What school of economic thought does /biz/ subscribe to?
Austrian/free-market fag here.
None. I subscribe to a heterodox synthesis of Marx, Sismondi's and Joseph Schumpeter's work on business cycles as well as Veblens sociology of consumerism
>>1364656
>Marx
Lad....
Austrian school is such a meme. No sizeable state will ever put such policies into practice. For obvious reasons. Pretty much all of the most breakthrough technology is developed in state universities and the military. Name a technological achievement of the past 100 years and you can almost guarantee it was created in the state sector.
>>1364672
Microsoft Windows.
The airplane.
>>1364662
Marxs work on reproduction, cycles and crises is really good. The accumulation of capital is just the conversion of surplus-value into constant capital + variable capital resulting in a continuously expanding reproduction but the discrepancy between the actual current socially necessary labor time of actually reproducing assets today and the fictitious capitalized "current value" which characterizes capitalist monetary exchange relations causes distortions in the reproduction process leading to crises.
https://en.wikipedia.org/wiki/Reproduction_(economics)
https://en.wikipedia.org/wiki/Tendency_of_the_rate_of_profit_to_fall
>>1364679
>microsoft windows
While the thing windows operates on was developed entirely in the state sector.
>the airplane
Wright brothers contraption flew for a good 10 minutes before landing, almost all of the serious achievements in flight were developed in the military.
>>1364687
>The accumulation of capital is just the conversion of surplus-value into constant capital + variable capital resulting in a continuously expanding reproduction but the discrepancy between the actual current socially necessary labor time of actually reproducing assets today and the fictitious capitalized "current value" which characterizes capitalist monetary exchange relations causes distortions in the reproduction process leading to crises
u wot m8
>>1364697
>While the thing windows operates on was developed entirely in the state sector.
It was? Source?
>Wright brothers contraption flew for a good 10 minutes before landing
But you asked me to name a technological advancement made privately, and the airplane is an example. It doesn't matter how effective it was at the time.
>>1364697
Since the state intervened how do we know that the free market would have developed it earlier?
Also the state contracts a lot of its work to private businesses.
On top of that. Look at NASA. At conception it was furnished with engineers and scientists from the free markets but later became a bunch of bureaucrats. The innovation dropped.
>>1364697
https://www.youtube.com/watch?v=0Xg4Uq1W4L8
>>1364672
Vidya games
Touchscreens
Automatic doors
4 way paper staplers
Domestic stoves
Domestic fridges
Washing machines
>>1364745
Also credit cards
>>1364713
>Since the state intervened how do we know that the free market would have developed it earlier?
Well that's a pure stupid hypothetical since we exist in a world of state monopoly capital. You only have reality to look at and how things really work. In reality there exists a massive military industrial complex which can outbid all other sectors in the economy and no one is interested in getting rid of it. Try reading "Forces of production" by David F. Noble
https://www.youtube.com/watch?v=Tmi8cJG0BJo
>Also the state contracts a lot of its work to private businesses.
And most of them operate on a cost maximization principle instead of minimization as textbooks would lead you to believe. A good book is "Profits Without Production" by Seymour Melman on how these firms operate and how this attitude then spills over into the private sector inflating costs and undermining business competitiveness on an international scale
>>1364715
>prager university
*tips mises institute hat*
>>1364745
Most of those modern electronics are indirect spill overs from the expenditure on military/NASA and other institutions that don't really operation on a cost basis
>>1364747
Credit cards became big only after volcker and the federal reserve spiked interest rates, caused unemployment and made debt peonage attractive
>>1364777
*checks digits*
Well, but they wer not invented by government.
I am no Austianfag tho.
>>1364615
Georgist here. With land taxes we can prevent monopolization of natural opportunities, which are mankinds common heritage. Through either land taxes or common ownership of the natural means of production, we can create a third way that is more efficient and moral than capitalism or socialism alone and still have free markets.
Bomp
>>1364687
Loan me $100k and I'll pay you back $1 a day
American school is the only way.
>>1364777
>And most of them operate on a cost maximization principle instead of minimization as textbooks would lead you to believe. A good book is "Profits Without Production" by Seymour Melman on how these firms operate and how this attitude then spills over into the private sector inflating costs and undermining business competitiveness on an international scale
Care to explain? Your one book doesn't disprove the common knowledge that FFP contracts are negotiated by default. By design, federal contract types incentivize cost cutting over your bullshit of cost maximization.
Cost maximization is incentivized within the government itself not with public contracting.
