An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
"Neoliberalism is a contemporary political movement advocating economic liberalizations, free trade and open markets. Neoliberalism supports the privatization of nationalized industries, deregulation, and enhancing the role of the private sector in modern society. It is commonly informed by neoclassical or Austrian economics. The term neoliberal today is often used as a general condemnation of economic liberalization policies and advocates.[1][2]"
http://en.wikipedia.org/wiki/Neoliberalism
"Neoclassical economics is a term variously used for approaches to economics focusing on the determination of prices, outputs, and income distributions in markets through supply and demand, often mediated through a hypothesized maximization of utility by income-constrained individuals and of profits by cost-constrained firms employing available information and factors of production, in accordance with rational choice theory.[1] Neoclassical economics dominates microeconomics, and together with Keynesian economics forms the neoclassical synthesis, which dominates mainstream economics today.[2]."
"Classical liberalism is the philosophy committed to the ideal of limited government, constitutionalism, rule of law, due process, and liberty of individuals including freedom of religion, speech, press, assembly, and free markets.[1][2]
Classical liberalism developed in the 19th century in Europe and the United States. Although classical liberalism built on ideas that had already developed by the end of the 18th century, it advocated a specific kind of society, government and public policy as a response to the Industrial Revolution and urbanization.[3] Notable individuals whose ideas have contributed to classical liberalism include John Locke[4], Claude Frédéric Bastiat[5], Jean-Baptiste Say, Thomas Malthus and David Ricardo. It drew on the economics of Adam Smith and on a belief in natural law[6], utilitarianism[7], and progress.[8]
There was a revival of interest in classical liberalism in the 20th century led by Ludwig von Mises, Friedrich Hayek and Milton Friedman.[9]
Some call the late 19th century development of classical liberalism "neo-classical liberalism," which argued for government to be as small as possible in order to allow the exercise of individual freedom, while some refer to all liberalism before the 20th century as classical liberalism.[10]
The term classical liberalism was applied in retrospect to distinguish earlier 19th-century liberalism from the newer social liberalism.[11] Libertarianism has been used in modern times as a substitute for the phrase "neo-classical liberalism", leading to some confusion. The identification of libertarianism with neo-classical liberalism primarily occurs in the United States,[12] where some conservatives and right-libertarians use the term classical liberalism to describe their belief in the primacy of economic freedom and minimal government.[13][14][15]"
Neoliberalism is a contemporary political movement advocating economic liberalizations, free trade and open markets. "Neoliberalism supports the privatization of nationalized industries, deregulation, and enhancing the role of the private sector in modern society. It is commonly informed by neoclassical or Austrian economics. The term neoliberal today is often used as a general condemnation of economic liberalization policies and advocates."
http://en.wikipedia.org/wiki/Neoliberalism
"Neoclassical economics is a term variously used for approaches to economics focusing on the determination of prices, outputs, and income distributions in markets through supply and demand, often mediated through a hypothesized maximization of utility by income-constrained individuals and of profits by cost-constrained firms employing available information and factors of production, in accordance with rational choice theory.[1] Neoclassical economics dominates microeconomics, and together with Keynesian economics forms the neoclassical synthesis, which dominates mainstream economics today."
"Classical liberalism is the philosophy committed to the ideal of limited government, constitutionalism, rule of law, due process, and liberty of individuals including freedom of religion, speech, press, assembly, and free markets.[1][2]
Classical liberalism developed in the 19th century in Europe and the United States. Although classical liberalism built on ideas that had already developed by the end of the 18th century, it advocated a specific kind of society, government and public policy as a response to the Industrial Revolution and urbanization.[3] Notable individuals whose ideas have contributed to classical liberalism include John Locke[4], Claude Frédéric Bastiat[5], Jean-Baptiste Say, Thomas Malthus and David Ricardo. It drew on the economics of Adam Smith and on a belief in natural law[6], utilitarianism[7], and progress.[8]
There was a revival of interest in classical liberalism in the 20th century led by Ludwig von Mises, Friedrich Hayek and Milton Friedman.[9]
Some call the late 19th century development of classical liberalism "neo-classical liberalism," which argued for government to be as small as possible in order to allow the exercise of individual freedom, while some refer to all liberalism before the 20th century as classical liberalism.[10]
The term classical liberalism was applied in retrospect to distinguish earlier 19th-century liberalism from the newer social liberalism.[11] Libertarianism has been used in modern times as a substitute for the phrase "neo-classical liberalism", leading to some confusion. The identification of libertarianism with neo-classical liberalism primarily occurs in the United States,[12] where some conservatives and right-libertarians use the term classical liberalism to describe their belief in the primacy of economic freedom and minimal government."
