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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: CalculatedRisk who wrote (52076)6/5/2006 1:37:42 PM
From: gpowell  Read Replies (1) of 116555
 
The real issue is normative. As an example, if a ten year is seriously injured, and his parents have no insurance, what happens? In my view, the state should provide health care. In the Austrian view, the kid is out of luck (or to mask their view, they say a charity should step in - the result is the same).

You are confusing economics, Austrian or otherwise, with normative issues. In particular, you are ascribing to Austrian economics a strict libertarian view of the role of government in society. That is another error.

Its amazing how much of a person's views of economics flows from this simple example. And there is no way for the two sides to meet - they have different values.

I think the problem here is you are attempting to ground your particular value system in an economic theory. Why even try? Most economists don’t - why should you? Forget about economics, it is entirely reasonable to advocate for a particular institutional structure based upon values.

Enjoy Hayek's resurgence. Kiss him goodbye during the next downturn.

That isn’t likely. Hayek’s greatest contributions, in my opinion, were his work on tacit and dispersed knowledge and the closely related treatise on non-stationary general equilibrium (Theory of Pure Capital). It appears that you only know of Hayek from his adoption by some conservative ideologues. The same was true of Krugman.
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