oldfart
Older than dirt
- Nov 5, 2009
- 2,411
- 477
Well, they are just your opinions. Otherwise, I'd have to spend the entire night pointing out intellectual dishonesty.
But you proceed to do it anyway!
For whatever reason you believe someone explaining the negative implications of Government intervention in the marketplace and replying false mechanisms regarding prices and profits makes Hayek 'Political.'
I thought you were familiar with the term "political economy". I was mistaken. I believe I also defined it and differentiated it from economics proper. Do you disagree with the distinction?
Although, he has never really advocated in favor of a particular policy, politician or program. Keynes has also advocated for a particular government action in response to a sharp economic downturn. Does this not make him 'political?' Nope, in your honest opinion, Keynes is the only good prominent economist.
There is no ideological position in "Road to Serfdom"? Really???
Second, I represented Keynes as being both an economist and a political economist. Are you having difficulty reading or is it your common practice to intentionally distort others' statements? I try not to twist other people's statements and if I do misinterpret them, I expect to be called out on it.
Thirdly, what in the world leads you to think that I believe "Keynes is the only good prominent economist."? I spoke positively of Hayek in this post. Are you a mind-reader? While you are at it, my wife would like a list of my favorite vegetables!
Also, you have mentioned Adam Smith earlier. He was one of the principles in an astounding period of human learning called the Scottish Enlightenment during the 18th century. He was a moral philosopher, and for him moral philosophy encompass all of the information which had to do with human behavior. He was deeply concerned about the poor in society and was constantly figuring out how to raise the estates of the least among us. In the Wealth of Nations, he records centuries of data which shows empirically, the way to help the least among us is by allowing commerce. Free Trade, Free Migration, Limited Government.
I am familiar with Adam Smith. Now would you care to lecture me on the Philosophical Radicals?
But nope, John M. Keynes is the first and foremost good economist.
Balderdash and poppycock. I said no such thing. If you persist I shall accuse you of denigrating Irving Fisher.
This is generally why I do not take these sort of things seriously. One side, be it Marxist or Keynesian, waste their time arguing why their figures are so great, while the other side waste their time arguing why he is not. It's essentially pointless. Neither said successfully makes a good case about why their economist is 'brilliant.' It's very stupid and probably worse than listening to snot-nosed teenagers argue over which musical artist is better.
I don't like people fawning over authors or thinkers either. I just don't make being opposed to it an excuse to duck points as you seem to be doing. You do remember that you initiated this exchange with a rather pompous pronouncement do you not?
If by 'they don't like data,' you are saying that we effectively scratch the surface to look at the effects beyond the data, then you are right. If we take all data at face value, then all is truly right with the economy. Unfortunately, life isn't so simple.
No, I am referring to the commonly expressed positions of all members of the Austrian School that quantitative methods are inferior to historical analysis. If you would care to put forward an Austrian School econometrician, I would be glad to retract my statement. It is not my fault that you are ignorant of the history and basic tenets of the Austrian School.
By being purists, they insure that no policy actually implemented can be viewed as a fair trial of their prescriptions. If we won't outlaw unions, abolish the minimum wage, end unemployment compensation and welfare (all necessary to "free up" labor markets so wages may fall sufficiently to achieve full employment), return to the gold standard, abolish central banks, and immediately balance the federal budget, they claim we simply fail because we did not go far enough. Being ideologically pure means never having to say you are sorry (or that you were mistaken!), a position that avoids all responsibility.
Once you've given into a moral hazard, it is very difficult to stop. Austrians realise this, which is why we generally draw the line at the first attempt at a government handout. And if we fail, it's not because we haven't gone far enough. Nothing we have advocated as really been implemented. Although, I have noticed a trend when something does go wrong it is usually the fault of a free market or too lax regulation.
You have just proven my case. Nothing recommended by the Austrians will ever be implemented. Which part of my post above that I have highlighted are you willing to forgo? Which of these measures would a "true Austrian" abandon?
Lastly, you do not cover yourself in glory when you begin by accusing me of "intellectual dishonesty" and proceed to immediately grossly misrepresent my position. You lack ordinary manners and are acting churlish. You also have not made any answer to any point I actually did bring up. This does not reflect well on the quality of your thought.