At the above I found quite a numbers of audio and visual quotes on economics. For example, Milton Friedman presents his case for what he calls the "free" market. He also uses the term, "competitive capitalism".

BTW, in his comments he admitted that capitalism is not a "sufficient" cause of democracy. "But" he says, "capitalism is a necessary part of any democracy." Friedman, a strong advocate of monetarism admitted that both communism and national socialism used a form of capitalism.

MONETARISM--A definition
Monetarism, a right wing approach, tends to say: Leave the economy to the market place and things will right themselves.

KEYNESIANISM--offers a left wing approach.
The key propositions of Keynesianism?--named after John Maynard Keynes: Here is an example:

1 of 6: There is no natural tendency for capitalist market economies, which now dominate world economies, to correct economic shocks and maintain an equilibrium at full employment. Before Keynes it was well known that there was a regular pattern of boom and slump but it was assumed that economies quickly righted themselves without government intervention. Keynes denied this.

MY PERSONAL APPROACH?: As I have indicated elsewhere, as an intuitive economist, I take what I call "a feathers approach" to the political economy, not just a left wing or right wing one. After all, feathers are essential to the welfare of the whole bird.

And don't forget the essential tail feathers. Without them, wings--indeed the whole bird--could not function. Without tail feathers flight is impossible no matter how strong the wings happen to be. They balance the wings and enable birds keep on course in those long migratory flight in search of food.

Take note that tail feathers are, humbly, located right over the anus--another essential part of the bird.

Perhaps this is the essential function of democratic government:
Be humble tail feathers and promote a democratic form of capitalism, what I call cooperative and community capitalism (CCC). Help keep the wings in a state of balance and thus help the head (made up of all social leaders, including educators, spiritual leaders, business leaders, whoever) do that which is needed by the body of the whole bird, including the smallest feathers (our precious youth).
FOR MORE ON THIS, see the thread on economics: Money, too much or too little, started by Ellis.

Edited by Revlgking (03/22/08 06:34 PM)