But the Keynes approached has worked out so very well. I have the $131,475 I owe right here in my pocket. Doesn't everyone?
U.S. National Debt Clock : Real Time
The Austrian school can not point to a time in human history where their ideas have worked as advertised.
Henry Ford was famous for paying his workers $5 a day. That was
an ounce and a quarter of gold at the time. Which, in today's
exchange rate is $2,500 a week. So Ford's workers were making the
equivalent of $2,500 a week, the equivalent. They were paying no
federal income taxes and no payroll taxes. There was no minimum
wage and there were no unions. We paid the highest wages in the
world, yet we produced the best quality and least expensive
products. How was that possible? Because we had the smallest
government. We had minimum regulations and low taxes. If we want
to recreate American industry, we have to recreate that
environment. We have to allow businesses to grow and prosper, and
we have to remove all of the road blocks and impediments that
Congress has placed in their path over the years.
Explanation of Austrian Economics (I don't really trust Wikipedia):Peter Schiff - Wikipedia, the free encyclopedia
Peter Schiff specializes in the understanding of the Austrian School, a school of economic thought generally categorized as heterodox (or non-mainstream). Schiff voices strong support for the Austrian School, and says it was first introduced to him by his father, Irwin Schiff.
Tim: How would you describe a legitimate economy?
Peter: A nation that produces more then it consumes and saves more than its capital stock and infrastructure depreciates.
Tim: If you were granted 3 legislative wishes from the financial genie what institutions or laws would you change, add or abolish?
Peter: I only need one. Abolish all government spending, agencies, departments, programs, and taxes not authorized by the Constitution.
Like when unemployment "unexpectedly rises".Of course, your regular economist just gets surprised by the economy, because their mathematically based data and results do not bear out in many cases. Austrians EXPECT this imperfection.