An introduction to Austrian economics, part 3

posted by
September 12, 2016
Future of Freedom Foundation
by Richard M Ebeling  
Posted in Commentary

"Austrian Economics is the most powerful explanation of why governments, no matter how well-intentioned, lack the knowledge, wisdom and ability to direct the lives of multitudes of people better than those people can do for themselves. In this series of easy-to-understand lectures, economist Richard Ebeling introduces you to the central ideas in Austrian Economics, as well as their importance for us today." [Flash video] (09/12/16)

http://www.fff.org/explore-freedom/article/introduction-austrian-economics-part-3/  

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  • dL

    “Austrian Economics is the most powerful explanation of why governments, no matter how well-intentioned, lack the knowledge, wisdom and ability to direct the lives of multitudes of people better than those people can do for themselves. ”

    but they don’t lack the power to do it…why is that? That’s the better question***

    Hint: start w/ one of AE’s most prominent theorists endorsing the use of state power to control the border, regulate population flows and cultural uniformity.

    • Presumably you’re talking about Hoppe?

      A hundred years from now, Rothbard and Hoppe MAY be footnotes in the annals of Austrian economics.

      Or they may be forgotten altogether in that context. Rothbard will probably be remembered for libertarian stuff and then for his paleoconservative digression, which he unfortunately didn’t come out of before dying suddenly. If Hoppe is remembered at all it will be for his howlers (e.g. time preferences of homosexuals, “Argumentation Ethics” weirdness, etc.). Impact on economics? Pretty much nil.

      • dL

        The state is that great fiction whereby EVERYONE thinks they can use it as means to their own ends. This includes Austrian economists who should know better. The state may lack the knowledge and the wisdom to direct other peoples’ lives, but it does not lack the power to commence with the exercise nonetheless. The reason for this is the aforementioned first sentence.

        Hoppe may indeed be a future footnote in AE, but he isn’t one now(btw, I hold a distinction b/t libertarianism and AE. He has made no contributions to libertarianism other than crackpot nonsense like arg ethic). Hence, the irony implicit in the wonderful N-part AE introduction lecture.

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