Has anyone read this critique of the Austrian School?

[cien750hp]

The school was developed well before the 100% DEBT-backed fiat currency we are under now. They have not adapted, and seem to ignore the most obvious problem with this. Money does not just get printed out of thin air! It is loaned into existence! The classic notions of inflation are not accurate when the "debt reserve" keeps sucking money out of existence.

Austrian economics does not only pertain to the US currency. We are not the only currency in the world to have never had hard-backing of our currency. The colonists had the same problem with continental dollar. and the austrians do not ignore the problem of that the treasury does not literally call up bernake, ask for a trillion dollars, and they start up the printing press. The austrians always acknowlege that the treasury issues bonds and the fed buys them, but it is the same principle. Describing that process just describes the little hurdle they have to jump over to print money. It it merely simplifying the language so it is easier to understand.

 

[RSLudlum]

check out this gem from the source document of the Austrian critique document:

Myth: I earned that money; it's mine!
Fact: The free market in which people make their money wouldn't even exist without government support.

check out this gem from the source document of the Austrian critique document:


HA! Talk about the cart before the horse!

^^
well, if that's the case I guess it's not worth the click of a mouse for me

Maybe he is the author of the article desperately trying to get some precious hits so he can get paid.

 

[lavis88]

That article does not make one real claim as to why the Austrian economics view fails. Not one, broad generalities comparing Austrian to mainstream.

 

[bill50]

Woops I got my analogy backwards earlier.

 

[roho76]

Great story.

You didn't say whether you sold the coin, though.

I know the suspense is killing me.

 

[Paulitician]

People consider that "critique" close scrutiny? Please, try harder next time, troll.

 

[The_Orlonater]

This article is just a bunch of drivel.

 

[WRellim]

You created an RPF account with an incredibly clever name just for the purpose spewing some anti-Austrian School blather?

Slow Sunday morning your life, huh?

I've never understood why new members are able to start threads right away.

There ought to be a waiting period.

Say that you have to wait 2-3 days after joining before you can post a REPLY, and then 1-2 weeks (plus a required posting of say 5 replies) before being allowed to open a new thread.

For established communities, I think that would help eliminate a lot of this type of "hit and run" activity.

Especially since, in my experience, the type of people who become "solid" new members of an online community tend to "lurk" for quite a while before posting anyway. If the additional "waiting period" were known ahead of time, I cannot see this truly aggravating any "solid" new members.

Just thinking out loud.

 

[Bruno]

I've never understood why new members are able to start threads right away.

There ought to be a waiting period.

Say that you have to wait 2-3 days after joining before you can post a REPLY, and then 1-2 weeks (plus a required posting of say 5 replies) before being allowed to open a new thread.

For established communities, I think that would help eliminate a lot of this type of "hit and run" activity.

Especially since, in my experience, the type of people who become "solid" new members of an online community tend to "lurk" for quite a while before posting anyway. If the additional "waiting period" were known ahead of time, I cannot see this truly aggravating any "solid" new members.

Just thinking out loud.

Seems reasonable enough to me. This "hit and run" got 27 replies and an amazing 416 views already. And he/she/it never even came back for a single reply since the OP.

 

[danberkeley]

Seems reasonable enough to me. This "hit and run" got 27 replies and an amazing 416 views already. And he/she/it never even came back for a single reply since the OP.

Or have a minimum post count and one month waiting period before being able to start a thread.

 

[Josh_LA]

http://www.huppi.com/kangaroo/L-ausintro.htm

What do you think? Under close scrutiny, the Austrian School of Economics doesn't seem very credible.

yeah read it, one of the first things I've read when I first was into using gold as currency

 

[Met Income]

because it's his first post. so he comes to the forums, signs up for an account, and tries to push his nonsense on us. clearly he is not a ron paul supporter if he just makes an account to try to discredit the Austrian theory of economics.

it's still amazing how people don't believe the austrian school when pretty much the only people who predicted this economic collapse were austrian thinkers. all the traditional economists thought everything was fine, and it was the austrians who were trying to warn everyone.

the video of peter schiff vs. art laugher is a good example of Austrian Economics vs. Mainstream Economics.... and i think we all know who won that bet of a penny.

You have to be a RP supporter to post here? Is that what you want?

His first post advanced a discussion. So it didn't ball wash Ron Paul, that doesn't make him a troll.

 

[Met Income]

I've never understood why new members are able to start threads right away.

