A Critique of the Austrian School of Economics

[Narmical]

This guy does not understand science

[rebby11]

Silly little hit-piece...funny (no hilarious) that it accuses Austrians as Rationalists. But there's Hayek himself writing a huge critique of rationalism (or scientism.) This "critique" is more of a complaint by someone who hasn't taken the time to understand hard problems these theorists were dealing with. Instead, it's a "cut and paste" philosophical critique that smells of defensiveness and sophistry.

[GodOfTheInternets]

@shadowgeyser

What the hell is the SNLT?

[GodOfTheInternets]

@shadowgeyser

Milton Friedman compared empirical data with Austrian theory twice, conclusion according to this data: the theory is wrong.

google wasn't helpful.

How does it integrates subjective value in a backdoor manner?

[domenicsergi]

And statistics can't be spun into anything you want?

[GodOfTheInternets]

"Austrians predict crises" I always hear this claim, but where is the evidence? And if it is true, that says nothing about the normative economics of the Austrian school, merely something about is positive:

"It is one thing to show a man that he is in error, it is another to put him in possession of the truth"

The Austrian theory of the business cycle has been proven wrong compared to empirical data. LTV is proven correct with empirical data. Economic calculation problem = bullshit.

[Audiofalcon7]

@GodOfTheInternets Go on mises . org and check the dailies. They should have a section of the "Bailout Reader" or something like that. What empirical data shows that the LTV is proven right? Do not humans have means, ends, and action? By staring at a man you gain no truth - by considering that man to be just like you and to have the same logical actions as you, you gain a plethora of truth.

[thisisbunk]

thank you. i thought it was interesting that the original posting of this video turned off comments and ratings.... which essentially prohibits accumulation of data - how ironic!

[MisesianThinker]

"but if Austrians were creating economic axioms that were true by logical force then the Austrian School would become world famous overnight, whether mainstream economists liked it or not"

What empirical evidence does he have to support that claim?

[0HI0STATE18]

Well based on the "evidence", keynesian economics doesn't work.

[murphycline]

must kill all Austrians.

[PanzerDivisionBOM]

I think this is a reasonable, if invective, critique.

And it's been answered already. Multiple times.

[oiuoiu988]

its really funny how opponents of austrian economics are afraid to argue their case or even show their face or speak in their own voice on youtube...

[SBRslacker00]

@oiuoiu988

So says a guy with zero videos and a hypocritical argument.

[oiuoiu988]

@SBRslacker00

its not hypocritical because im not an opponent of the austrian school.

Great Job!

[SBRslacker00]

@oiuoiu988

You don't show your face, you don't use your own voice yet you use that as an argument against others who don't show their face or use their own voice. That's called hypocrisy. QED

You sound like a religious nut except 'Austrian School' is your God.

[oiuoiu988]

@SBRslacker00

ok youre obviously an idiot, we can tell by your use of QED. i made an observation about opponents of the austrian school, they make videos but dont show their face, they dont allow comments or ratings. theres nothing hypocritical about that. you sound like youre in high school.

[SBRslacker00]

@oiuoiu988

Here is your original quote:

'its really funny how opponents of austrian economics are afraid to argue their case or even show their face or speak in their own voice on youtube...'

Here's your new version:

'opponents of the austrian school, they make videos but dont show their face, they dont allow comments or ratings'

You can't even keep your story straight.

You are a hypocrite because you don't show your face and yet criticize others for not showing their face.

[oiuoiu988]

@SBRslacker00

so youve demonstrated that you dont understand what hypocritical means... awesome.

[SBRslacker00]

@oiuoiu988

'hypocrisy - Moral self-contradiction whereby the behavior of one or more people belies their own claimed or implied possession of certain beliefs, standards or virtues.'--Taken from Wiktionary, but I could find a similar definition from a wide variety of online dictionaries.

You claim the standard of showing one's face. Your behavior does not meet your own standard of behavior. That is a moral contradiction, AKA hypocrisy.

Go ahead, tell me what you think hypocrisy means.

[oiuoiu988]

@SBRslacker00

i think its pretty obvious that i agree with that definition of the term and i dont think i'm guilty of it... im not doing the thing i am pointing out, not to mention i dont make videos... nice try though. its funny that you fit into the category of opponents who are afraid to even argue their point.

have a nice day.

[SBRslacker00]

@oiuoiu988

Your quote:

'opponents of austrian economics are afraid to ... show their face'

YOU ARE AFRAID TO SHOW YOUR FACE.

'im not doing the thing i am pointing out'

You are doing EXACTLY what you are pointing out.

'you fit into the category of opponents who are afraid to even argue their point.'

What point am I afraid to argue? I called you a hypocrite and I've proven my point over & over. You keep trying to change what you said, but it's right there in black and white.

[myheadhurtsnow]

This vid is ridiculous. Thanks for posting it.