4 ms·

Given how heterodox the Austrian school is: what would it even mean to have an Austrian economic system and how would it differ (and some Austrian ideas are par

Given how heterodox the Austrian school is: what would it even mean to have an Austrian economic system and how would it differ (and some Austrian ideas are part of "mainstream" economics anyway)?

nyokodo 3y ago
> what would it even mean to have an Austrian economic system and how would it differ It’s difficult to know exactly, but you would have an unmanaged system. No reserve bank, no stimulus, no regulation, minimum to no restraint on trade depending on how anarchist the Austrian Economist happens to be.
- RandomLensman 3y ago
  You'd probably need different humans for that - societies tend to put some limits and controls in place.
  - nyokodo 3y ago
    > societies tend to put some limits and controls in place. It’s not just a tendency, societies always have limits and controls in place. The anarcho-capitalist wing of Austrian Economics would propose limits and controls too, but not centrally controlled involuntary limits and controls. There’s no real world government, nations relate to each other in a more or less anarchic manner where the limits and controls are voluntary but the consequences short of war are being sanctioned ie not being traded with. Anarcho-capitalists would probably propose a system like that for individuals. Would that require a different kind of person? Maybe, my own views certainly differ with them.
  - ddtaylor 3y ago
    Why is the government the only entity that can or should provide banking or stimulus?
    - RandomLensman 3y ago
      People could decide privately on banking regulation, but then it's quite close to a meaningless distinction between government and people as both would effectively coerce holdouts. For stimulus the current sizes are just beyond any other organization. Could perhaps be some distributed system, but then why would it be better than delegation?

4 ms·

Given how heterodox the Austrian school is: what would it even mean to have an Austrian economic system and how would it differ (and some Austrian ideas are par

by RandomLensman 3y ago

Given how heterodox the Austrian school is: what would it even mean to have an Austrian economic system and how would it differ (and some Austrian ideas are part of "mainstream" economics anyway)?

nyokodo 3y ago
> what would it even mean to have an Austrian economic system and how would it differ It’s difficult to know exactly, but you would have an unmanaged system. No reserve bank, no stimulus, no regulation, minimum to no restraint on trade depending on how anarchist the Austrian Economist happens to be.
- RandomLensman 3y ago
  You'd probably need different humans for that - societies tend to put some limits and controls in place.
  - nyokodo 3y ago
    > societies tend to put some limits and controls in place. It’s not just a tendency, societies always have limits and controls in place. The anarcho-capitalist wing of Austrian Economics would propose limits and controls too, but not centrally controlled involuntary limits and controls. There’s no real world government, nations relate to each other in a more or less anarchic manner where the limits and controls are voluntary but the consequences short of war are being sanctioned ie not being traded with. Anarcho-capitalists would probably propose a system like that for individuals. Would that require a different kind of person? Maybe, my own views certainly differ with them.
  - ddtaylor 3y ago
    Why is the government the only entity that can or should provide banking or stimulus?
    - RandomLensman 3y ago
      People could decide privately on banking regulation, but then it's quite close to a meaningless distinction between government and people as both would effectively coerce holdouts. For stimulus the current sizes are just beyond any other organization. Could perhaps be some distributed system, but then why would it be better than delegation?