As a non-economist, I find it hard to reconcile (or even know) the differences between X-school, Y-school, and Z-school economics teachings.
Short of taking classes at a college (which I doubt I have time for), I don't know how to deal with conflicting things. We see this in talks about whether it's Good or Bad to raise wages, or tax people in various ways, or what to do with the national money supply. All the economic schools seem to have conflicting theories of what should be done, and I don't know how to compare them.
It doesn't seem like they can all be right, can they?
> All the economic schools seem to have conflicting theories of what should be done, and I don't know how to compare them.
Note that some of the conflicts are not empirical; while economics is a field of science that deals with the relations between observable, measurable events in the real world (though, like many fields, there are can be serious challenges in unambiguously measuring the events of interest), the various schools of economics are not necessarily particular empirical camps with different reads of the evidence, they are in many respects different camps of moral and political philosophy with different views of goals of the economic system. As such, even in matters where the facts are not in dispute, their recommendations will differ.
(This often becomes even more clouded because much of what is publicly presented by public pundits on economic matters is not honest intellectual debate but propaganda by one camp or another to convince adherents of the philosophical positions of the other camps that their different preferences would be best served by policies which are, in fact, preferred for other reasons than those being used to sell them.)
Short of taking classes at a college (which I doubt I have time for), I don't know how to deal with conflicting things. We see this in talks about whether it's Good or Bad to raise wages, or tax people in various ways, or what to do with the national money supply. All the economic schools seem to have conflicting theories of what should be done, and I don't know how to compare them.
It doesn't seem like they can all be right, can they?