Institute of New Economic Thinking...or a joke???

I heard this a while ago. I am not sure how good it will be now. The political will has changed recently as the situation has calmed a bit. I do think it will start up a again in the next six months.
 
"Economics has never been a science - and it is even less now than a few years ago."

quoted from:
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If Soros is there, it's more political than anything else.
 
I can sum up everything you need to know about economics in one accurate sentence.

"Dont spend more than you bring in and everything will be just peachy"
 
Quote from peilthetraveler:

"Dont spend more than you bring in and everything will be just peachy"
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Which school of thought(s) allow one to overspend? And why is that the conventional way of thinking today?

One man's debt is another man's savings. The more debt in the system, the more there is for others to accumulate and to speculate with.

Understand that those that overspend are merely pawns in the grander scheme of things.
 
Quote from Misthos:

Does Austrian economics understand financial crises better than other schools of thought?

http://blogs.ft.com/martin-wolf-exchange/2010/04/01/hello-world/

Unfortunately for financial oligarchs, the Austrian school of Economics is not the most lucrative.

Monetarism makes for happy financial oligarchs.
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Most of the Austrian teachings were written before there was avaliable extensive global empirical research in the leading up to and the aftermath of financial crises
 
Quote from Daal:

Most of the Austrian teachings were written before there was avaliable extensive global empirical research in the leading up to and the aftermath of financial crises
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The recent extensive global empirical research is pointless when you boil down the issue. The issue is credit - and how frequently with with how much ease it is created.

The Austrians, much more than most, understand the role of credit in an economy. Credit today and 100 yrs ago is not that different.
 
Doesn't this indicate people have no faith in the minstry that deals with finance. That this ministry paid for by the people is so inadequate that people have to sacrifice their own time and money to provide it.
 
Quote from peilthetraveler:

I can sum up everything you need to know about economics in one accurate sentence.

"Dont spend more than you bring in and everything will be just peachy"
More...


If your outgo exceeds your income your upkeep will be your downfall
 
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