Praxeology: The Austrian Method (by Hans-Hermann Hoppe) - Introduction to Austrian Economics, 6of11
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0 Dislikes should tell you as much as you need to know.
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I think Hoppe and Hulsmann dealt with that guy pretty well. "You could just as well raise the question, 'Why is there no Austrian theory of magic potions or witchcraft?'" Lol.
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amazing lecture.
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@charronfamilyconnect I think you're confused on what the gold standard is. The gold standard is simply a market chosen commodity that fills the role of money. Gold is often chosen as this because of it's utility in the market, divisibility, transportability, etc.
Supposing the entire amount of gold would fall into the hands of one individual (of course just presumtion ;D ) another market commodity would fill the role, such as silver, platinum, etc. It could be anything with market value.
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Long Term Capital Management was based on models ? good to know.
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Cancel your Eliot Wave subscription now.(not that I ever had one)
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The point Hoppe was trying to make to that ignorant bozo is that making money in finance depends on predicting the market, it means guessing what peoples' preferences will be in the future and buy stocks correspondingly. Doing that is more of an art than a science. There is no way to scientifically know future market behavior. Prices are just based on subjective valuations as well. Therefore doing highly abstract finance is pointless.
truevoice08 1 year ago 5
It is long term investors like Warren Buffet and entrepreneurs like Bill Gates who get rich, not these math-type stocktraders. Timing the market and entrepreneurship is an art, not a science. It relies more on intuition rather than rigorous analysis.
Financial techniques are important, but it will only get you so far.
truevoice08 1 year ago 3