3 ms·
I'll make the distinction if you'll explain to me what Hayek proposes other than let the market handle it. From what I've seen, they're all cranks, Hayek inclu
by gnaritas 13y ago
I'll make the distinction if you'll explain to me what Hayek proposes other than let the market handle it. From what I've seen, they're all cranks, Hayek included.
The Austrian school of thought is little more than don't touch the market, you'll break it, it's magic and it'll always work. That's not a serious field of study; that's a golden hammer theory.
- philwelch 13y agoHayek is tendentious, but he made substantive contributions to the science. Rothbard didn't even do that: he was a libertarian political activist masquerading as an economist.
- gnaritas 13y agoYou've already said that, but that's not what I asked, I asked what those contributions were beyond "the magic market will fix it".
- philwelch 13y agoFor one, he seems to have developed the theory of price signals.
- gnaritas 13y agoFalls under let the magic market handle it, I asked for something outside that.
- philwelch 13y agoCap and trade basically hacks price signals by enforcing the notion that there's a finite supply of the environment's ability to absorb pollutants. Without the notion of price signals, cap and trade is not the type of thing you'd think to use, and the distinction I was making was that later Austrians, like Rothbard, never contributed anything of the like. You can make whatever distinctions you want--this digression has gotten tiresome and I regret ever responding to you in the first place.