[quote]thunderbolt23 wrote:
True - the complaint is that the Austrian school’s “remedy” for market failures is inadequate given market participant’s threshold for non-intervention.
True, barriers to entry cause market distortions and whither away competititon - Austrian school focuses on the only meaningful barrier to entry as “impossible to compete”, but in reality, other barriers making entry “difficult” is the the realistic aspect that market participants want in the rules of the market. Actual market participants (as opposed to armchair philosophers opining from their mom’s basement) do not want the impossiblly high standard of “it’s only a barrier to entry if it’s impossible!”, and it’s a waste of otherwise productive resources, thus the Austrian’s ideological purity falls short of providing an adequate remedy to monopolistic practices.
No one raised the “broken window fallacy”, sober up. Pure market solutions cannot adequately deal with major environmental and chemical catastrophes. Lawsuits and insurance are “after the fact” remedies to try and make victims whole, but people don’t want that - they want rules of the game to help prevent such accidents from happening in the first place. Moreover, due to the complexity of environmental problems (i.e., poisons can spread from origin sources and lay dormant, thus creating a near impossibility to establish actor liability), a regulatory regime is required outside of property rights enforcement.
Let’s unpack this - so, I might be right…or I might be wrong? Genius.
I didn’t say Austrians claimed, I said they think it. Look no further than your fellow Austrians insisting that all human activity can be reduced to economics. Austrian economists worship at the altar if Economism with blind faith. Ordinary humans do not behave in accordance with Austrian ideology.
Well, it definitionally is not an ad hominem, but color me unsurprised that you have no idea what you are talking about on that count. More to it, it is a political observation as t o where Austrian dogma leads. People don’t see the world as Austrian economists want them to, so when this “program” (not unlike Scientology) gets crammed down their throats, they begin looking for alternatives, and the results aren’t usually very good.
I’ve said it before - nothing makes Social Democracy more appealing to US citizens than to have Ron Paul speaking at a podium extolling the virtues of Austrian economics.
Nope, and I even noted an aspect that I really like about Austrian economics (theories on malinvestment).
I realize it breaks your heart that someone might not believe your precious dogma can make the world anew in utopian terms, but that’s too bad. Austrian economists are barely different than Marxists (certainly not in their most basic assumptions), which is why the world (thankfully) passes them by on the path to governing real human affairs.[/quote]
So, you have strong opinions on the issue.
You are still wrong in claiming that Austrians actually believe all this stuff.
However, I do not think that you need my help to butcher all the strawmen you erect.
