1. What have Austrians been wrong about in general?
2. What have Austrians wrongly predicted?
3. What have Austrians wrongly predicted that Keynesians have correctly predicted?
I don't deny that the possibility for hyperinflation is there, but it takes a whole lot of confidence diminishment before it will happen. There also has to be an alternative for the three international dollar-demand sources that I mentioned. Mainstream IPE scholars are more Austrian than regular economists.
It just takes a few people to lose confidence. Then as they get out of bonds and buy real things the central bank monetizes more and prices go up a bit. This then causes a few more people to lose confidence. Eventually you get an avalanche and lots of lost confidence. But it does not take a lot to start the feedback loop.
Is your avatar you and your girlfriend/wife?
The Anarch is to the Anarchist what the Monarch is to the Monarchist. -Ernst Jünger
Yes
The Austrian treatment of air I always found confusing: a non-scarce good is one which is superfluous regarding the fullfilment of wants and/or the production of a consumer good.
However air is considered a non-scarce good even though you do have to make a conscious effort to breath, so how can air be non-scarce unless you define scarce air as perhaps "breathable air" and non-scarce air as just potentially breathable air.
Also, if something is non-scarce does that mean it is infinite in supply? And if so, is air really infinite?
Also, I think Rothbard wrote an inadequate proof that there must always be 2 factors of production when he could simply say that by definition, 2 factors are needed to produce something since if only 1 factor were needed, then that factor would be the produced thing and the acts of consumption and production would be the same (which is impossible).
Here's a thread on the scarcity of air: http://archive.freecapitalists.org/forums/t/31127.aspx
Why anarchy fails