Hi, could you help write reflective journey on the school of thought "Marxian and Austrian Economics" ?

Your reflective journal practice should consider some or all of the following: 0 Does this learning experiences connect with, or relate to, other learning experiences you have had - What challenges did you experience when engaging with this concept/ topic 0 What is your personal opinion of this concept [topic 0 What is the relevance / application of this topic in the broader context of your study - What questions did this topic raise for you that makes you curious and motivates you to explore more See below for a sample reflective journal post with annotations to help guide your writing: Reflective Journal Example Last week's lecture presented the idea that science is the most powerful form of evidence [1]. My position as a student studying both physics and law makes this an important issue for me [2] and one l was thinking about while watching the 'The New Inventors' television program last Tuesday [3]. The two 'inventors' (an odd name considering that, as Smith (2002) says, nobody thinks of things in a vacuum) were accompanied by their marketing people. The conversations were quite contrived, but also funny and enlightening. I realised that the marketing people used a certain form of evidence to persuade the viewers (us?) of the value of the inventions [4]. To them, this value was determined solely by whether something could be bought or soldin other words, whether something was 'marketable'. In contrast, the inventors seemed quite shy and reluctant to use anything more than technical language, almost as if this was the only evidence required as if no further explanation was needed. This difference forced me to reflect on the aims of this coursehow communication skills are not generic but differ according to time and place. Like in the 'Ftesearch Methodology' textbook discussed in the first lecture, these communication skills are the result of a form of triangulation, [5] which I have made into the following diagram: (add concept map here) 1. Description of topic encountered in the course 2. The author's voice is clear 3. Introduces 'everyday' life experience 4. The style is relatively informal, yet still uses full sentences 5. Makes an explicit link between 'everyday' life and the topic Marxism Major assumptions: 1. There are two principal classes in the society a. Bourgeoisie b. Proletariat 2. Wages of the workers are determined at subsistence level of living. 3. Labour is the main source of value generation. 4. Factors of production are owned by the capitalist. S. Capitalist exploit the workers. 6. Labour is homogenous and perfectly mobile. 7. National Income is distributed in terms of wages and profit. Austrian School of Economics Austrian economics are based upon these main principles considering individuality and subjectivity: 1. Methodological Individualism To understand the action of the whole group, we have to go to the each separate individual within this group and understand the way of thinking of that particular individual. Using logic and deduction we can then reflect the thoughts of the individual upon the whole group to foresee it actions. 2. Methodological Subjectivism Even the explanation of the given acts of the individual and his thinking are still subjective as they are judged by another individual or a group. 3. Determination of Price The Austrian School of Economics rejects the classical approach that states the price is determined by supply and demand or production costs. It contemplates that the price of any given goods are defined by subjective needs, requirements and desires of the individual. RMIT Classification: Trusted Austrian School of Economics 4. Determination of Interest Rates Adding individualism and the aspect of time explained a lot about interest rates. The Austrian economics sees money in relationship with time and its owner, who might want to save the money or spend it right now. 5. Business Cycles All of the above in cooperation creates an uneven economy map, which in reaction creates business cycles to reach the equilibrium. 6. Pivotal to that economic model is the Entrepreneur The entrepreneur is not only capable of seeing opportunities that others miss, but is innovative in taking advantage of them and exploiting them to the profit of themselves, their companies and their local and national economies. Carl Menger was one of the first to study entrepreneurship as he defined the entrepreneur: entrepreneurs are those who create, calculate, and manage productive activities