RE: Why Economists Are Always Wrong
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I started writing a similar reply, then I had to take a break. When I came to finish it, I saw your reply and decided you said it better than I could.
I greatly respect @taskmaster4450le and generally agree with his perspective. Although I agree that his oversimplified summary of Keynesian and Monetarist viewpoints is generally accurate, I disagree with his assessment of the Austrian School.
Also, I'm not sure one could ever paint the Austrian School with a single brush. Austrian's are such independent and critical thinkers that they represent more a process of critical thinking than any single conclusion.
My dissertation advisor for my entrepreneurship doctorate published a short book a few months ago that summarizes his Austrian perspective on what “the economy” is and how to understand it (How to Think About the Economy: A Primer). One might say it’s a non-economics (or anti-economist) view of the economy.
I would love to hear @taskmaster4450le’s critical assessment of the book.
It can be downloaded for free here.
That anti-economist part caught my eye! I'll see if I can find some time to give it a read. I've been very anti-economist, anti-political since forever. That's what end up getting me to respect Austrians & Libertarian types. They want less of the stuff I hate. They don't believe these elected or unelected "think tanks" & "leaders" have what it takes to manage a complex system like the world we live in. !LUV your comment.
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Sure they do.
How many times have they said that more money printing is wrong and the Fed should stop it?
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Reason Austrians ask to stop money printing is because it's another way government start messing around with economy. Messing around with economy is not governments job. Austrian view as I understand it is FED or just any central bank should not exist. There's already countries like Monaco, Panama, Andorra that don't have a central bank.
I will give it a read.
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"Austrian's are such independent and critical thinkers that they represent more a process of critical thinking than any single conclusion."
Yes! I challenge anyone to find someone Hans Herman Hoppe agrees with!
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Without question, the Austrian School is a thinking man’s group, which is one of the things that drew me to it. Along with the fact that Austrian Economics endeavors to explain entrepreneurship rather than assume it to nonexistence or irrelevance (which in no way reflects reality). There’s no such thing as “economic equilibrium” and when economists talk about “perfect competition” they’re imagining a false reality where zero competition exists or can exist, which of course excludes all possible entrepreneurial activity.
I challenge any non-Austrian to explain how their economic models elegantly incorporate entrepreneurial action, uncertainty, and heterogenous value preferences — undeniable economic realities that their models either completely ignore or assume away. I’m not sure if this is what @taskmaster4450le was getting at with his original post, but I think it’s relevant nonetheless.
Wow! You work with the Mises Institute! I salute you!
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