"Neoliberalism is a contemporary political movement advocating economic liberalizations, free trade and open markets. Neoliberalism supports the privatization of nationalized industries, deregulation, and enhancing the role of the private sector in modern society. It is commonly informed by neoclassical or Austrian economics. The term neoliberal today is often used as a general condemnation of economic liberalization policies and advocates."
"Neoclassical economics is a term variously used for approaches to economics focusing on the determination of prices, outputs, and income distributions in markets through supply and demand, often mediated through a hypothesized maximization of utility by income-constrained individuals and of profits by cost-constrained firms employing available information and factors of production, in accordance with rational choice theory.[1] Neoclassical economics dominates microeconomics, and together with Keynesian economics forms the neoclassical synthesis, which dominates mainstream economics today."
"Classical liberalism is the philosophy committed to the ideal of limited government, constitutionalism, rule of law, due process, and liberty of individuals including freedom of religion, speech, press, assembly, and free markets.[1][2]
Classical liberalism developed in the 19th century in Europe and the United States. Although classical liberalism built on ideas that had already developed by the end of the 18th century, it advocated a specific kind of society, government and public policy as a response to the Industrial Revolution and urbanization.[3] Notable individuals whose ideas have contributed to classical liberalism include John Locke[4], Claude Frédéric Bastiat[5], Jean-Baptiste Say, Thomas Malthus and David Ricardo. It drew on the economics of Adam Smith and on a belief in natural law[6], utilitarianism[7], and progress.[8]
There was a revival of interest in classical liberalism in the 20th century led by Ludwig von Mises, Friedrich Hayek and Milton Friedman.[9]
Some call the late 19th century development of classical liberalism "neo-classical liberalism," which argued for government to be as small as possible in order to allow the exercise of individual freedom, while some refer to all liberalism before the 20th century as classical liberalism.[10]
The term classical liberalism was applied in retrospect to distinguish earlier 19th-century liberalism from the newer social liberalism.[11] Libertarianism has been used in modern times as a substitute for the phrase "neo-classical liberalism", leading to some confusion. The identification of libertarianism with neo-classical liberalism primarily occurs in the United States,[12] where some conservatives and right-libertarians use the term classical liberalism to describe their belief in the primacy of economic freedom and minimal government."
