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This is a little unfair to (intelligent) libertarians. A similar argument could be made for socialists or welfarists. They all rely on "economics" in the sense
by netcan 11y ago
This is a little unfair to (intelligent) libertarians. A similar argument could be made for socialists or welfarists. They all rely on "economics" in the sense that they are quantifying and describing the dynamics of economic activity. Thoughtful libertarians know that these measures and models are representations of reality, not reality.
In fact, a fairly important figure in "neoliberal" thought is Hayek. Hayek (and Hayekians) argue that not only is the economy difficult to quantify and describe formally, it is impossible. In his frameworks price and choice are conveyors for knowledge.
I would even say that the most serious hubris in this vein has been the Stalinist and Maoist "5 year plan" which aimed to quantify economies in accounting terms.
- parasubvert 11y agoI agree with some of your points: it was a little unfair, and Stalin and Mao certainly had great hubris. I tend to view libertarianism as the next desired grand social experiment: the Marxism of the Right. This leaks out via dry attempts at humor. Perhaps it won't be a disaster; I also admit I should be more respectful in a debating forum. As for Hayek, I don't think he is unique in the view that price is about knowledge. While Hayek was the more readable and reasonable one between him and Von Mises, I'm aware the Austrians don't really believe one can scientifically study the economy, but I also think there is plenty of evidence that has refuted this: we can quantify and describe a large subset of the economy with predictive power.