Discussion of the Austrian School

[Rshermr]

Stephanie will straighten this out. Where is that rw genius on all matters economics?

How often do you hear the "right-wing" discussing Ludwig von Mises, Carl Menger, or Murray Rothbard, honestly?

far too often, but not here @ usmb

yet many right wing positions are premised on the -- ahem -- theories of the achtung! -- Austrian School

Well, since the reality of the austerity programs have become known, the Austrian School of Economics and Austrian economists in general have become about as popular as a turd in a punch bowl. Except with the neocons who are simply too stupid to catch on.

 

[EdwardBaiamonte]

Well, since the reality of the austerity programs have become known,

can you tell us where you think there was austerity? Isn't thinking fun?

 

[Rshermr]

Well, since the reality of the austerity programs have become known,

can you tell us where you think there was austerity? Isn't thinking fun?

I would be glad to, me boy. But you need to pay me. $50 and I will tell you. Otherwise you will need to google it yourself.
Now I know you have been spending your time in the bat shit crazy con web sites, which is the ONLY place you will find the idea that austerity is not being practiced anywhere. Which is what I am sure you believe. Find an impartial site that suggests that concept. You will not, of course, only many that discuss the very austerity programs that your sites say do not exist.
Is ignorant bliss, me boy??
As I said about austerity, me boy, "Except with the neocons who are simply too stupid to catch on." and there you are to prove my statement.

 

[EdwardBaiamonte]

Now I know you have been spending your time in the bat shit crazy con web sites,

if you have evidence of this I will pay you $10,000. Bet or run away again with your liberal tail between your legs as a simple liar.

 

[Rshermr]

Now I know you have been spending your time in the bat shit crazy con web sites,

if you have evidence of this I will pay you $10,000. Bet or run away again with your liberal tail between your legs as a simple liar.

I can not prove where you spend your time, nor can you prove where I spend my time. I can not, for instance, prove that you spend your time in massage parlors. But I hear......

 

[Shanty]

Oh boy...

OK, let me think about your post for a while to formulate the proper response. But once again, you're basing Mises premise off fiat money and monetary controls as they are in today's world. That was one of Mises, Rothbards, etc main points regarding Austrian view. That these authority mechanisms lead to disruption of capital markets. It becomes impossible to implicate Mises theories on economics under todays fiat systems.

I pointed out how his assumptions about free trade and comparative advantage were flawed, regardless if we were on a fixed exchange rate or floating exchange rate or using tally sticks. There's more problems with von Mises and Praxeology, I can get into detail if need be. The flawed and erroneous Austrian theory about inflation comes to mind, but that's been done to death.



Markets don't self-regulate, nor to they magically reach equilibrium. History - and reality - tells us a different story.



Define "oppressive interventions into markets"?

72 was the beginning of a floating reserve currency and the results since have been absolutely disasterous. As many point out. I'll try to see if I can unravel the pretzel you've created around portions of Mises theories while simultaneous ignoring others and then pointing to current fiat disasters as why Mises is outdated. I woudnt say outdated, I'd say not popular. Not popular in government (for obvious reasons), who is the entity creating the disasterous controls for their own benefits.

We're much better of under a fiat system than the gold standard, unless you prefer panics and depressions every decade. Our fiat system is far superior, we can manage inflation and deflation in a way better fashion. If we followed the Austrian approach, we would have a deflationary crash and burn, coupled with a massive culling of our population. Purging malinvestments they call it, lol. And for what? The worship of some mythical free market which doesn't exist in the first place. The name of the game is political economy in today's world.

fiat system better? Impossible since it puts the economy in hands of a tiny few. This is anti American. In past neither worked well because macro economics was misunderstood. Today both can work well but gold is safer and more American. Bernanke says he manages fiat system as if it was a gold system so that at least provides some comfort as to overall direction and objectives.

The economy was in the hands of a tiny few when the currency was based in specie. So, how does that tiny few differ from today? And gold was never safer. It actually made markets more volatile, and had no tools to limit the destruction of inflation if it grew to be too high. Paul Volcker proved how central banks with fiat currency can end negative externalities in the economy.

 

[Shanty]

The core conceit of economic central planers....The belief that because a lot -or even a majority- of people have done something in the past they'll do it again, despite the context of the times and the fact that humans are quirky, capricious and sometimes tempestuous.....The notion that you really can in fact push a rope.