"Neoliberalism is a contemporary political movement advocating economic liberalizations, free trade and open markets. Neoliberalism supports the privatization of nationalized industries, deregulation, and enhancing the role of the private sector in modern society. It is commonly informed by neoclassical or Austrian economics. The term neoliberal today is often used as a general condemnation of economic liberalization policies and advocates"
"Neoclassical economics is a term variously used for approaches to economics focusing on the determination of prices, outputs, and income distributions in markets through supply and demand, often mediated through a hypothesized maximization of utility by income-constrained individuals and of profits by cost-constrained firms employing available information and factors of production, in accordance with rational choice theory.[1] Neoclassical economics dominates microeconomics, and together with Keynesian economics forms the neoclassical synthesis, which dominates mainstream economics today"
"Classical liberalism is the philosophy committed to the ideal of limited government, constitutionalism, rule of law, due process, and liberty of individuals including freedom of religion, speech, press, assembly, and free markets.[1][2]
Classical liberalism developed in the 19th century in Europe and the United States. Although classical liberalism built on ideas that had already developed by the end of the 18th century, it advocated a specific kind of society, government and public policy as a response to the Industrial Revolution and urbanization.[3] Notable individuals whose ideas have contributed to classical liberalism include John Locke[4], Claude Frédéric Bastiat[5], Jean-Baptiste Say, Thomas Malthus and David Ricardo. It drew on the economics of Adam Smith and on a belief in natural law[6], utilitarianism[7], and progress.[8]
There was a revival of interest in classical liberalism in the 20th century led by Ludwig von Mises, Friedrich Hayek and Milton Friedman.[9]
Some call the late 19th century development of classical liberalism "neo-classical liberalism," which argued for government to be as small as possible in order to allow the exercise of individual freedom, while some refer to all liberalism before the 20th century as classical liberalism.[10]
The term classical liberalism was applied in retrospect to distinguish earlier 19th-century liberalism from the newer social liberalism.[11] Libertarianism has been used in modern times as a substitute for the phrase "neo-classical liberalism", leading to some confusion. The identification of libertarianism with neo-classical liberalism primarily occurs in the United States,[12] where some conservatives and right-libertarians use the term classical liberalism to describe their belief in the primacy of economic freedom and minimal government."
"financial instability is in fact the natural state of our economic environments and that credit and banking lie at the very heart of that difference between Keynesian / Neo-classical dogma and the tough new reality that the world's major economies now face."
Why is he pairing Keynesian with neo-Classical as both dogmas?
"The political and economic elite have "blind-sided themselves to the role of rising debt in funding what is really the biggest ponzi scheme in human history"
I'd bet the fact that he includes 'Keynesian' in the preceding sentence and now "ponzi" in this next sentence means that he looks as govt "debt" as part of the "ponzi scheme".
By "Keynesianism", I think he means either IS-LM Keynesianism or New Keynesianism - approaches that don't include banks and financial instability.
But he is mistaken in characterizing these theorists as describing a "new normal." The whole point of Minsky, Keen etc. is that financial instability is inherent in capitalist finance, and so capitalist finance needs to be regulated. You can apply the theory to all the bubbles and collapses of the past as well as the present.
Not sure what they figured out from reading the comments.
Austrians have ALWAYS been on the side of Minskyans that banking is the source of instability. Keen appeals to their base instincts too. They can sit there and say " Yep those banks just create money out of thin air and the govt backs it with their fiat, if we just had a gold standard!!"
They would still completely reject everything Mike or Warren would recommend.
They think economics is ALL about the currency and keeping it "sound"
Classical liberalism is a philosophy that is about maximizing individual freedom (liberty) and rule of law, and utilitarianism interpreted as individuals' maximizing utility rather than the greatest good for the greatest number (J. S. Mill). Classical liberalism is different from philosophical liberalism (liberty, equality and fraternity) in that it focuses on economic liberty to pursue maximum utility and private property as a basic right. Philosophical liberalism holds that human rights trump property rights and classical liberals reverse this. Classical liberals are not "liberals."
Classical liberalism grew out the Whig tradition in opposition to Tory conservatism. Margaret Thatcher once said to Hayek, whose The Road to Serfdom was her political bible, "You want me to be a Whig, but I am a Tory."
New Classicalism is a macroeconomic theory/methodology that is based on marginalsim, general equilibrium, microfoundations, rational expectations, and maximum utility. Methodologically it is now based on ergodicity and econometrics. It is the economic theory underlying neoliberalism.
Neoliberalism is a combination of economic theory (New Classicalism) and political socio-political philosophies — classical liberalism and Libertarianism, the latter especially in the US. (Milton Friedman was a Libertarian). It is based on "free markets, free trade, and free capital flows," and privatization and deregulation. It is a justification for Western neo-imperialism and the right to rule of the Great Acquisitors.
