Comparing Different Schools of Economics
Stephen Kent Gray

I tend to prefer the Austrian School of Economics. The particular reason I view it as the most accommodating school of thought is that it can cater to other schools of thought without destroying its own. What I mean by that is using free market principles, communists could join together, form a commune, and operate however they wish within that commune. The commune would then have to operate according to free market principles with the groups outside their commune.

Using communist principles, the closest thing one can approach to catering to free markets would be bartering (which is what happens in most communist states). Many do not realize that every communist manifestation to this day has been unable to escape using capitalist mechanics for accounting in resource distribution. As long as individuals have demands, there must be a supply of resources to distribute.

Without markets dictating the weight of demand to the supply of resources, it is left to people to dictate. Democratic decision making is far too slow to adapt to the evolving demands of a society at the individual level. Therefore, like martial law in crisis situations, it would be left to a centralized authority to make the decisions of which demands must be met. At that point, we are devolving towards feudalism.

Last time I checked, the founders of our nation didn’t really get along with their last king.

Show your support

Clapping shows how much you appreciated Optimistic Skeptic’s story.