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It's amusing that you think objections against the free market like "asymmetrical information" and "externalities" are either unknown to us or haven't been addressed before. Most of us are well-acquainted with neoclassical literature. So far as I'm concerned, the real issue is whether you've ever bothered to read
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There's something subtly humorous about a discussion where it's the mainstreamer who rejects empiricism in his arguments and the Austrian who pushes it. There's also something kind of humorous about people asking for examples which are being provided by other posters in the very same topic,but since you guys are all asking for examples I'll
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The problem comes in when you attempt to make forecasts - or imply forecasts - on the basis of such models. At this point, you've descended into quant voodoo... "Whenever a business's P/E ratio has gone below 1.0, it is sure to go into bankruptcy." Past behavior is no guarantee of future performance. See, I kinda agree with this in
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John James, if you want me to post examples of the factual inaccuracies regarding what the mainstream does and does not do, you can forget it! Fact of the matter is that from my many years reading Austrian articles and blog posts these are fallacies that I often see repeated. If they don't apply, forget it and move on.
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Woah, whatever you think of Libya, it's pretty ridiculous to liken it to Iraq. Oh, and the world lost its goodwill towards the USA when the world expected America to do everything and then expected America to take the blame when shit went wrong.
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Why not? It was a tongue in cheek comment anticipating the sort of discussion this topic will generate.
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It gets a little tiresome going around individual topics and pointing out the cartoonish depictions or plain falsehoods about "mainstream economics", so I figured I'd make a topic pointing out the most egregious misconceptions. Two points to keep in mind, the economics profession is far from being a monolithic establishment, different
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Public goods don't exist. That is all.
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"Holocaust denial" =/= anti-Semitism. Not necessarily, but a pretty good rule of thumb to go on is that if somebody is outright denying the holocaust they're a right wing crank with some grand narative of the Jews controlling history.
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Who needs logically cohesive theory when you can cobble together statistics which violate ceteris paribus and declare the argument won? Please, if you're going to flog the proverbial dead horse that is the Austrian charicature of econometrics, at least make sure that your objections aren't answered until the second chapter of an introductory