The economic calculation problem is about pricing. Mises (1920) claimed that the only sure method of price discovery consistent with actual events occurs through a free market. Managed economies with command systems cannot rationally allocate scarce resources in a rational way and therefore price distortions are bound to occur whenever government sets prices. Hayek agreed. See Hayek's essay, "The Use of Knowledge in Society."
This is why Austrians want to get rid of central banking and go back to "sound money," preferrably a gold standard.
Thanks for the info all! Armed with this new info, I was showing-off to a friend earlier this evening:
"You know you have a minor in Economics, don't you?" "Well if you know so much, remind me what my major was?" "I'm really in no mood for you tonight." (Click)
As it turns out, tis true. I looked at my resume. God only knows how THAT happened. I don't remember any of this stuff. But then again, I rarely attended class, crammed for exams, and anything I may have learned was lost before happy hour.
I now know the difference between between PKE and New/Neo Keynesians. So I am getting there, don't give up on me. I have actually been TRAINED in this! ;)
20 comments:
Ok, I've had it. What is the difference between:
neo-liberalism
neo-classicism
classical liberalism
Treat me like I am the mental 6 year old I am.
Great music
wikipedia speaks:
"Neoliberalism is a contemporary political movement advocating economic liberalizations, free trade and open markets. Neoliberalism supports the privatization of nationalized industries, deregulation, and enhancing the role of the private sector in modern society. It is commonly informed by neoclassical or Austrian economics. The term neoliberal today is often used as a general condemnation of economic liberalization policies and advocates.[1][2]"
http://en.wikipedia.org/wiki/Neoliberalism
"Neoclassical economics is a term variously used for approaches to economics focusing on the determination of prices, outputs, and income distributions in markets through supply and demand, often mediated through a hypothesized maximization of utility by income-constrained individuals and of profits by cost-constrained firms employing available information and factors of production, in accordance with rational choice theory.[1] Neoclassical economics dominates microeconomics, and together with Keynesian economics forms the neoclassical synthesis, which dominates mainstream economics today.[2]."
"Classical liberalism is the philosophy committed to the ideal of limited government, constitutionalism, rule of law, due process, and liberty of individuals including freedom of religion, speech, press, assembly, and free markets.[1][2]
Classical liberalism developed in the 19th century in Europe and the United States. Although classical liberalism built on ideas that had already developed by the end of the 18th century, it advocated a specific kind of society, government and public policy as a response to the Industrial Revolution and urbanization.[3] Notable individuals whose ideas have contributed to classical liberalism include John Locke[4], Claude Frédéric Bastiat[5], Jean-Baptiste Say, Thomas Malthus and David Ricardo. It drew on the economics of Adam Smith and on a belief in natural law[6], utilitarianism[7], and progress.[8]
There was a revival of interest in classical liberalism in the 20th century led by Ludwig von Mises, Friedrich Hayek and Milton Friedman.[9]
Some call the late 19th century development of classical liberalism "neo-classical liberalism," which argued for government to be as small as possible in order to allow the exercise of individual freedom, while some refer to all liberalism before the 20th century as classical liberalism.[10]
The term classical liberalism was applied in retrospect to distinguish earlier 19th-century liberalism from the newer social liberalism.[11] Libertarianism has been used in modern times as a substitute for the phrase "neo-classical liberalism", leading to some confusion. The identification of libertarianism with neo-classical liberalism primarily occurs in the United States,[12] where some conservatives and right-libertarians use the term classical liberalism to describe their belief in the primacy of economic freedom and minimal government.[13][14][15]"
http://en.wikipedia.org/wiki/Classical_liberalism
Neoclassical music:
http://www.youtube.com/watch?v=co-gL6pskwQ&feature=related
Neoliberalism is a contemporary political movement advocating economic liberalizations, free trade and open markets. "Neoliberalism supports the privatization of nationalized industries, deregulation, and enhancing the role of the private sector in modern society. It is commonly informed by neoclassical or Austrian economics. The term neoliberal today is often used as a general condemnation of economic liberalization policies and advocates."
