Austrian economics
- Thread starter Timshel
- Start date
cawacko
Well-known member
Desh I have no idea about the math used by the various schools of economic thought and I know you don't either.
cawacko
Well-known member
Who are the experts you have listened to?
Cancel 2016.2
The Almighty
LOL... yet you only post from ONE guy... the same link over and over again that doesn't really say what you are saying.
Desh does not know what she is talking about. Austrians can't be using the wrong math because they don't really use math and reject the importance of mathematics and econometrics, arguing that economic theory is a priori primarily because they reject the idea that utility can be measured. Caplan does not fully disagree but criticizes them for failing to understand how math and newer methodological tools can be used to test a priori theories.
He does not claim they are the "shortbus" either.
Austrian scholars have made important contributions to economics in recent years. I personally am most impressed by the work of Lawrence White and George Selgin on free banking and other monetary issues, though certainly other Austrians have made significant contributions too. Set in historical context, I also consider the economics of Mises and Rothbard to be a great achievement in spite of my numerous reservations about it.
I really don't know what the point of all this is anyway, but I doubt it is to argue what Caplan does about Austrians.
He does not claim they are the "shortbus" either.
Austrian scholars have made important contributions to economics in recent years. I personally am most impressed by the work of Lawrence White and George Selgin on free banking and other monetary issues, though certainly other Austrians have made significant contributions too. Set in historical context, I also consider the economics of Mises and Rothbard to be a great achievement in spite of my numerous reservations about it.
I really don't know what the point of all this is anyway, but I doubt it is to argue what Caplan does about Austrians.
Cancel 2016.2
The Almighty
Desh just clings to links that she doesn't understand and then insists they say what she wants them to have said. It is standard protocol in her fantasy world.
I'm Watermark
Diabetic
Baxter, I do respect your opinion here - In fact, I admire it above any beyond that of folks like evince. The Austrians, the truly genuine free-market capitalists, are definitely among the better of the lot.
But they approach economics in a manner contrary to reality. Hayek, for one, believed that capitalism could work in the ideal Smithian manner. Markets would adjust themselves to meet demand, workers would put abusive employers out of business, and the government would provide a minimum income to deal with structural unemployment. He was a utopian who believed that capitalism (the kind where the government and private sector were largely separate) wasn't just a stage in its development. He wasn't anti-labor, just a man of enormous belief.
That's where I consider him fundamentally mistaken. Considering the power centralized in the "leisure class" and their political interests, Hayek's pure capitalism is a fool's dream. Socialism relies on crises and the decent of a system, and that's our current trend, but Austrianism relies on just the opposite; that system rising above itself.
But they approach economics in a manner contrary to reality. Hayek, for one, believed that capitalism could work in the ideal Smithian manner. Markets would adjust themselves to meet demand, workers would put abusive employers out of business, and the government would provide a minimum income to deal with structural unemployment. He was a utopian who believed that capitalism (the kind where the government and private sector were largely separate) wasn't just a stage in its development. He wasn't anti-labor, just a man of enormous belief.
That's where I consider him fundamentally mistaken. Considering the power centralized in the "leisure class" and their political interests, Hayek's pure capitalism is a fool's dream. Socialism relies on crises and the decent of a system, and that's our current trend, but Austrianism relies on just the opposite; that system rising above itself.
cawacko
Well-known member
a bump for you Desh. Who are the experts you've listened to?
evince
Truthmatters
no where in the world in mans history has their ideas worked.
they don't like math and just make up out of whole cloth their presumption about things and claim them FACT with nothing to back them.
They are pretend science for political reasons.
People who claim the Austrian school is correct have as much proof as people who claim big foot lives in their back yard
they don't like math and just make up out of whole cloth their presumption about things and claim them FACT with nothing to back them.
They are pretend science for political reasons.
People who claim the Austrian school is correct have as much proof as people who claim big foot lives in their back yard
cawacko
Well-known member
I'll state again that I am not an expert in the field of economics. I do not claim to know all here. I do know enough though to know you have NO idea what you are talking about. You can't describe the math Austrians or any others use. You don't know what it is. I notice you haven't responded to Prof Baxter's post about Austrians and math.
There's nothing wrong with not knowing things (at least that's what I tell myself) but at least acknowledge it when you clearly have been shown that is the case.
evince
Truthmatters
http://www.businessdictionary.com/definition/Austrian-School-of-Economics.html
Austrian School of Economics
DefinitionEdit DefinitionSave to FavoritesSee Examples
Forerunner of unrestrained free market (libertarian) economics, its central concept is that the coordination of human effort can be achieved only through the combined decisions and judgments of individuals and cannot be forced by an external agency such as a government. It emphasizes complete freedom of association and sovereignty of individual property rights. Its other main tenets include (1) abolishment of central banks and return to the gold standard, (2) elimination of bank deposit insurance schemes so that bank failures punish bad investments, (3) institution of an information system that make real-time prices data available to everyone, (4) abandonment of mathematical models as too rigid and limited to be of any use. Most of its recommendations are fiercely opposed by the mainstream (both capitalist and socialist) economists who call it 'anarchist economics,' and barely acknowledge its existence.
Read more: http://www.businessdictionary.com/definition/Austrian-School-of-Economics.html#ixzz2Zy89iFIO
Austrian School of Economics
DefinitionEdit DefinitionSave to FavoritesSee Examples
Forerunner of unrestrained free market (libertarian) economics, its central concept is that the coordination of human effort can be achieved only through the combined decisions and judgments of individuals and cannot be forced by an external agency such as a government. It emphasizes complete freedom of association and sovereignty of individual property rights. Its other main tenets include (1) abolishment of central banks and return to the gold standard, (2) elimination of bank deposit insurance schemes so that bank failures punish bad investments, (3) institution of an information system that make real-time prices data available to everyone, (4) abandonment of mathematical models as too rigid and limited to be of any use. Most of its recommendations are fiercely opposed by the mainstream (both capitalist and socialist) economists who call it 'anarchist economics,' and barely acknowledge its existence.
Read more: http://www.businessdictionary.com/definition/Austrian-School-of-Economics.html#ixzz2Zy89iFIO
I'm Watermark
Diabetic
Every economic ideology uses math (even that of quasi-Bakunists), however some, above the rest, believe it has a large, meaningful practical application. There is not, to my knowledge, any economist who discards math entirely.
cawacko
Well-known member
You don't see me here spouting off pro-Austrian school comments. I'm not ashamed to admit my detailed knowledge on the various schools of thought is limited. I'll at least admit it though.