is, right up until you add people. By the time you have the third person, Somebody wants more than he needs or somebody does not want to give as she is able. "From each according to his ability, To each according to his need". This model works best for separatist theocracies. (Amish, Quakers, Hippies and the like) Otherwise you end up with a dictatorship that calls itself socialism.

Austrians-
Only a couple of these guy where Austrian, but whatever. Uses deductive reason as opposed to Mathematics. Conceptual understanding , not quantitative relationships. A important characteristic is it's methodological individualism.Belief that economics in not a social force, social hypnotism or "society". Rather result of conduct of individuals engaged in activity. Human error, and uncertainty of the future and the inescapable passage of time is given due attention. Unfortunately no politician is going to fall on their sword to implement this model, it just won't advance their own careers. I do not believe this school will ever see Washington, unless the Tea Party brings it along.

So what are we to do?

A Pair of Dimes (paradigm) is how we look at the world, if you have read any self help book psychology text, sports coach or business periodical you have been hit over and over with the idea that we have Free Will and can choose how we think and what we do.

--- For those who hold predestination tight, **stop reading ** I will not persuade you and I don't want to get you upset------

Really if it is predetermined what will happen? why try! if you are going to Hell enjoy the debauchery, attending sunday school won't change it. If you are going to heaven , debauchery just won't be for you anyway, as one of the elect you will not be interested. This hold for personal and financial success too.

On the other hand if you have freewill and can choose you can make good and bad choices - I know, I've done both.

We must look at models and reason or think to see if they are true and work forever though out all of our lives, if they don't time to reevaluate (it's ok to do that ). We must choose to make the best decisions we can maybe, not the popular one or the easy one, but the best one.