http://en.wikipedia.org/wiki/Neoliberalism
"Neoclassical economics is a term variously used for approaches to economics focusing on the determination of prices, outputs, and income distributions in markets through supply and demand, often mediated through a hypothesized maximization of utility by income-constrained individuals and of profits by cost-constrained firms employing available information and factors of production, in accordance with rational choice theory.[1] Neoclassical economics dominates microeconomics, and together with Keynesian economics forms the neoclassical synthesis, which dominates mainstream economics today."
http://en.wikipedia.org/wiki/Neoclassical_economics
"Classical liberalism is the philosophy committed to the ideal of limited government, constitutionalism, rule of law, due process, and liberty of individuals including freedom of religion, speech, press, assembly, and free markets.[1][2]
Classical liberalism developed in the 19th century in Europe and the United States. Although classical liberalism built on ideas that had already developed by the end of the 18th century, it advocated a specific kind of society, government and public policy as a response to the Industrial Revolution and urbanization.[3] Notable individuals whose ideas have contributed to classical liberalism include John Locke[4], Claude Frédéric Bastiat[5], Jean-Baptiste Say, Thomas Malthus and David Ricardo. It drew on the economics of Adam Smith and on a belief in natural law[6], utilitarianism[7], and progress.[8]
There was a revival of interest in classical liberalism in the 20th century led by Ludwig von Mises, Friedrich Hayek and Milton Friedman.[9]
Some call the late 19th century development of classical liberalism "neo-classical liberalism," which argued for government to be as small as possible in order to allow the exercise of individual freedom, while some refer to all liberalism before the 20th century as classical liberalism.[10]
The term classical liberalism was applied in retrospect to distinguish earlier 19th-century liberalism from the newer social liberalism.[11] Libertarianism has been used in modern times as a substitute for the phrase "neo-classical liberalism", leading to some confusion. The identification of libertarianism with neo-classical liberalism primarily occurs in the United States,[12] where some conservatives and right-libertarians use the term classical liberalism to describe their belief in the primacy of economic freedom and minimal government."
http://en.wikipedia.org/wiki/Classical_liberalism
wikipedia:
"Neoliberalism is a contemporary political movement advocating economic liberalizations, free trade and open markets. Neoliberalism supports the privatization of nationalized industries, deregulation, and enhancing the role of the private sector in modern society. It is commonly informed by neoclassical or Austrian economics. The term neoliberal today is often used as a general condemnation of economic liberalization policies and advocates."
"Neoclassical economics is a term variously used for approaches to economics focusing on the determination of prices, outputs, and income distributions in markets through supply and demand, often mediated through a hypothesized maximization of utility by income-constrained individuals and of profits by cost-constrained firms employing available information and factors of production, in accordance with rational choice theory.[1] Neoclassical economics dominates microeconomics, and together with Keynesian economics forms the neoclassical synthesis, which dominates mainstream economics today."
"Classical liberalism is the philosophy committed to the ideal of limited government, constitutionalism, rule of law, due process, and liberty of individuals including freedom of religion, speech, press, assembly, and free markets.[1][2]
Classical liberalism developed in the 19th century in Europe and the United States. Although classical liberalism built on ideas that had already developed by the end of the 18th century, it advocated a specific kind of society, government and public policy as a response to the Industrial Revolution and urbanization.[3] Notable individuals whose ideas have contributed to classical liberalism include John Locke[4], Claude Frédéric Bastiat[5], Jean-Baptiste Say, Thomas Malthus and David Ricardo. It drew on the economics of Adam Smith and on a belief in natural law[6], utilitarianism[7], and progress.[8]
There was a revival of interest in classical liberalism in the 20th century led by Ludwig von Mises, Friedrich Hayek and Milton Friedman.[9]
Some call the late 19th century development of classical liberalism "neo-classical liberalism," which argued for government to be as small as possible in order to allow the exercise of individual freedom, while some refer to all liberalism before the 20th century as classical liberalism.[10]
The term classical liberalism was applied in retrospect to distinguish earlier 19th-century liberalism from the newer social liberalism.[11] Libertarianism has been used in modern times as a substitute for the phrase "neo-classical liberalism", leading to some confusion. The identification of libertarianism with neo-classical liberalism primarily occurs in the United States,[12] where some conservatives and right-libertarians use the term classical liberalism to describe their belief in the primacy of economic freedom and minimal government."
