06-01-2016, 01:09 AM
(05-31-2016, 08:59 AM)pbrower2a Wrote: [quote pid='1936' dateline='1464658261']
No they don't. It is a matter of deduction from what is known of human nature and a study of history. You just don't like the answers that they come up with. If you actually read Economic Calculation in a Socialist Commonwealth and perhaps some computer science texts then you might know that Mises was on to something. Given how poorly economic intervention has worked historically then it seems clear that the Austrian economists know more about what is going on then mainstream economists.
When one gets wrong results with a theoretical model, then most likely something is wrong with the theoretical model. Maybe the self-evident truths aren't so true. Maybe there is a logical gap in the thought.
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The problem is that Keynesian economics never has worked. It has simply created an endless set of bubbles. By the standard you have just stated Keynesian economics should be in the dustbin of history. I suspect that it will take the same sort of crisis that demonstrated the failure of communism before that happens.
Democracy is the theory that the common people know what they want, and deserve to get it good and hard. -- H.L. Mencken
If one rejects laissez faire on account of man's fallibility and moral weakness, one must for the same reason also reject every kind of government action. -- Ludwig von Mises
If one rejects laissez faire on account of man's fallibility and moral weakness, one must for the same reason also reject every kind of government action. -- Ludwig von Mises