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Originally posted by Capitalizt It's not my fault you can't comprehend basic economic truths pk.

hahahahahaahaha. yeah, sorry im like the rest of the world and consider the so-called austrian school a bunch of horseshit.

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Originally posted by pkcRAISTLIN hahahahahaahaha. yeah, sorry im like the rest of the world and consider the so-called austrian school a bunch of horseshit.

Considering the rest of the world is in the middle of a Keynesian shitstorm, you might want to reconsider.

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Originally posted by Capitalizt Considering the rest of the world is in the middle of a Keynesian shitstorm, you might want to reconsider.

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The main criticism of modern Austrian economics is that it lacks scientific precision. Austrian theories are not formulated in formal mathematical form, but using verbal logic. Mainstream economists believe that this makes Austrian theories too imprecisely defined to be clearly used to explain or predict real world events. Economist Bryan Caplan noted that, "what prevents Austrian economists from getting more publications in mainstream journals is that their papers rarely use mathematics or econometrics."[2] This criticism of the Austrian school is related to its rejection of the use of the scientific method and empirical testing in social sciences in favor of self-evident axioms and logical reasoning. -wiki

yeah, we should definitely cast off empirical evidence and understanding in favour of empty rhetoric and ideological blindness!

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Originally posted by pkcRAISTLIN yeah, we should definitely cast off empirical evidence and understanding in favour of empty rhetoric and ideological blindness!

I think you misread. It said in favor of self-evident axioms and deductive reasoning.

Wikipedia explains better than I can..

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Austrian economics emphasizes the spontaneous organizing power of the price mechanism, holds that the complexity of subjective human choices makes mathematical modelling of the evolving market extremely difficult (or impossible) and therefore advocates a laissez faire approach to the economy. Austrian School economists advocate the strict enforcement of voluntary contractual agreements between economic agents, the smallest possible imposition of coercive (especially government-imposed) commercial transactions and the maximum openness to individual choice (including free choice as to the voluntary means of exchange) Austrians reject empirical, statistical methods and artificially constructed experiments as tools applicable to economics, saying that while it is appropriate in the natural sciences where factors can be isolated in laboratory conditions, the actions of human beings are too complex for this treatment. Instead one should isolate the logical processes of human action.

It's not a popular philosophy among modern politicians because it doesn't involve testing, tinkering, and constantly increasing government power. If a society were to embrace the austrian philosophy of anti-coercion, it would greatly limit the influence that government holds over anyone else..so naturally the existing power structure doesn't like the idea.

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Originally posted by Capitalizt It's not a popular philosophy among modern politicians because it doesn't involve testing, tinkering, and constantly increasing government power. If a society were to embrace the austrian philosophy of anti-coercion, it would greatly limit the influence that government holds over anyone else..so naturally the existing power structure doesn't like the idea.

more random rhetoric. i couldnt give a shit about its influence amongst politicians, who's talking about politicians? im talking about economists.

explain to me how the evil status quo has co-opted the entire world's economic experts away from the austrian school? Do you have anything of substance to say or will it be more government-bashing and thinly-veiled conspiracy theory?

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It's just human nature pk...People in power like power and they like doing things to expand and maintain that power. That makes them inherently hostile to the laissez faire philosophy. No, I'm afraid there are no PDF studies on the topic I can post to satisfy your curiosity. It's just an observation. Why have the ideas of Keynes and other inteventionists been embraced? Because most people in the world LIKE the idea of government management and meddling to soften the blows of the market. The elected governments of the world prove this. Most people in the world like the idea of big daddy government looking out for them, but are very ignorant of the costs involved.

The second reason many shun the Austrian school is as you rightly said, it doesn't make scientific predictions about what specific spending programs will accomplish. It makes general observations on human nature and human behavior, and from those observations it concludes that the greatest welfare for the greatest number will be achieved by a hands off policy. Hands off = no employment for all of these government "experts" in positions of power.

You know...It boggles my mind pk that you denounce the Austrian theory which is the only theory that predicted the current financial mess..and you still have endless faith in Keynesian "experts" to fix the current crisis when it was their ideas that created it in the first place. We had a bubble was caused by cheap money and foolish government policies...so how do they propose we fix it? CHEAPER MONEY and even more foolish government policies! Yay for the economic "experts"!

You need to be deprogrammed buddy.

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Originally posted by Capitalizt Why have the ideas of Keynes and other inteventionists been embraced? Because most people in the world LIKE the idea of government management and meddling to soften the blows of the market. The elected governments of the world prove this. Most people in the world like the idea of big daddy government looking out for them, but are very ignorant of the costs involved.

by "most people" i assume you are including those who actually study the economy?

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Originally posted by Capitalizt It makes general observations on human nature and human behavior, and from those observations it concludes that the greatest welfare for the greatest number will be achieved by a hands off policy. Hands off = no employment for all of these government "experts" in positions of power.

lol. and such observations have been shown time and time again to be wrong.

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Originally posted by Capitalizt You know...It boggles my mind pk that you denounce the Austrian theory which is the only theory that predicted the current financial mess..and you still have endless faith in Keynesian "experts" to fix the current crisis when it was their ideas that created it in the first place. We had a bubble was caused by cheap money and foolish government policies...so how do they propose we fix it? CHEAPER MONEY and even more foolish government policies! Yay for the economic "experts"!

Lol, marx predicted the financial crisis, should we all turn to communism? More disingenuous nonsense from you

I have faith in keynesian economics to a point because its actual ECONOMICS, rather than antiquated social science of the austrian school. Its funny to see people like yourself attempt to argue that even more market freedom is the answer to collossal market failure brought about by free choices in that market. Your repeated fallacy that the crisis is the fault of the fed's low interest rates isn't convincing anyone.

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Originally posted by Capitalizt You need to be deprogrammed buddy.

i was reading hayek before you reached highschool mate, it was BS then and its BS now. you're the one that clings to notions and ideologies that have absolutely no merit in practical terms and are often demonstrably incorrect. im the one that needs to be de-programmed? lol.

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Originally posted by pkcRAISTLIN Your repeated fallacy that the crisis is the fault of the fed's low interest rates isn't convincing anyone.

It's not a fallacy. The fed is the elephant in the room buddy. Their policies were the overriding cause of the "market failure". If you choose to ignore it, there is no hope for you.

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Originally posted by Capitalizt It's not a fallacy. It's the elephant in the room, and was the overriding cause of the "market failure". If you choose to ignore it, there is no hope for you.

we've been through this before.

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I get last word.

Hey, pkc, if you think Austrian/University of Chicago economics is a bad idea, just ask Pinochet - I'm sure he'll be able to straighten you out.

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