Wikipedia
"Neoliberalism is a contemporary political movement advocating economic liberalizations, free trade and open markets. Neoliberalism supports the privatization of nationalized industries, deregulation, and enhancing the role of the private sector in modern society. It is commonly informed by neoclassical or Austrian economics. The term neoliberal today is often used as a general condemnation of economic liberalization policies and advocates"
"Neoclassical economics is a term variously used for approaches to economics focusing on the determination of prices, outputs, and income distributions in markets through supply and demand, often mediated through a hypothesized maximization of utility by income-constrained individuals and of profits by cost-constrained firms employing available information and factors of production, in accordance with rational choice theory.[1] Neoclassical economics dominates microeconomics, and together with Keynesian economics forms the neoclassical synthesis, which dominates mainstream economics today"
"Classical liberalism is the philosophy committed to the ideal of limited government, constitutionalism, rule of law, due process, and liberty of individuals including freedom of religion, speech, press, assembly, and free markets.[1][2]
Classical liberalism developed in the 19th century in Europe and the United States. Although classical liberalism built on ideas that had already developed by the end of the 18th century, it advocated a specific kind of society, government and public policy as a response to the Industrial Revolution and urbanization.[3] Notable individuals whose ideas have contributed to classical liberalism include John Locke[4], Claude Frédéric Bastiat[5], Jean-Baptiste Say, Thomas Malthus and David Ricardo. It drew on the economics of Adam Smith and on a belief in natural law[6], utilitarianism[7], and progress.[8]
There was a revival of interest in classical liberalism in the 20th century led by Ludwig von Mises, Friedrich Hayek and Milton Friedman.[9]
Some call the late 19th century development of classical liberalism "neo-classical liberalism," which argued for government to be as small as possible in order to allow the exercise of individual freedom, while some refer to all liberalism before the 20th century as classical liberalism.[10]
The term classical liberalism was applied in retrospect to distinguish earlier 19th-century liberalism from the newer social liberalism.[11] Libertarianism has been used in modern times as a substitute for the phrase "neo-classical liberalism", leading to some confusion. The identification of libertarianism with neo-classical liberalism primarily occurs in the United States,[12] where some conservatives and right-libertarians use the term classical liberalism to describe their belief in the primacy of economic freedom and minimal government."
Brad Pitt writes:
"financial instability is in fact the natural state of our economic environments and that credit and banking lie at the very heart of that difference between Keynesian / Neo-classical dogma and the tough new reality that the world's major economies now face."
Why is he pairing Keynesian with neo-Classical as both dogmas?
"The political and economic elite have "blind-sided themselves to the role of rising debt in funding what is really the biggest ponzi scheme in human history"
I'd bet the fact that he includes 'Keynesian' in the preceding sentence and now "ponzi" in this next sentence means that he looks as govt "debt" as part of the "ponzi scheme".
An awesome blast of Prokofiev:
http://www.youtube.com/watch?v=L6DnDm8BD8I&feature=youtu.be&t=3m24s
By "Keynesianism", I think he means either IS-LM Keynesianism or New Keynesianism - approaches that don't include banks and financial instability.
But he is mistaken in characterizing these theorists as describing a "new normal." The whole point of Minsky, Keen etc. is that financial instability is inherent in capitalist finance, and so capitalist finance needs to be regulated. You can apply the theory to all the bubbles and collapses of the past as well as the present.
Not sure what they figured out from reading the comments.
