Interested in Austrian Economics?

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Hal
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Interested in Austrian Economics?

Post by Hal » Mon Mar 08, 2021 6:07 am

This an interesting read. Slowly working my way through it.

https://cdn.mises.org/Mises%20on%20Money.pdf
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doodle
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Re: Interested in Austrian Economics?

Post by doodle » Wed Mar 10, 2021 7:18 am

My issue with the austrians so far is that for the last 15 or so years they have been wrong about almost everything. Seems like they should be tweaking their economic models. Perhaps the future will prove them right, but even if it does their predictive models are abysmal.
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Hal
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Re: Interested in Austrian Economics?

Post by Hal » Thu Mar 11, 2021 4:54 pm

Australian Economics -> https://www.youtube.com/watch?v=pmfP3B45rIg

Austrian Economics -> https://mises.org

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Kbg
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Re: Interested in Austrian Economics?

Post by Kbg » Fri Mar 12, 2021 6:26 pm

I admire your willingness to dive into it...monetary theory, a good thing right before bed. :-)

At the end of the day "hard money" monetary theories don't deal well with liquidity crises which is why they don't gain much traction and why hard money has been tossed by, oh every country on the planet. Hard currency money systems don't work well at all for one particular type of economic condition, actually they completely fail. The trade off is inflation, that's clear too.

The Fed was created and the gold standard was abolished twice due to hard money liquidity crises. One could claim that the old saying "never let a good crisis go to waste" was at play by the politicians or after three monetary induced shocks the consensus was, this is stupid why are we doing this?

Generally, most humans like practical stuff that works including economists.

As I've said a bunch of times on the board, I don't think any of the mainstream/popular economic theories are explaining what has been going on for almost three decades...starting with Japan and moving on to a good part of the world now. I wouldn't take up a torch for any of them.
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