Economics Questions

Re: North Dakota state engineered Boom

skylien — Wed, 07 Dec 2011 13:27:28 GMT

Evilsceptic:
I mean maybe if Austrian economics had someway of explaining how the government can create artificial booms through manipulating the supply of credit, I would buy the whole 'praxeology thing'.

Right. Artificial booms? That's a pure assertion, there is no evidence that something could even exist. Busts are real so booms have to be as well, right? Aren’t they saying that it has something to do with interest rates? Interest is not even a real market phenomenon. They are set by the FED. Without the FED nobody would even know how much interest to ask for in the first place. Interest's sole purpose is to fight inflation. It is stupid to think there are people who actually base their decisions like if they should build a house at all or how big they should make it on something meaningless like interest rates, which would have an effect on the real economy, because it would affect/distort people's valuation/preferences of scarce goods over time... That's just really stupid to think.

Re: North Dakota state engineered Boom

Evilsceptic — Tue, 06 Dec 2011 22:43:57 GMT

Okay. I'm done. I officially renounce Austrian eocnomics.

This really takes the cake!

I mean maybe if Austrian economics had someway of explaining how the government can create artificial booms through manipulating the supply of credit, I would buy the whole 'praxeology thing'.

Re: North Dakota state engineered Boom

limitgov — Tue, 06 Dec 2011 18:36:17 GMT

"unlike the struggling private banking system"

there's nothing free market about banks, if that's what you're implying.

Re: North Dakota state engineered Boom

bbnet — Tue, 06 Dec 2011 14:07:14 GMT

North Dakota state emgineered Destruction

http://minnesota.publicradio.org/display/web/2010/09/16/north-dakota-oil-boom-part-2/
http://www.governing.com/topics/energy-env/north-dakotas-oil-boom-blessing-curse.html

North Dakota's involvement in the oil industry has led to the raping of the environment, rampant violations of private property rights, lowered standards of living for the longtime residents through high price inflation, and extreme degredation to the transportation infrastructure. Large reclaimation fields are filled with toxic chemicals. Oil wells pop up on peoples land without their consent. Cost of living has skyrocketed. Roads and bridges are in disrepair.

So, the myth of compassion of the public sector has another empirical contradiction.

Re: North Dakota state engineered Boom

DanielMuff — Mon, 05 Dec 2011 22:41:47 GMT

**waits for bubble to burst**

Re: North Dakota state engineered Boom

Clayton — Mon, 05 Dec 2011 22:25:47 GMT

WTF?

North Dakota state engineered Boom

aervew — Mon, 05 Dec 2011 21:16:39 GMT

North Dakota state engineered Boom

http://www.yesmagazine.org/new-economy/the-north-dakota-miracle-not-all-about-oil

North Dakota's economy is booming thanks to state owned Bank of North Dakota that is allocating capital exactly as the investments require it, unlike the struggling private banking system in the rest of the country. As a result, it is the lowest unemployment state and looking like the go-to place as even the free market ron paul forumers agree( http://www.ronpaulforums.com/showthread.php?333983-Seeking-Jobs.-Is-the-boom-in-Williston-N.D.-legit ).

So, the myth of efficiency of private sector has another empirical contradiction.