"We always know where he stands . . . when he wraps up an interview."
True.
What a contrast between the amorphous and anonymous poll of economists (mentioned at the beginning of the report) who supposedly say that the recession will come to an end shortly. Who are they? Let them go on record and say "If I am wrong I will admit that I am a quack and never again make the claim that I am an economist!" They would rather remain anonymous!
Then you have the super-quack Paul Krugman (Nobel Laureate of Wackonomics) who, when the economy falls further into the abyss, will claim that it was because no one took his loony advise of exponential Keynesian quackery!
Yes we do know where Ron Paul stands and if you look back in the past you will see that he predicted the mess we are in now. And as a classical liberalism scholar and an Austrian economist he knows exactly where we are going unless there is real change.
For example: If the Federal Reserve is audited and the people demand justice then the future will be somewhat different than if everything is kept as it is. Ron Paul would then adjust his prediction and again be on the mark!
For more information go to my website.
To earn a Masters Degree in Divine Economy Theory go here.
Wednesday, May 27, 2009
Friday, May 22, 2009
Powerful Empirical Tools Of The Austrian Economists!
The Austrians have extremely powerful 'empirical' tools even though they approach economics using subjectivism. An excellent example of this is the tool referred to as 'private product remaining.'
"Murray Rothbard addressed the problem of measuring a big government economy with the concept of private product remaining (with producers), or PPR, which basically takes GDP and subtracts from it twice the amount of government spending. Government spending is subtracted once to obtain gross private product and it is subtracted again to account for all the resources that government has siphoned off from the private sector."
What makes these tools (another example is the 'True Money Supply') so powerful is that they are true to the real world which is what makes them empirical!
There is no smoke and mirrors, in contrast to the Keynesians and the empiricists.
The exponents of Austrian economics work within the framework of classical liberalism and use reason and logic to the minutest detail to connect human action to economics and ethics, whereas the exponents of empiricism and Keynesianism make normative interpretations that are nothing more than quackery.
For more information go to my website.
To earn a Masters Degree in Divine Economy Theory go here.
"Murray Rothbard addressed the problem of measuring a big government economy with the concept of private product remaining (with producers), or PPR, which basically takes GDP and subtracts from it twice the amount of government spending. Government spending is subtracted once to obtain gross private product and it is subtracted again to account for all the resources that government has siphoned off from the private sector."
What makes these tools (another example is the 'True Money Supply') so powerful is that they are true to the real world which is what makes them empirical!
There is no smoke and mirrors, in contrast to the Keynesians and the empiricists.
The exponents of Austrian economics work within the framework of classical liberalism and use reason and logic to the minutest detail to connect human action to economics and ethics, whereas the exponents of empiricism and Keynesianism make normative interpretations that are nothing more than quackery.
For more information go to my website.
To earn a Masters Degree in Divine Economy Theory go here.
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