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Believe it or not, it is quite conceivable that many people on HN actually took enough time to read lots of books on economics and made up their mind about whic
by snitko 13y ago
Believe it or not, it is quite conceivable that many people on HN actually took enough time to read lots of books on economics and made up their mind about which school of thought is closer to the truth.
- fragsworth 13y agoI don't believe anyone fully understands macroeconomics, and there is no direct incentive for anyone to do so. Certain powerful interests have an incentive to promote some schools of thought over others, because of political implications that directly impact their business. Bitcoin promoters will typically promote ideologies that help bitcoin, because they've invested in bitcoin. I doubt anyone has a truly unbiased perspective on any of it.
- snitko 13y agoI agree with you and this is why Austrian economics disregards macroeconomics completely.
- yen223 13y agoDoesn't Austrian economics also disregard reality? http://econfaculty.gmu.edu/bcaplan/whyaust.htm http://econfaculty.gmu.edu/bcaplan/whyaust.htm
- snitko 13y agoI've read this article sometime ago and what struck me while I was reading it, is that the author actually describes WHY Austrian economics is superior and explains it quite good. I couldn't find an actual reason why he decided to not be an Austrian anymore. tl;dr: of that article is like "So this is what Austrian economics is all about, but I don't subscribe to that point of view anymore".
- yen223 13y agoI definitely read it differently. The author cited too many examples of how Austrian economic theory doesn't actually jive with empirical evidence.