Topic > History of economic thought Final essays - 1140

Economy; a study that has confused people for years. The fundamental reason we do not experience economic prosperity is because we lack a basic understanding of economics. George Bernard Shaw once said, “If all economists stood in a row, they would still disagree” (White 1). It has schools ranging from government-controlled ones like the Keynesian ones, and then free market ones like the Chicago one or the Austrian one. The one thing economists can agree on is that economics is a complex science and there are various ways to interpret human behavior. Economics is a unique science that has various different ways of applying its results to society and the world around us. Methodology plays a key role in the divergent nature of economics. Keynesians, monetarists, and neoclassicists all use mathematics in their studies. Most business master's degrees require higher-level math classes. The use of mathematics has led to a revolution among undergraduate economics students who say that mathematics in economics has created a barrier in how to convey their insights (Chang). Economics is a physical, social and ethical science where each component plays a unique role in that science. It is a social science about how we interact with each other to improve ourselves. It is an ethical science about how we make decisions, which also leads us to question our ethics in business. The social and ethical parts are interconnected because it works with how we serve our fellow man. The difference in methodology causes friction between the Austrian school and the rest of the business schools. Patterns and curves are a language that Alfred Marshall said should have been burned after the experiments we had completed (Marshall). Economics is a study of the exchange of our movement... middle of the paper... an emphasis on the fact that the market wants to reach an equilibrium. Finally, we emphasize mathematics to try to achieve balance, but since Austrians don't use mathematics, our school is part of the economics problem. The economy is complex and economists speak a complex language that the general population does not understand. The economy challenges our core values ​​about life, the world, and service to our fellow humans. Economics is an interesting study that can change our outlook on life, how we see our fellow man, and how we will serve them to the best of our ability. The Chicago School of Economics may not be the best business school, but it is the best for the United States and the world. We are pragmatic in our thinking even if our definitions are arbitrary because what is reasonable to one person is unreasonable to another