The Market system is the wave of the future

Reflection of my decades of studies re economic systems in Brief: One school of thought is to stress the market failures with a fair degree of percolation of the impact of the public sector as positive externality in the model while the Classical school maintains the tradition of self-interest in financial capital to have freedom in a society. Where is the proper mix for the optimum? Socio-Economics as we are witnessing now? President Nixon said decades ago: "We are all Keynesian now" and I would state categorically that the crossroads model can be found in all nations for such model. But the gaps must be noted for fiscal and monetary policies to stabilize the economy. I had the opportunity to share my thoughts on human capital with Arthur F. Burns,the respected research scholar and a topmost economic policy maker,and Professor at Columbia University. He agreed with me in saying that monetary and fiscal policies do not function in a vacuum. For details,see "Work and Study Cycle Theory" available at the Georgetown University library online catalog with his letter of endorsement for the need of human capital i.e. health and education of the people in the United States and in China apropos of global economy in the 21st century.
Francis Shieh a.k.a. Xie Shihao,a lifelong student of economics since early 1940s. September 5, 2008 at 5.46 a.m.