Caplan and Boettke debate Austrian Economics 10/13

[kylethebomber]

Economic Uncertainty:

You know the price of oil tomorrow will fall within a normal distribution curve centered around $120.

Radical Uncertainty:

You are wrong. The price may be centered around a normal distribution curve, but it is different than the one you had in your head. Say, a normal distribution curve centered around $150.

I don't think that is the biggest difference between Neoclassical and Austrian economics, it's just their major critique of neoclassical modeling. A limitation.

[Questfortruth86]

Ben Bernanke is sensible? What the fuck?

[picapauengracado]

@Questfortruth86 I personally don't much about Bernanke's academic work, but I know it is very respected. With regard to his work as the chairman of the Fed, I know Caplan showed much disappointed in his blog. I expect Boettke to be even more critical.

[jstreet2]

No one at Berkeley or Princeton, except Bernanke is sensible, according to Boettke.

Caplan is a duck, which is to say that Boettke still thinks he is an Austrian school guy but can't admit it.

Caplan strokes his beard, pensively.

Private property is not valued enough outside Austrian economics.

1949 was a watershed in economic thought.

It isn't clear that much of importance has been done after that.

Caplan gets a very high payoff when Austrians back down on "radical uncertainty"