The Austrian School of Economics | Jörg Guido Hülsmann

Jeffrey Tucker interviews Jörg Guido Hülsmann, professor of economics at the University of Angers in France, and discusses the brilliant and engaging book by Eugen Maria Schulak and Herbert Unterköfler: 'The Austrian School of Economics: A History of Its Ideas, Ambassadors, and Institutions'.

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[Mechanized0]

@silvercelli It is quite extraordinary that individuals make the completely misguided charge that laissez-faire created the current economic situation. Considering that the Federal Registry (all regulations on the market) actually increased during the Bush administration and are currently sitting at 80,000 pages of regulations it would be significantly more accurate to describe the present system as soft economic fascism.

The television set is not the place to receive an economic education.

[TenTonHorse]

@silvercelli No Austrian these "imperial conquests", and the huge extortion of resources in these wars harms pretty much everyone outside of the military industrial complex, and perhaps oil, but again no Austrian would be supportive of these institutions or their actions. And going back to your example of CEO's receiving massive bonuses, no Austrian would support bailing out or subsidising any business, and any CEO who takes out more than he puts into a business probably will fail.

[weho1]

@Mechanized0 What a simple minded observation. I'm sure U R correct the number of pages of regulations may have increased significantly under the criminal Bush/Cheney Administration, but that in of itself means ABSOLUTELY NOTHING. The question is what was the CONTENT, and INTENT of these "80,000 pages of regulations" that according to you Bush/Cheney added. We know some had to do with recinding the U.S. Constituion, Bill of Rights, and making War Crimes Legal. So what exactly was your point?

[Distortion0]

@Mechanized0 Market Fundamentalism created the current crisis. Greenspan pumped money into the economy by keeping reserve rates low while the economy was in a boom. Investors turned their credit into assets by buying houses, shoring up demand with false advertising and then selling off their risk. This turned into a ponzi scheme which finally broke about two decades later due econ lag. Greenspan justified this by saying that markets can handle anything.

[EconomicLiteracyNow]

@Mechanized0

"The television set is not the place to receive an economic education."

Maybe it SHOULD be.  Economics cannot be left to the sole jurisdiction of all of the mis-educated Harvard, Princeton and Columbia Ph.D.s who continue to KNOW what just isn't so. Austrian economics isn't difficult for laypeople to understand, but they haven't been exposed. It won't be taught in our schools. The public needs to stop thinking of "the economy" as a mysterious machine outside their control.

[fab006]

Am I hearing things, or does Jeffrey Tucker pick up the German accent XD

[phroto13]

two monsters of intellect engaged in an acapella duet

[PanzerDivisionBOM]

@silvercelli

Even granting all of your assertions regarding class conflict (which is something the Austrians dispute, BTW)...

Since when is sporadic intervention only through pacifistic means more social-Darwinistic than forceful, systematic intervention to favour one group of people at the expense of another?

[CernelJoson]

@CernelJoson Furthermore, you don't seem familiar with the problem of central planning which applies as much to "regulation" as it does to a full command economy. How do the regulators know which regulations are the "right" ones? Who regulates the regulators?

The market entails a process of discovery, to determine which activities work better than others. Imposing a one-size-fits-all plan only hampers that discovery process and leads to stagnation. State planning is akin to creationism.

[CernelJoson]

@silvercelli The government enforces a cartel and allows banks to create money from nothing. "Too big to fail" has been the modus operandi of the Federal Reserve since 1913, since the reason for the Fed was to act as "lender of last resort", in other words, to bail out banks.

If regulation X is harmful and regulation Y mitigates that harm to some extent, it's nonsense to say that repealing regulation Y is "deregulation" since without regulation X the problem wouldn't even exist.