Austrians have ALWAYS been on the side of Minskyans that banking is the source of instability. Keen appeals to their base instincts too. They can sit there and say
" Yep those banks just create money out of thin air and the govt backs it with their fiat, if we just had a gold standard!!"
They would still completely reject everything Mike or Warren would recommend.
They think economics is ALL about the currency and keeping it "sound"
They think without a 'sound' currency you get the 'economic calculation problem' which leads to increasingly inefficient 'malinvestment'.
But it goes beyond keeping the currency sound.
For their system to work there must be no government interference and everything must be left to the subjective choices of the individual.
The individual with money, that is.
For their system to work, the rich individual must have the ultimate say. He must be like a god - untouchable, absolute, a pure axiom of truth.
The poor must bend to his will - all of lesser means must worship at his feet and pray that he bothers to sprinkle a little gold dust on them.
It is the only rational, just and efficient economic system possible.
Oh, and these ideas were of course invented by a bunch of rich guys (aristocrats).
Go figure.
@ Trixie
Classical liberalism is a philosophy that is about maximizing individual freedom (liberty) and rule of law, and utilitarianism interpreted as individuals' maximizing utility rather than the greatest good for the greatest number (J. S. Mill). Classical liberalism is different from philosophical liberalism (liberty, equality and fraternity) in that it focuses on economic liberty to pursue maximum utility and private property as a basic right. Philosophical liberalism holds that human rights trump property rights and classical liberals reverse this. Classical liberals are not "liberals."
Classical liberalism grew out the Whig tradition in opposition to Tory conservatism. Margaret Thatcher once said to Hayek, whose The Road to Serfdom was her political bible, "You want me to be a Whig, but I am a Tory."
New Classicalism is a macroeconomic theory/methodology that is based on marginalsim, general equilibrium, microfoundations, rational expectations, and maximum utility. Methodologically it is now based on ergodicity and econometrics. It is the economic theory underlying neoliberalism.
Neoliberalism is a combination of economic theory (New Classicalism) and political socio-political philosophies — classical liberalism and Libertarianism, the latter especially in the US. (Milton Friedman was a Libertarian). It is based on "free markets, free trade, and free capital flows," and privatization and deregulation. It is a justification for Western neo-imperialism and the right to rule of the Great Acquisitors.
The economic calculation problem is about pricing. Mises (1920) claimed that the only sure method of price discovery consistent with actual events occurs through a free market. Managed economies with command systems cannot rationally allocate scarce resources in a rational way and therefore price distortions are bound to occur whenever government sets prices. Hayek agreed. See Hayek's essay, "The Use of Knowledge in Society."
This is why Austrians want to get rid of central banking and go back to "sound money," preferrably a gold standard.
"human rights trump property rights"
That's the point austrians and libertarians always love to conceal deep within their twisted rhetoric.
In their world property rights trump everything else.
When they talk of 'freedom' they mean the freedom of the wealthy.
They mean the freedom of the wealthy to transcend society and politics. To be free from all social obligations.
They mean the end of democratic freedom for everyone else. The end of society, the end of opposition to the ideology of the ruling class.
They're sick.
"deflation, the worst type of monetary theft where the rich steal from the poor"
The INET Berlin program has links to papers and pressos.
http://ineteconomics.org/conference/berlin/program
btw what did everyone think of that kick ass (very small) piece of Prokofiev?
Thanks for the info all! Armed with this new info, I was showing-off to a friend earlier this evening:
"You know you have a minor in Economics, don't you?"
"Well if you know so much, remind me what my major was?"
"I'm really in no mood for you tonight."
(Click)
As it turns out, tis true. I looked at my resume. God only knows how THAT happened. I don't remember any of this stuff. But then again, I rarely attended class, crammed for exams, and anything I may have learned was lost before happy hour.
I now know the difference between between PKE and New/Neo Keynesians. So I am getting there, don't give up on me. I have actually been TRAINED in this! ;)
PS. Anon, loved the vid.
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