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Journal smittyoneeach's Journal: Austrian Economists Are Stupid? 23

Reacting to: http://slashdot.org/~squiggleslash/journal/285991 which isn't taking comments.
I'm not totally deep on the school, but I stayed at a Holiday Inn Express and read The Road to Serfdom.
Overall, the point that centralization sucks is a good one. Vast amounts of power in the hands of an unaccountable few can only be a Good Thing for 'God' values of 'few'.
Which is why I contend that we should redistribute power, not wealth. Empowering people, with the minimal level of necessary government oversight, will enrich all. Who want to be enriched.
Never forget that the evil of the human soul is a constant, and there will always be those claiming 'unfairness', occasionally with legitimacy, but quite frequently in a passive-aggressive mode. And government will deliver that 'fairness', oh yes: next Tuesday.
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Austrian Economists Are Stupid?

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  • I was in line at Wal-Mart picking up a few groceries...

    In line ahead of me was a very large woman - easily 300 pounds - and her 4 kids (I'd guess the oldest was around 14, and the youngest around 8)

    On the conveyor were a collection of T-Bone steaks - quite a bit of them - and other high ticket food items. When it was time to pay, the (presumably) oldest daughter walks over and swipes an EBT card.

    What was remarkable wasn't that a person living on the government teat was essentially getting free stea
  • He starts out saying, "From what I can see, the logic is ..." and then completely misstates (due to being incredibly ignorant) all the logic.

    Please refer to http://econstories.tv/2010/06/22/fear-the-boom-and-bust/ [econstories.tv] and http://econstories.tv/2011/04/28/fight-of-the-century-music-video/ [econstories.tv] KTHX HAND HTH

    Money shot:

    The economy’s not a car, there’s no engine to stall
    no expert can fix it, there’s no “it” at all.
    The economy’s us, we don’t need a mechanic
    Put away the wrenches,

  • I can think of at least three competing economic systems that agree with the Austrians that centralization sucks but do not go so far as to make an idol out of profit.

  • Can you point to any places that "Austrian School Economics" has worked?

    Or maybe the places that tried just didn't clap hard enough?

10.0 times 0.1 is hardly ever 1.0.

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