Hey everyone,
I've really gotten interested in economics over the past year or so, and have been reading the Mises Blog, Ayn Rand Institute, Cato Institute etc. for a while now, as I consider myself a Libertarian.
I first got into economics by reading Frederic Bastiat's The Law (which is probably obvious from my username... he's my favorite ever), and then from there I got Economics in one Lesson by Henry Hazzlitt, The Road to Serfdom by F.A. Hayek, and picked up Economics, A Reader, as well as The General Theory of Employment, Interest, and Money (I thought I would prepare myself against the opposing arguments). I haven't read them all yet, or even understand what it is that I DO read, but that's my list so far.
I have convinced quite a few fellow classmates (I'm a junior) to become Libertarian, and am actually hauling them all off to Auburn in a few weeks for that high schoolers' conference that the Mises Institute is hosting.
I guess my question is, how can I as a high schooler become more involved with my newly found passion? I just now signed up to be a member on the site and plan on being pretty active, but in addition to that... how do I fully comprehend what it is that I'm learning? I'm used to having classes with exercises and examples, being able to apply things I learn... but this is just so much information so quickly! Haha, I am doing the best I can.
Some specific questions, if you guys could help me resolve them I would be super happy:
1. Why is Austrianism so ignored? It always seems like the debate is always Chicago vs Keynesianism
2. Why exactly is inflation bad?
3. Would a world currency be beneficial?
4. Why don't we like the fed? :)
If you don't have time to answer anything but read this far anyway, a simple "hey, welcome to the neighborhood!" would do wonders to my self confidence ;)
Mike: 1. Why is Austrianism so ignored? It always seems like the debate is always Chicago vs Keynesianism 2. Why exactly is inflation bad? 3. Would a world currency be beneficial? 4. Why don't we like the fed? :)
Hey, welcome to the neighborhood, Mike!
1. Keynes' book was a big hit, and it claimed to disprove all the older economics. And of course AE says the govt should get out of the way, Keynes and Chicago say the govt should be super active. Guess which movements will get govt support?
2. It makes all the money in your wallet and your bank worth less. Thus, it is a hidden tax on every man woman and child. Since inflation is caused by [and some economists say IS] the govt printing money for itself to spend, it drains away resources from everyone else and gives them to the govt.
3. If it went bad there would be nowhere to turn. Now if your fear your dollars will turn into zimbabwe dollars, you can change them into, say, swiss francs.
4. They Feds are the ones that print the money that causes inflation. Also, they guarentee that if anything bad happens to one of the big banks [even through the bank's own reckless incompetence] the taxpayer will refill the bank's coffers.
My humble blog
It's easy to refute an argument if you first misrepresent it. William Keizer
WHAT HAS GOVERNMENT DONE TO OUR MONEY? by Rothbard << Good place to start for question 2
Hey Mike, welcome to the neighbourhood.PS, it is probably obvious Bastiat is your favourite because your username is Mike? Is that a riddle? :P
Weird... I put my real name as "Mike" in my profile and it overwrote my username! Not cool! I think I fixed it now, though :)
ModernBastiat:I guess my question is, how can I as a high schooler become more involved with my newly found passion? I just now signed up to be a member on the site and plan on being pretty active, but in addition to that... how do I fully comprehend what it is that I'm learning?
I was in the same position as you about six months ago. I participated in online debate and it really helped solidify my understanding of basic Austrian Economics.
ModernBastiat: Some specific questions, if you guys could help me resolve them I would be super happy: 1. Why is Austrianism so ignored? It always seems like the debate is always Chicago vs Keynesianism 2. Why exactly is inflation bad? 3. Would a world currency be beneficial? 4. Why don't we like the fed? :)
Introduction to Austrian Economics in one easy 11-hour lesson.
http://www.lewrockwell.com/hoppe/hoppe-hulsmann-videos.html
Welcome to the neighborhood!!