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What have Austrians been wrong about?

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Austen posted on Tue, May 7 2013 9:36 PM

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?

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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.

"The Fed does not make predictions. It makes forecasts..." - Mustang19
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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.

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Jargon replied on Fri, May 10 2013 5:28 AM

Is your avatar you and your girlfriend/wife?

Land & Liberty

The Anarch is to the Anarchist what the Monarch is to the Monarchist. -Ernst Jünger

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Yes

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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).

 

 

 

 

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AJ replied on Mon, Oct 21 2013 5:57 AM

Here's a thread on the scarcity of air: http://archive.freecapitalists.org/forums/t/31127.aspx

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