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I would appreciate someone clarifying whether and how "Econometrics" fits within Austrian economics. I have described Austrian economics as "non-statistical" or "non-mathematical", based on deductive logic from certain basic axioms of human action. The push back to that has been, "Don't you need to test whether
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In a free market, you could generally expect a commodity money such as gold would maintain or increase its nominal value relative to other goods and services, assuming that the production of those goods and services is increasing more rapidly than the production of the commodity money. If for some reason, such as war or pestilence, the quantity of goods
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First, his facts are all wrong. There have been economic booms and busts since the founding of the country as well as many since 1933. Second, regulation has little or nothing to do with business cycles. What is his theory? The Austrian theory of the B-Cycle states that it is the Government and Central Bank's artificial expansion of money supply
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Mencken is always a delight. Another short masterpiece by HLM is In Defense of Women . This is a marvelous satire of both genders. In the end, Mencken is best on the attack, but he doesn't spend a lot of time on "solutions". He does a good job of showing why government always makes things worse, but stops short of suggesting the obvious
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from Mises, p. 395 of Human Action : "A medium of exchange which is commonly used as such is called money." In your example, gold is money, diamonds are assets.