In this thread on mises.org, someone was asking about different competing philosophies of economics.
Keynesian economics is a bunch of lies used to justify fiat money and State intervention in the economy. It started becoming popular in the 1930s as a way of justifying the default on the gold standard and gold confiscation by Roosevelt, along with the New Deal and Welfare State.
(Some commenters got angry that I said "Keynesian economics is a bunch of lies and propaganda." I don't understand that one. A common pro-State troll belief is "Don't say that ideas are stupid." It is important and necessary to call out stupid ideas as stupid, lest stupid ideas spread without being questioned.)
Austrian economics is better. As far as I can tell, it's about sound money and little/no government regulation of the monetary system.
Another important one is "counter-economics", which is the idea that people should just ignore the government and form competing free market based organizations. Agorism is the only consistent theory of economics and politics.
Sunday, December 6, 2009
Different Economic Philosophies
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3 comments:
Isnt all economics a bunch of lies? I think so, it pretends to being a scientific discipline but it is all just rubbish. I think paper money, fractional reserve banking and taxation are theft and loaning money at interest is immoral, the Austrain School thinks lending money at interest has utilitarian benefit, I think it is immoral.
Economics is just a fancy way of descibing human survival motivated interaction. If people are stranded on an island they will specialize in tasks required for surivial and exhange finished goods and labour to improve their level standard of living. They will survive without any fancy scientific calculations, graphs or fiscal policy.
Interest is not immoral when it is charged through consentual agreement using saved capital (goods or money).
Interest is valuable because their is an opportunity cost for the lender. If there is no incentive to lend money then people won't and the rate of production is not maximized.
"the Austrain School thinks lending money at interest has utilitarian benefit, I think it is immoral."
I love you, man. I want to borrow every available penny you have. No interest (cause it's immoral).
You exist solely to refuse consumption to allow me to use your saved purchasing power.
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