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>> I have no formal background in economics, but I'd really appreciate it if someone who does could explain this statement in some context. Ignore the mainstre

>> I have no formal background in economics, but I'd really appreciate it if someone who does could explain this statement in some context. Ignore the mainstream "Talking Heads" -economists in the media - they serve two main purposes: 1) Help Wall Street fleece unsuspecting "retail investors", and 2) Maintain the illusion that everything is alright. Austrian Economics is right, and everything else is either wrong or meant to mislead you. You see, you shouldn't be thinking naughty thoughts like: "Since I personally can't keep living beyond my means for ever and ever, why could any government? Don't the 'laws' of economics apply to governments?" (Hint: they do.) Go forth and educate thyself: http://mises.org http://mises.org ( Oh, and ignore all the clueless pontificators on HN too )

anoncowherd 13y ago
Downvote me all you want, but I'm right. Yes, I do realize that's not an argument.
- DanBC 13y ago
  You may have been down voted for tone, not correctness.
  - selmnoo 13y ago
    Or both. Austrian economics has been exposed for its various faults in the academia, a modern decent education will reliably inform one of that.
    - anoncowherd 13y ago
      >> Austrian economics has been exposed for its various faults in the academia, a modern decent education will reliably inform one of that. .. And this is why I didn't bother with any arguments. I don't have all day to waste on arguing with misguided people. But here's an idea: an economy consists of people making trades and investments etc. Each trade is affected by each person's current circumstances, ends, means and preferences, or even the mood he's in. Did his wife die yesterday? Will that affect his behaviour in the market? Now, the question is: How could you possibly model the behaviour of hundreds of millions of people in their daily lives with any kind of mathematical formulas when everything they do is subjective, and subject to their whims and moods? Think about that.. and then think about whether Austrian economics has been "exposed" for anything.
      - vasilipupkin 13y ago
        You could model behavior of millions of people statistically - the same way we model anything with millions of data points.
        anoncowherd 13y ago
        Sure, you can look at history, see patterns there, and apply them to whatever's happening in the world right now. Or, you could make reasonably accurate predictions on what's going to happen, based on your knowledge of how human's behave. But what you can't do, is put current data through a bunch of mathematical functions, and have them tell you what people will do.
  - anoncowherd 13y ago
    Sure, far be it from anyone not to conform to everyone else's expectations! Dreadful! :p
jusben1369 13y ago
Keynes is consistently proven to be far more accurate and effective than the Austrian school of thought. Keynes mets so much resistance because it's counter intuitive. Very literal thinkers have trouble with that and are attracted to the Austrian way of thinking.
- anoncowherd 13y ago
  https://news.ycombinator.com/item?id=6572124 https://news.ycombinator.com/item?id=6572124
brohee 13y ago
Someone let Dread Pirate Robert out?

anoncowherd 13y ago

Downvote me all you want, but I'm right. Yes, I do realize that's not an argument.

DanBC 13y ago
You may have been down voted for tone, not correctness.
- selmnoo 13y ago
  Or both. Austrian economics has been exposed for its various faults in the academia, a modern decent education will reliably inform one of that.
  - anoncowherd 13y ago
    >> Austrian economics has been exposed for its various faults in the academia, a modern decent education will reliably inform one of that. .. And this is why I didn't bother with any arguments. I don't have all day to waste on arguing with misguided people. But here's an idea: an economy consists of people making trades and investments etc. Each trade is affected by each person's current circumstances, ends, means and preferences, or even the mood he's in. Did his wife die yesterday? Will that affect his behaviour in the market? Now, the question is: How could you possibly model the behaviour of hundreds of millions of people in their daily lives with any kind of mathematical formulas when everything they do is subjective, and subject to their whims and moods? Think about that.. and then think about whether Austrian economics has been "exposed" for anything.
    - vasilipupkin 13y ago
      You could model behavior of millions of people statistically - the same way we model anything with millions of data points.
      - anoncowherd 13y ago
        Sure, you can look at history, see patterns there, and apply them to whatever's happening in the world right now. Or, you could make reasonably accurate predictions on what's going to happen, based on your knowledge of how human's behave. But what you can't do, is put current data through a bunch of mathematical functions, and have them tell you what people will do.
- anoncowherd 13y ago
  Sure, far be it from anyone not to conform to everyone else's expectations! Dreadful! :p

jusben1369 13y ago

Keynes is consistently proven to be far more accurate and effective than the Austrian school of thought. Keynes mets so much resistance because it's counter intuitive. Very literal thinkers have trouble with that and are attracted to the Austrian way of thinking.

anoncowherd 13y ago
https://news.ycombinator.com/item?id=6572124 https://news.ycombinator.com/item?id=6572124

brohee 13y ago

Someone let Dread Pirate Robert out?