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Austrianism in the Mainstream [Running Thread]

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Wheylous replied on Mon, Nov 21 2011 4:01 PM

Hayek wasn't an Austrian, right?

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Technically, yes, he was.  Although, as Nielsio points out (which you probably saw), by strict Austrians he was not a 'main line' adherent of the school.  But for generally all intents and purposes, he is considered a main, if not integral, part of it.  He was a prime student of Mises, and much of his work is based in Misesian fundamentals.  (Not to mention he actually was literally Austrian by nationality).  His bio from the Mises Institute can be seen here.

 

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Joe replied on Tue, Nov 22 2011 3:03 AM

THe mainline that continues into the Mises Institute today goes:  Menger - Bohm-Bawerk - Mises - Rothbard.  After Rothbard, people under the same line would be the current Mises Instutute folks Block, Salerno, Garrison, Murphy, Hulsmann, De Soto Hoppe etc.

In terms of libertarianism, Rothbard broke away from Mises in advocating for natural law as well as full-blown anarchy.

 

The other line split off with Bohm-Bawerk's brother in law Fredrich von Wiesser, this line was carried into Hayek.  They are closer to neoclassical economics than the mainline, and you will see this reflected in their policy suggestions as well, as they tend to see the state playing a bigger role in society than the mainline Austrians.

 

Even in a popular book that is supposed to be a defense of free markets and individualism, The Road to Serfdom, Hayek argues for government provided healthcare and a social safety net.

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Wheylous replied on Tue, Nov 22 2011 3:17 PM

Thanks for the replies!

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Former Chairman of Federal Reserve Paul Volcker asked about Austrian School at 2008 lecture "Reflections on the world economy" (National University of Singapore)

 

 

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It doesn't say "Austrian" outright, but it's close enough...

via DailyCaller:

Young people are getting on the Ron Paul train in droves. And even if Ron Paul doesn’t emerge from the GOP primary the victor, he’s helping to create the next generation of Republicans. These ain’t your mama’s Republicans, either. They are the tea party of toleration. They’re reading their Hayek, their Friedman and their Constitution. They are coalescing around a set of timeless principles. These are decidedly not the errant slogans of modern progressivism, nor the vacuous bromides of 2008. These are the most important ideas the world has ever known — life, liberty, property and limited government — enshrined forever by Jefferson and Madison to serve as a beacon for the world.

 

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Wheylous replied on Thu, Dec 15 2011 8:31 PM

Mention 1 minute ago in the debate right now (of course, by RP) :)

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You are all wrong, printing money can halt Europe's crisis

By Ambrose Evans-Pritchard Last updated: December 1st, 2011

This will enrage many readers — especially the "Austrian" internet vigilantes — but I have to say it.

 

(ht EPJ)

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Wall Street Journal:

"China is a poster child for the Austrian school of economics' theory of the business cycle. After undertaking the biggest stimulus program the world has ever seen in response to the global financial crisis, the country is drowning in unproductive investments financed with credit."

(again, ht EPJ)

 

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http://www.youtube.com/watch?feature=player_embedded&v=xyJYGNCktNo#t=4m22

He mentions Mises, Hayek, AND Rothbard!!!

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Why did you start the link so late in the video?  Kudlow begins the interview with a whole discussion about Austrian economics!

 

 

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Been a while since we had one of these, so I guess it's fitting this is an old one, but I just came across it...

L.A. Times via (Reason blog):

 

Ron Paul's ideas no longer fringe

With the economy still struggling, the lawmaker's libertarian views are getting serious attention.

January 02, 2010 | By Don Lee

[...] In particular, Paul is a disciple of Ludwig von Mises, an Austrian theorist born at the end of the 19th century who contended that government intervention in an economy would fail because free markets were better at allocating resources and fueling growth. [...] Mises' ideas became central to what is known as the Austrian School of economics, which emphasized tight controls on credit and money supply, a strategy that discouraged financial ups and downs but tended to slow growth.

 

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3:08 - Tim Carney: "Even if you don't agreee with Ron Paul's sort of Austrian economics and the gold standard, you can at least learn we need to pay more attention to what the Federal Reserve is doing."

And again at 3:55 - "I think I understand Austrian economics better [than you guys], so..."

 

 

 

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Bob English of EPJ and ZeroHedge Explains Austrian Business Cycle Theory to RT

 

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Here's an interesting one you don't see every day...

From Business Insider:

Having watched investors rise and fall over the past several years, we have some advice for anyone in the money management game: Trade Keynesian but speak Austrian.

What does he mean by this? He goes on:

You see, successful money management involves two things: Making money through good investments is part of it. But before you can make it, you actually have to go out and raise it.How do you raise it? Well there are all kinds of ways, but in the money management business, one popular way to do it is to tell a story. And one of the best stories to tell is the Austrian story that goes something like this....
The government is full of idiots. They confiscate your money and spend it on their crony, corrupt projects. They're ruining your kids future by making you go broke, and they try to stave off this day of reckoning by inflating bubbles and debasing the currency...That's one popular way to raise money: By speaking Austrian.
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3:28 - Kudlow: Have you spoken to Mitt Romney, particularly about your goals of sound money and the Austrian free market model?

6:42 - Paul: "...in Europe and what's going on right now, and of course we in the Austrian School believe it has a lot to do with central economic planning"

 

 

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Why Does the World Go to Hell in September?

From Economist:

There may be something of a Austrian school of economics explanation for this.

Austrian business cycle theory holds that the boom-bust business cycle is the result of central bankers printing money and distorting the consumption-savings ratio in favor of savings and the bust occurs when the printing stops and the economy adjusts itself back in favor of a more consumer leaning consumption-savings ratio, which sees more money head into the consumption sector.

 

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Tom seems to have taken on Frum too...

My Latest Video: David Frum Hearts the Fed, Hates Mises

Frum is appalled that people might be growing more interested in the Misesian explanation for the Great Depression than in Milton Friedman’s (in which the Fed’s problem was that it did not inflate enough). Here’s my video reply, and click here for the resource page I assembled to accompany the video.

 

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Good video by Tom Woods.

http://thephoenixsaga.com/
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