Thread: Austrian Economist, Robert Murphy on the Debt Ceiling

Originally Posted by akphidelt2007

No one in the educated world of economics considers Austrians to be economists. They are philosophers... basically story tellers. Listen to educated people, not idiots in tin foil hats!

Sounds good....links please to all of these educated economists who predicted and warned of the impending collapse. DA60 just listed some of the austrians who predicted the collapse...I know you have seen the videos. So far we have examples of "tin foil hat" economists who predicted the collapse and in great detail. We will anxiously await for your examples of educated economists who predicted the collapse. Thank you for your time.

Originally Posted by headhawg7

Sounds good....links please to all of these educated economists who predicted and warned of the impending collapse. DA60 just listed some of the austrians who predicted the collapse...I know you have seen the videos. So far we have examples of "tin foil hat" economists who predicted the collapse and in great detail. We will anxiously await for your examples of educated economists who predicted the collapse. Thank you for your time.

Is that your only claim to fame?

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No one in the educated world of economics considers Austrians to be economists. They are philosophers... basically story tellers. Listen to educated people, not idiots in tin foil hats!

You throw around the term educated too much. A lack of perspective allows a group of people to make assumptions that they falsely identify as truths.

Originally Posted by freakonature

You throw around the term educated too much. A lack of perspective allows a group of people to make assumptions that they falsely identify as truths.

Because people are so far off from the educated norm that it is the only thing I can say. I honestly never knew you people existed until I found this site.

Originally Posted by akphidelt2007

Because people are so far off from the educated norm that it is the only thing I can say. I honestly never knew you people existed until I found this site.

Doesn't that make you wonder? You seem fairly intelligent and if nothing else persistent.

Why were you only taught one line of thinking? It is not your fault...it is the fault of the universities and professors who do this. The mainstream way of thinking has brought us the boom and bust economy since the early part of the last century. Have you not seen enough examples?

What is funny I think...if you were to go to a mises institute meeting and learned what they actually stand for and believe...I bet you would actually start to do some of your own research. It is kind of like the two twins separated at birth...one is adopted by muslims and the other by Christians. Just because you were taught a line of thinking or philosophy first...does not make it the correct answer. It just means that is all you have learned. I am sure I took most of the same economics/business and finance classes you did. However...I didn't stop with that degree. I continued to educated myself as it is very important in my line of work in emerging markets. I am glad I did...if I did not then I would have lost some of my wealth like many people did during the 08 crash and the dot com crash, etc...

Just do some research and be honest with yourself...you will be glad you did.

Originally Posted by headhawg7

Doesn't that make you wonder? You seem fairly intelligent and if nothing else persistent.

Why were you only taught one line of thinking? It is not your fault...it is the fault of the universities and professors who do this. The mainstream way of thinking has brought us the boom and bust economy since the early part of the last century. Have you not seen enough examples?

What is funny I think...if you were to go to a mises institute meeting and learned what they actually stand for and believe...I bet you would actually start to do some of your own research. It is kind of like the two twins separated at birth...one is adopted by muslims and the other by Christians. Just because you were taught a line of thinking or philosophy first...does not make it the correct answer. It just means that is all you have learned. I am sure I took most of the same economics/business and finance classes you did. However...I didn't stop with that degree. I continued to educated myself as it is very important in my line of work in emerging markets. I am glad I did...if I did not then I would have lost some of my wealth like many people did during the 08 crash and the dot com crash, etc...

Just do some research and be honest with yourself...you will be glad you did.

I don't mind Austrian's and I do understand what they are talking about. I say extreme stuff on this site just because it seems everyone is extreme in their beliefs, so it just seems the norm. I'm open to any opinion as long as it can be debated openly with out arrogance and stubbornness applied to it. But on this site, Libertarian's seem to me stuck in their own train of thought regardless of what anyone says.

The reason Austrian economics is not taught in mainstream academia is because it can not be applied to the present day global economy. It is more of a philosophy. You guys compare unsophisticated economies to an incredibly complex economy. We have boom and busts now simply because of how technologically advanced our economy is, not because of the Fed or the Govt. If you think that with out the Fed, with out central planning, with out regulation, that the markets could regulate themselves in our incredibly sophisticated economy than you are out of your mind.

Things people can do today to manipulate markets were impossible 100 years ago. The computer and the financial markets has completely changed how economies work. There's just absolutely no place for Austrian economics in the real world. Which is why it isn't. America and the rest of the world does things for a reason. There isn't some massive conspiracy to destroy the universe by educated economists.

Originally Posted by akphidelt2007

The reason Austrian economics is not taught in mainstream academia is because it can not be applied to the present day global economy. It is more of a philosophy. You guys compare unsophisticated economies to an incredibly complex economy. We have boom and busts now simply because of how technologically advanced our economy is, not because of the Fed or the Govt. If you think that with out the Fed, with out central planning, with out regulation, that the markets could regulate themselves in our incredibly sophisticated economy than you are out of your mind..

And your unbiased evidence of this is...?

Originally Posted by DA60

And your unbiased evidence of this is...?

First off it's impossible to have an objective comparison between current day central planning economies and Austrian based economies, simply because there isn't a single Austrian based economy that exists unless you dig deep in to some third world countries. So as unbiased evidence of the success of our current economic system... I guess per capita GDP is a good start.

Originally Posted by akphidelt2007

First off it's impossible to have an objective comparison between current day central planning economies and Austrian based economies, simply because there isn't a single Austrian based economy that exists unless you dig deep in to some third world countries. So as unbiased evidence of the success of our current economic system... I guess per capita GDP is a good start.

And could you now show me the GDP chart of America under an Austrian School style economy during that time?

Because without it...there is absolutely no way to factually say that Keynesian economics works better during that time frame.

Plus, you should be aware that every major country in the world was either destroyed and/or broke after ww2 (except America). Thusly the United States had a monumental advantage for close to a generation on all other major countries during that time.
It would have been virtually impossible not to have succeeded under that advantage.


In fact, your original statement: 'If you think that with out the Fed, with out central planning, with out regulation, that the markets could regulate themselves in our incredibly sophisticated economy than you are out of your mind.'

is COMPLETELY impossible to prove.

And you should have known that before you typed it.

Originally Posted by DA60

And could you now show me the GDP chart of America under an Austrian School style economy during that time?

Because without it...there is absolutely no way to factually say that Keynesian economics works better during that time frame.

Plus, you should be aware that every major country in the world was either destroyed or broke after ww2 (except America). Thusly they had a monumental advantage for close to a generation on all other major countries during that time.


In fact, your original statement: 'If you think that with out the Fed, with out central planning, with out regulation, that the markets could regulate themselves in our incredibly sophisticated economy than you are out of your mind.'

Is COMPLETELY impossible to prove.

And you should have known that before you typed it.

Of course there is no way to prove it because there is no sample size for Austrian economic based economies in the last century. Just like there is no way to prove what you are saying works. I at least can show a graph of reality, whereas you can't show me anything except links to some kook blog sites of people talking about how bad our current system is.

All you guys do is critique the current system, yet you don't listen to any critiques of the alternative. There is a reason why you guys are not considered mainstream. Just like in the world of science, creationists are not seen as mainstream when it comes to evolution. So you can be part of the crazy minority that no one will ever listen to, or you can try to understand what the majority is saying.