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I would like to point out the most revealing aspect of Dr Murphy's position in this debate.
At around 1hr 13mins (approx) a member of the audience notes that Warren has a clear policy prescription to reduce unemployment. He asks Dr Murphy what his prescription is to reduce (too high) unemployment. Dr Murphy answers by blaming the government (for setting low interest rates) for the unemployment, but has no policy prescription whatever to bring back employment. This, to me, completely characterises the (broadly) Austrian position that I see everywhere - they could care less whether people have jobs, or not, and by extension whether people starve, or not. (So long as 'their money' retains some store of value, regardless of whether the economy at large is crashing around them, or not, is what I most often see as the sub text.) Anyhow, great to hear Warren with his usual crystal clarity on how money works & the sensible & empathetic macro options that flow from that :)
mikehall said... He asks Dr Murphy what his prescription is to reduce (too high) unemployment. Dr Murphy answers by blaming the government (for setting low interest rates) for the unemployment, but has no policy prescription whatever to bring back employment. This, to me, completely characterises the (broadly) Austrian position that I see everywhere - they could care less whether people have jobs, or not, and by extension whether people starve, or not.
I couldn't agree more. They offer no description of existing economic conditions. They can't present a coherent alternative, let alone any specific policy proposals that would achieve it.
They can't even tell us what specific policies they want enacted.
All they have are vague generalities, and a rabid hatred of government.
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Greek crisis and disorientation operations update: the return of “success story” and followings
http://failedevolution.blogspot.gr/2013/07/greek-crisis-and-disorientation.html
I would like to point out the most revealing aspect of Dr Murphy's position in this debate.
At around 1hr 13mins (approx) a member of the audience notes that Warren has a clear policy prescription to reduce unemployment. He asks Dr Murphy what his prescription is to reduce (too high) unemployment.
Dr Murphy answers by blaming the government (for setting low interest rates) for the unemployment, but has no policy prescription whatever to bring back employment.
This, to me, completely characterises the (broadly) Austrian position that I see everywhere - they could care less whether people have jobs, or not, and by extension whether people starve, or not. (So long as 'their money' retains some store of value, regardless of whether the economy at large is crashing around them, or not, is what I most often see as the sub text.)
Anyhow, great to hear Warren with his usual crystal clarity on how money works & the sensible & empathetic macro options that flow from that :)
mikehall said...
He asks Dr Murphy what his prescription is to reduce (too high) unemployment.
Dr Murphy answers by blaming the government (for setting low interest rates) for the unemployment, but has no policy prescription whatever to bring back employment.
This, to me, completely characterises the (broadly) Austrian position that I see everywhere - they could care less whether people have jobs, or not, and by extension whether people starve, or not.
I couldn't agree more.
They offer no description of existing economic conditions.
They can't present a coherent alternative, let alone any specific policy proposals that would achieve it.
They can't even tell us what specific policies they want enacted.
All they have are vague generalities, and a rabid hatred of government.
They have nothing to offer no way to proceed.
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