This is the continuation of a conversation started on Facebook regarding how to handle the current economic recession, that evolved into a general discussion of economic theory and philosophy.
- Walter I Baltzley: A Doctoral Student studying Information Technology at Walden University, who has a Masters in Software Engineering from that school, along with a Bachelors Degree in Management Information Systems from the Iowa State University College of Business. He has no political ties or affiliations, and does not ascribe to any specific school of economic thought.
- Terry McIntyre: …ascribes to the Austrian School of Economics.
Shared Definitions: In economics, the definitions for many terms are still contested and the subject of debate; the terms listed here have been agreed upon by both participants and serve as a solid basis for discussion of differences.
Contested Definitions: These are terms for which the participants have differing definitions; the goal is to eventually resolve these differences by modifying or establishing new terms that both can agree upon for the purposes of this discussion.
Shared Theories: In economics, theories are even more hotly debated than definitions–but there are some things that everyone agrees on.
Contested Theories: These are the theories on which our participants disagree–the goal is to resolve these disagreements by proving one, both, or neither to be correct; and to develop higher theories that more accurately reflect reality.
This section will contain the outcome of our discussion. It will describe which, if any, economic theory we discover to be correct, and how we think this will impact our lives going forward.