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Strategies & Market Trends : Heinz Blasnik- Views You Can Use
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To: Mike M2 who wrote (2404)6/11/2003 1:16:49 PM
From: GraceZ  Read Replies (4) of 4905
 
My criticisms aren't directed at the Austrians, they are directed at those who misinterpret them. The whole problem is that many of these things were written without the rigor that is now required when defining economic terms, therefore the writings are subject to distortions and misrepresentations. Friedman isn't that far away from Mises if you look at what I said this morning about Friedman's idea of holding the growth of the money supply at a constant 2% to match the long run rate of productivity growth.

I said:

>>So what does Mises say about the difficulty of counting that which constitutes money? <<

Then Tip countered:

Money for Mises and Austrians is a medium of exchange against which goods are bought and sold. If it were taken out of the hands of government

And placed into whose hands? Von Hayek thought in everyone one's hands through competing currencies issued by anyone. The best currency would eventually predominate. The best currency is the one that is hardest to counterfeit and has the broadest participation. That's what has occurred historically. Sounds like a government job and became one when the US Constituion was created.

or if there were very strict controls (having nothing to do with price levels) placed on the ability of governments to inflate either currency in circulation or debts denominated in the same -- we'd all be better off --

Well, so much for Von Mises' definition of inflation. Strict control = fixed supply rate, the Friedman Rule. It's good to see we agree. There never was much difference between Von Mises, Von Hayek, and Friedman.
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