Microeconomic Principles

In studying economic activities and concepts, there are two dominant modes of thought that come to the forefront; neoclassicism or the ‘mainstream’ view and Austrian economics. These two schools of thought have points of contention on many different issues and theories found in the analysis of economic events. Several literary works have been written detailing the differences between the two approaches, although they have been subject to much criticism by the Austrian school. The major …

…way for some time to come. On some issues it seems as though the raw common sense and rational thought of Austrian economics holds weight against the tedious and overly complicated tactics used by the mainstream view. However, those same procedures used by the mainstream are very useful in analyzing our history and making apparent trends that may occur again in the future. Mainstream economics would serve fairly well as a preventive type of science.