Your argument is that social sciences do not exist. Since you seem not bothered that this is a counterfactual, then it logically follows that all of those hard-headed business types that spend good hard money on consumer research, political polling, and,yes, economic forecasting are wasting their money on a delusion.

I find it hard to believe that you truly feel that no human behavior is sufficiently predictable in an aggregate behavior to make it useful to apply statistical modeling.

Two caveats that I think y'all are ignoring involve:

The ongoing task of assembling data that is disproving causality in regards to say the Great Depression.

If you take the Shiller-Case analysis of housing which demonstrated at least some causality from the 1923-6 housing bubble and add in the 1930-9 drought that caused the Dustbowl the whole policy witch-hunt that followed looks absurd. Economic policy does not cause climatic black swans.

The 1930-9 drought and cumulative damage from the 1921-40 farming crash severely damaged banks over two-thirds or more of the country prior to the 1931 banking panic.

The growing evidence that technology changes the expression of behaviors including reproductive behaviors.

The various housing bubbles that followed the invention of the latex condom in 1920, 1943 mass production of penicillin and hormonal birth control in 1960 all had major effects on real estate markets in the US.

Of the six nations that permit more or less unregulated Assisted Reproductive Technology: the US, India, Georgia, Russia, the Ukraine and more recently Thailand; have also had major effects.

Therefore I tend to see W. Brian Arthur's extension of the works of the Austrian school's Schumpeter being rather important.

It's definitely helpful to remember that the Austrian school contributed very little to the understanding of economics.

It's sort of like learning how to speak Klingon. Sure, it impresses a few drunk friends, but is basically worthless.

 

[EdwardBaiamonte]

Your argument is that social sciences do not exist. Since you seem not bothered that this is a counterfactual, then it logically follows that all of those hard-headed business types that spend good hard money on consumer research, political polling, and,yes, economic forecasting are wasting their money on a delusion.

I find it hard to believe that you truly feel that no human behavior is sufficiently predictable in an aggregate behavior to make it useful to apply statistical modeling.

Two caveats that I think y'all are ignoring involve:

The ongoing task of assembling data that is disproving causality in regards to say the Great Depression.

If you take the Shiller-Case analysis of housing which demonstrated at least some causality from the 1923-6 housing bubble and add in the 1930-9 drought that caused the Dustbowl the whole policy witch-hunt that followed looks absurd. Economic policy does not cause climatic black swans.

The 1930-9 drought and cumulative damage from the 1921-40 farming crash severely damaged banks over two-thirds or more of the country prior to the 1931 banking panic.

The growing evidence that technology changes the expression of behaviors including reproductive behaviors.

The various housing bubbles that followed the invention of the latex condom in 1920, 1943 mass production of penicillin and hormonal birth control in 1960 all had major effects on real estate markets in the US.

Of the six nations that permit more or less unregulated Assisted Reproductive Technology: the US, India, Georgia, Russia, the Ukraine and more recently Thailand; have also had major effects.

Therefore I tend to see W. Brian Arthur's extension of the works of the Austrian school's Schumpeter being rather important.

It's definitely helpful to remember that the Austrian school contributed very little to the understanding of economics.

It's sort of like learning how to speak Klingon. Sure, it impresses a few drunk friends, but is basically worthless.

It's definitely helpful to remember that the Austrian school contributed very little to the understanding of economics.

of course that's utter BS. They kept free market thinking alive until Friedman perfected it!
Had it not been for Austria/Friedman we'd all be Keynesian libcommies now interfering in the free economy until we had a soviet standard of living.

 

[Shanty]

Two caveats that I think y'all are ignoring involve:

The ongoing task of assembling data that is disproving causality in regards to say the Great Depression.

If you take the Shiller-Case analysis of housing which demonstrated at least some causality from the 1923-6 housing bubble and add in the 1930-9 drought that caused the Dustbowl the whole policy witch-hunt that followed looks absurd. Economic policy does not cause climatic black swans.

The 1930-9 drought and cumulative damage from the 1921-40 farming crash severely damaged banks over two-thirds or more of the country prior to the 1931 banking panic.

The growing evidence that technology changes the expression of behaviors including reproductive behaviors.

The various housing bubbles that followed the invention of the latex condom in 1920, 1943 mass production of penicillin and hormonal birth control in 1960 all had major effects on real estate markets in the US.

