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Economic School of Thought

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Reply 60
Original post by dreadnaut
Can one of you cool cats link me to a recent paper that is "austrian" in its methodology. I am genuinely curious to see what these differences actually are.


Read this.

Classical economics is Classical Liberal economics. All the great Classical Liberal thinkers supported the economic theories of Smith, Say, Ricardo, Malthus and Mill.


Of course Malthus was a protectionist (supported the corn laws) whilst Smith, Say, and Mill weren't. Does that make him a Classical liberal?
Original post by dreadnaut
Can one of you cool cats link me to a recent paper that is "austrian" in its methodology. I am genuinely curious to see what these differences actually are.


http://mises.org/books/lessons_for_the_young_economist_murphy.pdf

The first few chapters of this book layout the approach.

In essence Austrians approach economics like Geometry. They set up certain definitions and from those basic definitions they develop certain axioms. And from there you just build up from your prior definitions.

Like in geometry. Pythagoras->Trigonometry->Cosine and Sine laws->

Or for economics. Specialisation->Direct barter->Indirect exchange->Media of exchange->

The whole thing becomes quite vague and confusing once you get beyond micro-economics and Austrians tend to start hand waving, as all macro-economists do.
(edited 12 years ago)
Reply 62
The Austrian school is a joke. They start with completely fictional situations that never happened and build their models on that. Then wonder why the economy doesn't behave like their theories predict. :biggrin:
Reply 63
They misunderstand Marx's LTV too.
So are there any publishing economists employed in universities today who would come under the banner of the austrian school?
Reply 65
Could you please add the option "none" or "other", since I do believe each economic theory has their own strengths and weaknesses which means they'd be suitable for different situations (not too sure about when Marxism would actually work :colondollar:).
Reply 66
Original post by Heeck
Could you please add the option "none" or "other", since I do believe each economic theory has their own strengths and weaknesses which means they'd be suitable for different situations (not too sure about when Marxism would actually work :colondollar:).


What do you mean by this? Marx mostly wrote about capitalism.
Original post by dreadnaut
So are there any publishing economists employed in universities today who would come under the banner of the austrian school?


People who write articles on Mises.org are usually professional academics of some sort.

Some are proper economists (who do understand opposing points of view) and others are just academics with an interest in Liberty and free markets.

If I could access you tube I would send you some links of lectures from some modern day Austrian economists. You will find the bastards rarely like to use graphs though :frown:

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