which group of people would you say understand economics better?

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Posted by samanthademeste (1096 posts) 10 months, 7 hours ago

Poll: which group of people would you say understand economics better? (30 votes)

The first one 67%
The second one 33%

-Adam Smith, John Maynard Keynes, Ayn Rand, David Ricardo, Fredrich Hayek, Milton Friedman,

-Karl Marx, Fredrick Engels, John Stuart Mill, Pierre Leroux,

#1 Edited by MakeMeaSammitch (3732 posts) -

I was going to vote for the first group because it has Adam Smith, but they I saw that it had Ayn Rand, and since I don't have the mindset of a selfish teenager, I voted against her.

#2 Posted by The-Apostle (12141 posts) -

I voted for the first one since the second had Karl Marx. >_>

#3 Posted by samanthademeste (1096 posts) -

Adam Smith, John Maynard Keynes and Karl Marx are the "big three" in economics.

#5 Posted by Fightingfan (38011 posts) -

Ben Bernanke?

#6 Posted by famicommander (8524 posts) -

Marx, Engels, and John Maynard Keynes were buffoons who have caused untold damage to the world.

Ayn Rand was a novelist and philosopher. I am not very familiar with Leroux.

The rest were actual economists who made real contributions to our understanding of economic theory. Your grouping of them seems arbitrary.

#7 Posted by toast_burner (21290 posts) -

Marx, Engels, and John Maynard Keynes were buffoons who have caused untold damage to the world.

Ayn Rand was a novelist and philosopher. I am not very familiar with Leroux.

The rest were actual economists who made real contributions to our understanding of economic theory. Your grouping of them seems arbitrary.

How did they cause untold damage to the world?

#8 Posted by famicommander (8524 posts) -

@famicommander said:

Marx, Engels, and John Maynard Keynes were buffoons who have caused untold damage to the world.

Ayn Rand was a novelist and philosopher. I am not very familiar with Leroux.

The rest were actual economists who made real contributions to our understanding of economic theory. Your grouping of them seems arbitrary.

How did they cause untold damage to the world?

By perpetuating economic fallacies which various governments used as justification for their horrible policies. JM Keynes is probably the man with the singe most influence on the economic policies of today's world and his entire General Theory was debunked line-by-line by a man named Henry Hazlitt in his "Failure of the New Economics" decades ago. Keynesian economics is pure bunk.

Marx and Engels were both shredded by Ludwig von Mises over 75 years ago in his masterpiece, "Socialism: an Economic and Sociological Analysis". Marxism isn't even economics, it's a self-contradictory social theory that can only result in misery when implemented.

#9 Edited by LJS9502_basic (149984 posts) -

I don't like either group.....

#10 Posted by theone86 (20555 posts) -

I voted for the first one since the second had Karl Marx. >_>

"We have proceeded from the presuppositions of political economy"-Karl Marx. In other words, he began by analyzing classical economics, not by simply coming up with his own theory as so many believe. He actually spent a great deal of time in the British Museum reading the original texts of people like Ricardo and Smith. In fact, it's more of a fallacy to group Ricardo and Smith together with Hayek and Friedman against Marx and Engels. Marx, Ricardo, and Smith all derived their economic theories from the labor theory of value, whereas neo-classical economics dismisses it outright.

#11 Posted by theone86 (20555 posts) -

@toast_burner said:

@famicommander said:

Marx, Engels, and John Maynard Keynes were buffoons who have caused untold damage to the world.

Ayn Rand was a novelist and philosopher. I am not very familiar with Leroux.

The rest were actual economists who made real contributions to our understanding of economic theory. Your grouping of them seems arbitrary.

How did they cause untold damage to the world?

By perpetuating economic fallacies which various governments used as justification for their horrible policies. JM Keynes is probably the man with the singe most influence on the economic policies of today's world and his entire General Theory was debunked line-by-line by a man named Henry Hazlitt in his "Failure of the New Economics" decades ago. Keynesian economics is pure bunk.

Marx and Engels were both shredded by Ludwig von Mises over 75 years ago in his masterpiece, "Socialism: an Economic and Sociological Analysis". Marxism isn't even economics, it's a self-contradictory social theory that can only result in misery when implemented.

Lawl, Austrian school.