Of the six nations that permit more or less unregulated Assisted Reproductive Technology: the US, India, Georgia, Russia, the Ukraine and more recently Thailand; have also had major effects.

Therefore I tend to see W. Brian Arthur's extension of the works of the Austrian school's Schumpeter being rather important.

It's definitely helpful to remember that the Austrian school contributed very little to the understanding of economics.

It's sort of like learning how to speak Klingon. Sure, it impresses a few drunk friends, but is basically worthless.

It's definitely helpful to remember that the Austrian school contributed very little to the understanding of economics.

of course that's utter BS. They kept free market thinking alive until Friedman perfected it!
Had it not been for Austria/Friedman we'd all be Keynesian libcommies now interfering in the free economy until we had a soviet standard of living.

Austrian School cultists reject Friedman's Monetarist thinking. I am certain that a) you don't have any clue what Austrian School believes in b) you don't have any clue how Monetarist a Theory works c) and have no clue how Keynesian policies saved capitalism.

 

[Rshermr]

It's definitely helpful to remember that the Austrian school contributed very little to the understanding of economics.

It's sort of like learning how to speak Klingon. Sure, it impresses a few drunk friends, but is basically worthless.

It's definitely helpful to remember that the Austrian school contributed very little to the understanding of economics.

of course that's utter BS. They kept free market thinking alive until Friedman perfected it!
Had it not been for Austria/Friedman we'd all be Keynesian libcommies now interfering in the free economy until we had a soviet standard of living.

Austrian School cultists reject Friedman's Monetarist thinking. I am certain that a) you don't have any clue what Austrian School believes in b) you don't have any clue how Monetarist a Theory works c) and have no clue how Keynesian policies saved capitalism.

How do you know when an economic theory is dead??? Find one that ed supports. like the Austrian school of economics. Ed and two or three other nut cases. And, you have found a dead school of economics that is about as popular as a turd in a punch bowl with the vast majority of economists, and a joke in general.
But then, in fact, ed is a joke. So it makes perfect sense.

 

[EdwardBaiamonte]

Austrian School cultists reject Friedman's Monetarist thinking.

ah but the Austrians and Friedman were united in Mont Pelerin Society and together were the greatest advocates of capitalism in human history. Differences over business cycle and monetarism were merely differences within the capitalist family. Isn't learning fun?

 

[JimmieD]

Friedman didn't really care much for Austrianism.

 

[EdwardBaiamonte]

Friedman didn't really care much for Austrianism.

actually blood brothers in Mont Pelerin Society

 

[JimmieD]

Milton Friedman spoke openly against Austrianism. He thought Austrianism did economic harm.

 

[Rshermr]

Austrian School cultists reject Friedman's Monetarist thinking.

ah but the Austrians and Friedman were united in Mont Pelerin Society and together were the greatest advocates of capitalism in human history. Differences over business cycle and monetarism were merely differences within the capitalist family. Isn't learning fun?

As I have mentioned, Ed lies a lot. For instance, in this post, ed makes up a quote and credits me with saying it. Very, very dishonest, ed. But then, you never had any credibility. Dipshit.

 

[Rshermr]

Milton Friedman spoke openly against Austrianism. He thought Austrianism did economic harm.

And since the great failures of austerity in europe, friedman has run from austrianism like a sprinter.

 

[JimmieD]

Milton Friedman spoke openly against Austrianism. He thought Austrianism did economic harm.

And since the great failures of austerity in europe, friedman has run from austrianism like a sprinter.

?

You know he's been dead since '06, right?

 

[Rshermr]

Milton Friedman spoke openly against Austrianism. He thought Austrianism did economic harm.

And since the great failures of austerity in europe, friedman has run from austrianism like a sprinter.

?

You know he's been dead since '06, right?

Yup, November. But only to most of us. To the far right, he is still winning awards. He would be only be a couple years over 100.

 

[EdwardBaiamonte]

Milton Friedman spoke openly against Austrianism. He thought Austrianism did economic harm.

And since the great failures of austerity in europe, friedman has run from austrianism like a sprinter.

actually Friedman died. sorry to rock your world!

 

[EdwardBaiamonte]

Milton Friedman spoke openly against Austrianism. He thought Austrianism did economic harm.

And since the great failures of austerity in europe, friedman has run from austrianism like a sprinter.

actually England was closest to austerity and they are doing well now as a result.