Austrian School Resurgence Reflects Desire for Better Solutions to Economic Malaise

[bripat9643]

The word is getting out. The Keynesian abracadabra is losing steam and credibility.

Austrian School Resurgence Reflects Desire for Better Economic Solutions - Wealth Cycles Blog

The WealthCycles Staff Once virtually abandoned by the mainstream, many ideas associated with Austrian School economics have been increasingly in the spotlight, and in the public consciousness, in recent years. Some of the attention resulted from the popularity of Congressman Ron Paul, who, particularly during his third presidential run in 2012, captured the attention of the millennials, the last generation born in the 20th century.

The appeal of Paul’s anti-establishment economic theories is understandable: raised on expectations of upward mobility instilled in their baby boom parents, today’s young people have emerged into adulthood to face the sad reality that their prospects aren’t as good as their parents’ were, and furthermore, may never be. It is a turbulent, uncertain era that is prompting many to examine what they’ve been taught to believe about what creates prosperity and how economies function. Even if Main Street remains unfamiliar with the terms “Austrian economics” or “Keynesian economics,” its citizens can plainly see that the status quo isn’t all it’s cracked up to be and conclude that different solutions are needed.​

 

[The Rabbi]

Keynesianism might be the most discredited economic theory out there.
With the exception of Marxism.

 

[bripat9643]

Keynesianism might be the most discredited economic theory out there.
With the exception of Marxism.

Unfortunately it seems to be undergoing something of a resurgence, especially among the libturds. Every time the talk about "stimulus" or a "jobs bill," they're invoking the Keynesian abracadabra.

 

[Erand7899]

Any sound theory of economics is based on the concept that people act in their own self interest, and that is the basis of market pricing and efficient allocation or scarce resources. Any interference, by government or private monopoly, in this natural process distorts markets and inappropriately allocates resources.

Governments only legitimate role in a market economy is to ensure that all markets are open, honest, and competitive, and that the money supply (controlled by government) is matched with the market needs. Too much money, or too little money also distorts markets and causes inflation at best, or financial bubbles at worst.

 

[The Rabbi]

Keynesianism might be the most discredited economic theory out there.
With the exception of Marxism.

Unfortunately it seems to be undergoing something of a resurgence, especially among the libturds. Every time the talk about "stimulus" or a "jobs bill," they're invoking the Keynesian abracadabra.

And yet it has just proven itself to be literally the biggest failure of all time. Obama has spent trillions "stimulating" the economy and we have the worst economic record post war in history.