Mish's Global Economic Trend Analysis Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Mish's Global Economic Trend Analysis

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

From: koan	3/25/2009 9:19:05 AM
	Read Replies (7) of 116555

Saw Peter Shiff selling the Austrian theory of economics on morning Joe and they didn't ask any of the pertinent questions. I was grinding my teeth-lol. It was clear to me anyway that there was another diminsion of economics and social theory Shiff seemed to be oblivious to. I know there are a lot of people on this thrread that subscribe to the Austrian school of economics and I do not mean to insult anyone, but I am very curious as to how those believers would deal with the starving children under the Austrian system of no governmental interference? Let the children starve-lol? The believers in that theory always puzzled me. As Coolidge and Hoover did nothing (Austrian aproach I guess) unemployment soared to 25%, 1/3 of the banks collapsed and people were starving, living in Hoovervills and eating at soup kitchens. Surely we can do better than that. So does Austrain Economics say "let the people starve? Government Can't let the people starve, nor should it. And government has lots of tools to help society work better. If the government is smart. If we have a stupid government then it won't work. The latest science (Scientific American's Darwin edition a few months ago) says economics evolves just like an ecosystem. So modern day economists are trying to figure out how to adjust the economic ecosystem, sort of the way people use science to maintain ecologocal systems and evolution to cross breed animals for a desired effect. Someday the human species will fgure out how to use capitalism with the proper"controls" (need capitalism to set prices) and control the business cycle to better cushion the people against the crashes. I find it silly to think we humans cannot "learn" how to control the economic system with increasing sophistication to ensure a more equitable and helpful society and prevent large booms and busts; and administer a more reliable and predictable economic system. We just need to learn more and be a bit smarter.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next