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/lit/ I want to be able to...
Anonymous 06/07/14(Sat)04:16 UTC+1 No.4981496 Report

/lit/ I want to be able to read about economic theory, but I have trouble understanding the terminology. I start college in a few months (undeclared major, community college). Where does one start to build a fundamental understanding of economic theory? I would really like to study Jesus Huerta de Soto's "Money, Bank Credit, and Economic Cycles", especially after learning that he forecasted the severe financial crisis and subsequent worldwide recession we're experiencing right now, ten years prior to publishing the mentioned economic treatise.

Any suggestions would be appreciated. Thanks.
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Anonymous 06/07/14(Sat)04:19 UTC+1 No.4981506 Report

Take any Econ 101 course description and it will have an introductory text.
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Anonymous 06/07/14(Sat)08:09 UTC+1 No.4982223 Report

>>4981496
Sowell's intro to economics.
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Anonymous 06/07/14(Sat)08:12 UTC+1 No.4982229 Report

>>4981496
Richard Wolff's Economics: marxian Vs Neoclassical
It gives an introduction to both systems of thought and their similarities/differencies, so it will allow you to follow either.

A PDF of it is here:
http://korotonomedya.s3.amazonaws.com/Richard_Wolff_and_Stephen_Resnick_-_Economics-Marxian_vs_Neoclassical.pdf
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Anonymous 06/07/14(Sat)08:21 UTC+1 No.4982244 Report

>>4981496
>jesus de soto

Austrians are like broken clocks. They predict crises all the time, and then they boast about accidentally being accurate once in a while.

The funny thing about this crisis is that essentially everyone predicted it.

The marxists predicted a crisis that would result of the overaccumulation of capital relative to the diminishing real opportunities of expansion

The Austrians (and monetarists to an extent, if we take the RBC guys as an example) predicted a crisis that would result of increasing regulation that would obstruct markets from clearing / intervention that would lead to overlending/ malinvestment

The post-keynesians predicted a crisis on the financial markets based on Minsky's instability theorem relative to the deregulation of those areas of financial behaviour.

So that's what's so funny about this crisis. Everyone predicted a crisis because noone's specific economic theory was followed exclusively. At the same time we had fiscal policy that alerted the monetarists, monetarist policy that alerted the austrians, deregulation that alerted the keynesians and increasing capital accumulation that alerted the marxists. When it all crashed down (for whatever reason) they all projected to the crisis their own bias and pet theory and boasted about having being proven right.
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Anonymous 06/07/14(Sat)10:04 UTC+1 No.4982432 Report

The "Capitalism Trilogy" by Steve Forbes. It consists of "Freedom Manifesto," "Flat Tax Revolution," and "How Capitalism Will Save Us."
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Anonymous 06/07/14(Sat)12:26 UTC+1 No.4982737 Report

>>4982244
Schiff, Faber, and Rodgers all beg to differ: they've made millions, forecasted downturns like 2008 when everyone else was buying Fanny Mae and such, all while subscribing to Austrian business cycle theory more than less.
>When it all crashed down (for whatever reason) they all projected to the crisis their own bias and pet theory and boasted about having being proven right.
#HeReadsZizek
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Anonymous 06/07/14(Sat)22:52 UTC+1 No.4984752 Report

>>4982223

Thank you.

>>4982229

Thank you.

>>4982244

I appreciate the insight but, without having built a true understanding of theory yet, I'm going to refrain from commenting.

>>4982432

Thank you.

>>4982737

Are Schiff, Faber, and Rodger all names I should be aware of in the future? Should I look or works published by them as well? Does Zizek into economics? I know he's a social critic.
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Anonymous 06/07/14(Sat)23:12 UTC+1 No.4984794 Report

>>4981496

Capital in the 21st Century is easy to read and is about today's world
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