There ought to be a waiting period.

Say that you have to wait 2-3 days after joining before you can post a REPLY, and then 1-2 weeks (plus a required posting of say 5 replies) before being allowed to open a new thread.

For established communities, I think that would help eliminate a lot of this type of "hit and run" activity.

Especially since, in my experience, the type of people who become "solid" new members of an online community tend to "lurk" for quite a while before posting anyway. If the additional "waiting period" were known ahead of time, I cannot see this truly aggravating any "solid" new members.

Just thinking out loud.

This really matter that much to you? People should have the FREEDOM to post when they want.

 

[fj45lvr]

I like Congressman Paul's idea best. Legalize competing currencies and we'll see which is the better idea. To heck with philosophical blathering. I've had enough of that.

In the old neighborhood was a saying: "Money talks and BS walks". Let them compete and the question will answer itself.

This is the WORD right here......and shows how far we are from being FREE PEOPLE with LIBERTY.


Just cut through the BS and let us actually choose for ourselves our own security and happiness in monetary freedom.

The fact that the CROOKS and LIARS don't allow that to happen just shows people that the vast majority are really just SLAVES.

The black market rules.

 

[jon_perez]

That so-called "FAQ on Liberalism" at http://www.huppi.com/kangaroo/LiberalFAQ.htm#Backausmain is anti-right wing propaganda with very strong biases and so must be read with this in mind.

It doesn't mean that they can't make some correct observations every so often, but by and large it seems that the author(s)' aims are to more to demolish the opposite side of the political spectrum rather than to provide enlightenment.

Personally, I think that one must take into consideration at least some of the views presented on that site. On the other hand, mainstream economics has its fair share of garbage that Austrian ideas manages to expose handily.

Only the naive would believe that either is the last word on economics. In fact there is a new school of thought that attempts to apply complexity theory to the study of economics and makes the claim that all attempts to analyze economics using linear style equations or simple cause-and-effect are doomed to fail.

 

[jon_perez]

You have to be a RP supporter to post here? Is that what you want?

His first post advanced a discussion. So it didn't ball wash Ron Paul, that doesn't make him a troll.

It was not a troll. The post accusing it of trolling was more of a troll, in fact. It was a legitimate question and not at all phrased offensively (unless one is extremely closed-minded, I guess).

 

[jon_perez]

Hehe, in http://www.huppi.com/kangaroo/L-ausintro.htm we read that "Nobel economist Paul Samuelson wrote that "I tremble for the reputation of my subject" after reading the "exaggerated claims that used to be made in economics for the power of deduction and a priori reasoning [the Austrian methods]." (1) Noted economist Mark Blaug has called Austrian methodologies "so cranky and idiosyncratic that we can only wonder that they have been taken seriously by anyone."

as if mainstream economics is not just as cranky and idiosyncratic and full of unwarranted assumptions too... or worse...

 

[jon_perez]

Here's a prime example of loose reasoning by "mainstream economics" at http://www.huppi.com/kangaroo/L-ausgold.htm

"At low levels, inflation under fiat money is relatively harmless. However, the deflation caused by the gold standard is truly destructive. If dollars have inflated to 2 percent of their original value, and the price of gold has risen 20 times, then maintaining the gold standard would have deflated the dollar to 2.5 times its original value. That's a lot of unemployment.'

Hmmm... how in heck did deflation become unequivocally related to unemployment?!? Also, if the money I hold increases in value, then I wouldn't mind being unemployed! Duh...

 

[WRellim]

This really matter that much to you? People should have the FREEDOM to post when they want.

Certainly.

But "people" should be actual participants in a forum, and not simply "drive by shooters" who post links to straw man articles and then disappear into the woodwork... that is not discussion, nor debate, it is a "hit and run."

And if you argue that it is NOT the sole post but rather that some long time RPF member has simply assumed another "new identity" in order to post this, then it is simple cowardice.

My "thoughts" were simply that this thread is an example of an instance why the privilege of starting new threads would be best limited to those who actually "stick around."

 

[eric_cartman]

it's fine that new members can make a post. you want to invite and encourage people to join the conversation.

if trolling gets to be a big problem, then we can consider making minimum post requirements. but this hardly ever happens, so a couple people doing it isn't that big a deal. we shouldn't sacrifice liberty for security! but if we get attacked by lots of terrorist trolls, starting threads on their first post, then we'll have to give up our liberty to ensure the safety and security of the forum.