Economics Questions

Re: I Need Your Help - Austrian v. Chicago

chloe732 — Fri, 26 Mar 2010 02:56:38 GMT

maelstrom07:
Thanks anyway for your help.

No problem. Hope to see you around here again.

Re: I Need Your Help - Austrian v. Chicago

maelstrom07 — Thu, 25 Mar 2010 22:00:42 GMT

Well, so much for that. I was all ready to go and my car decided that I shouldn't go. Thanks anyway for your help.

Re: I Need Your Help - Austrian v. Chicago

maelstrom07 — Thu, 25 Mar 2010 20:00:17 GMT

I appreciate your answers. I've noted the ones I like the best and will ask depending on the content of the lecture. I have one advantage that one reply was concerned about: I'm not a student. I simply live in the area. However, I do intend to be respectful of the speaker and I don't want to show Austrians in a bad light by berating the speaker. Walter Block suggested one other question...What are your reservations on the Mises-Hayek-Rothbard account of depressions and have you ever heard of or read Tom Woods "Meltdown"

We'll see. I'm not the best at taking notes but I'll give it a shot and let you know what happened.

Re: I Need Your Help - Austrian v. Chicago

Smiling Dave — Wed, 24 Mar 2010 05:38:39 GMT

maybe: How is the govt smarter than all the bankers put together? if it isn't, how does it know better than the market what the right interest rate is?

Re: I Need Your Help - Austrian v. Chicago

bbnet — Wed, 24 Mar 2010 05:02:44 GMT

Would Obama govern more effectively in a zoot suit or his birthday suit?

What grade would you give the Federal Reserve System for its performance over the last hundred years in terms of maximization of employment, stabilizing prices, protecting the credit rights of consumers, and strengthening U.S. standing in the world economy; and would Americans be better off if the FED had been allowed to compete with other voluntarily established currencies within the USA?

Re: I Need Your Help - Austrian v. Chicago

chloe732 — Wed, 24 Mar 2010 04:37:12 GMT

Watch or read transcripts of Allen Greenspan and Ben Bernanke telling Congress how things were just great from 2004 to 2007. How there was no housing bubble. How sub prime was not a major problem, how cash out residential equity was boosting the economy, how "financial innovation" was leading to improved risk management (sub-prime, SIV's).

Then, ask Dr. Rajan why none of the world's central bankers saw the crash coming before it was right on top of them. You might want to mention that the Austrian economists had no problem understanding the boom while it was happening and they were able to explain the cause of the inevitable bust based on existing theory, not ad hoc inventions made up by the mainstream economists (ie, "China has too much savings").

But he will discount you and go on to the next question. Whatever you decide to ask, I suggest you keep is very short and simple, without the tone I am using here. Remember, your teachers are also listening. Don't embarrass them, it will not help your career. Be careful and respectful.

I'd be interested to hear how the speech went, please post again afterwards.

Here are some reading suggestions to use as "preparation": The Bailout Reader

Re: I Need Your Help - Austrian v. Chicago

Stranger — Mon, 22 Mar 2010 23:41:32 GMT

Ask whether a central bank-controlled interest rate can be reconciled with a free market rate of interest.

Re: I Need Your Help - Austrian v. Chicago

maelstrom07 — Mon, 22 Mar 2010 22:56:54 GMT

Neither of these really answer my question of what to ask on Thursday.

Re: I Need Your Help - Austrian v. Chicago

abskebabs — Mon, 22 Mar 2010 22:19:24 GMT

Caley McKibbin:

What Chicago lacks is the time preference theory of interest.

And a disaggregated capital theory?

Re: I Need Your Help - Austrian v. Chicago

Caley McKibbin — Mon, 22 Mar 2010 21:54:36 GMT

What Chicago lacks is the time preference theory of interest.

I Need Your Help - Austrian v. Chicago

maelstrom07 — Mon, 22 Mar 2010 20:53:35 GMT

I am planning on attending a speech given by Raghuram G. Rajan from the Chicago Booth School of Business this Thursday at Yale University. His speech is called, "Is It Over Yet? The Deeper Underpinnings of the Crisis." Being of the Chicago School and from a portion of his book, Saving Capitalism from the Capitalists, I would assume he will say that we don't have the proper amount of gov't regulation in the financial system. While we agree on this point we disagree on the amount. He'll say some and I'll say none.

My question is assuming he'll allow questions following the speech, what would be a succinct way of bringing forth the Austrian viewpoint in the form of a question? I don't want to be outright challenging since it is his speech but I don't want the listeners to be left without the Austrian viewpoint either. I am unable to get his book by this Thursday and my knowledge of the Chicago School is limited to the above stated view of some gov't intervention/regulation is the best way to run a "free market."

Any insight or information would be appreciated.