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<p>[QUOTE="V. Kurt Bellman, post: 3079773, member: 71723"]I’ll tell you why. The hard money neo-Austrian paradigm was universally rejected for many many decades and was only quite recently dug out of its well-earned grave to “justify” an extremist political ideology that no serious contemporary economic scholars believe or even take seriously UNLESS they are purely politicos in economist vestments (e.g. Steve Forbes). Their rejection of econometrics and macroeconomics generally actually DOES disqualify them from serious consideration. They actually do reject any measurement in favor of “what’s good for ME?”</p><p><br /></p><p>Yes, Austrian economics should NEVER be allowed to be taken seriously. It’s traffic equivalent is “traffic lights and speed limits be damned - I have to get somewhere.” It lives on abject selfishness. Institutionalized chaos cannot be taken seriously.</p><p><br /></p><p>At its VERY BEST, it is a thought experiment, a “what if we all went crazy” thought experiment. It is useless as a policy tool.[/QUOTE]</p><p><br /></p>
[QUOTE="V. Kurt Bellman, post: 3079773, member: 71723"]I’ll tell you why. The hard money neo-Austrian paradigm was universally rejected for many many decades and was only quite recently dug out of its well-earned grave to “justify” an extremist political ideology that no serious contemporary economic scholars believe or even take seriously UNLESS they are purely politicos in economist vestments (e.g. Steve Forbes). Their rejection of econometrics and macroeconomics generally actually DOES disqualify them from serious consideration. They actually do reject any measurement in favor of “what’s good for ME?” Yes, Austrian economics should NEVER be allowed to be taken seriously. It’s traffic equivalent is “traffic lights and speed limits be damned - I have to get somewhere.” It lives on abject selfishness. Institutionalized chaos cannot be taken seriously. At its VERY BEST, it is a thought experiment, a “what if we all went crazy” thought experiment. It is useless as a policy tool.[/QUOTE]
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