#12 Edited by Cynical_Buzzard (224 posts) -

I prefer neither groups.

#13 Edited by GOGOGOGURT (4470 posts) -

My dear fellow, that would be the rich.

#14 Edited by chessmaster1989 (29064 posts) -

There are a lot of great economists listed there, and then there's Ayn Rand.

#15 Posted by Ace6301 (21388 posts) -

I would say the top but then you put Ayn Rand in it. Because of that I think the second has a slight edge.

#16 Posted by dave123321 (33580 posts) -

List is odd

#17 Edited by Barbariser (6717 posts) -

The first group excluding Ayn Rand has contributed far more to the field of economics than the bottom list, which is half made out of communists and is therefore disqualified.

#18 Posted by HoolaHoopMan (7720 posts) -

Not quite sure why Ayn Rand is listed.

#19 Edited by Lotus-Edge (50439 posts) -

Marx, Engels, and John Maynard Keynes were buffoons who have caused untold damage to the world.

Ayn Rand was a novelist and philosopher. I am not very familiar with Leroux.

The rest were actual economists who made real contributions to our understanding of economic theory. Your grouping of them seems arbitrary.

That's probably the point.

Marx, easily.

#20 Edited by Jimn_tonic (819 posts) -
@famicommander said:

@toast_burner said:

@famicommander said:

Marx, Engels, and John Maynard Keynes were buffoons who have caused untold damage to the world.

Ayn Rand was a novelist and philosopher. I am not very familiar with Leroux.

The rest were actual economists who made real contributions to our understanding of economic theory. Your grouping of them seems arbitrary.

How did they cause untold damage to the world?

By perpetuating economic fallacies which various governments used as justification for their horrible policies. JM Keynes is probably the man with the singe most influence on the economic policies of today's world and his entire General Theory was debunked line-by-line by a man named Henry Hazlitt in his "Failure of the New Economics" decades ago. Keynesian economics is pure bunk.

Marx and Engels were both shredded by Ludwig von Mises over 75 years ago in his masterpiece, "Socialism: an Economic and Sociological Analysis". Marxism isn't even economics, it's a self-contradictory social theory that can only result in misery when implemented.

lot of subjective babble there, commander.

not a single quote from your Austrian idols; just "man a is better than man b"

#21 Posted by leviathan91 (7763 posts) -

John Stuart Mill grouped with Karl Marx? :?

#22 Edited by junglist101 (5457 posts) -

What is this some sort of learning thread? I'm out!

#23 Edited by samanthademeste (1096 posts) -

@LJS9502_basic said:

I don't like either group.....

@cynical_buzzard said:

I prefer neither groups.

Then you guys must of hated economics class in school.

#24 Posted by themajormayor (25667 posts) -

Ayn Rand

#25 Posted by SUD123456 (4392 posts) -

A more interesting question would be the same question with the choice of answers:

A. The Rich

B. The Middleclass

C. The Poor

#26 Posted by Barbariser (6717 posts) -

A more interesting question would be the same question with the choice of answers:

A. The Rich

B. The Middleclass

C. The Poor

I would suspect that it would be group A. Econs majors earn significantly higher wages than the general population and their income growth rates over the course of their career life are relatively fast compared to those of other majors. So you'd have a disproportionately large number of economists in the upper class.

#27 Posted by usagi704 (2058 posts) -

@Barbariser: Financial well-being has nothing to do with understanding something. If anything, it just means they're more adept at gaming the system to their benefit at the expense of others which has been proven thanks to the 2008 crash that we've never managed to crawl out from yet. I expect another crash considering virtually nothing is being done to prevent it from happening again.

#28 Posted by Barbariser (6717 posts) -

@usagi704 said:

@Barbariser: Financial well-being has nothing to do with understanding something. If anything, it just means they're more adept at gaming the system to their benefit at the expense of others which has been proven thanks to the 2008 crash that we've never managed to crawl out from yet. I expect another crash considering virtually nothing is being done to prevent it from happening again.

I don't understand how this is even remotely a refutation of what I said.

#29 Edited by drekula2 (1898 posts) -

ayn rand LOL

#30 Edited by Laihendi (5800 posts) -

The day OT voted Ayn Rand as having a better understanding of something than someone else... I think this place is finally ready.