Find a Flaw With Austrian Economics

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low price of emu oil

Ayn Rand is a complete joke.

Digging for gold just to have gold is kinda stupid.

Jews.

Was there really no better picture of Friedman available?

How?

Explain Austrian Economics

roads

it's globalist kikery

Wait, is Adam Smith even an Austrian economist? Pretty sure he's not. He believed in the labor theory of value.

>what's a math

Jews

Damn, what a cutie

only Ludwig von Mises and Hayek are Austrian school economists in that image.

Adam Smith is a classical economist, not an Austrian. Hayek is only partially Austrian. Rand is not even an economist. Friedman was a neoclassical, Chicago school more precisely.

The ((()))

Hiring people to eat shit just to have a higher GDP is stupid.

Austrian economics came well after Smith.

Smith however would be a philosophical liberal. He is known to correspond with Benjiman Franklin.

Not an argument.

All those Jews, and Ayn Rand is a joke.

It's not incorrect but it completely leaves out the human factor and views reality through a totally materialistic economic lens.

It's a good ideal to strive for, but shouldn't be all that someone focuses on lest they become an autistic lolbertarian.

T. Benjamin Disraeli

David Hume and Adam Smith were brilliant.

Hayak and Von Mises were not.

/thread

Their rejection of empiricism

>Ayn Rand is an Austrian Economist
>Milton Friedman is an Austrian Economist

Ayn Rand was not an Austrian and neither was Friedman. Ayn Rand believed in free market capitalism which is shared with Austrians.

Friedman was a Monetarist which is practically a right-wing Keynesian.

I can't.

Benjamin Disraeli was our best Prime Minister.

Friedman confirmed for Sasquatch.

Austria is pretty irrelevant

Not even remotely close to anything even slightly resembling an argument.

>Economic school of thought that rejects Keynesian debt-cuckery is somehow globalist kikery

Read Rothbard you cuck. He was undoubtedly the most based Jew of all time.

didn't an cap memes utterly btfo'd that ideology already?

>I'm a good little Jew girl
>Don't mind that satanic picture back there, I hardly ever use that thing.

Hayek and Von Mises were pretty good. Of all the schools of economic thought, theirs seems to continue the tradition of Smith most closely.

Smith placed the human element and human values as the reason for economic activity. Where Keynes and other economists try to remove the human element and focus on just numerical data, Austrians pursue explanations of economic consequences as a result of human values and human perceptions and suggest practices such as devolution to suit the human element.

>He believed in the labor theory of value.

Not even close, his theories are older than those of Karl Marx. His work predated nearly every school of economics known today, so he can't necessarily be assigned to nay one of them.

A lot of Austrian/Chicago school economists have listed Adam Smith as an inspiration, however Karl Marx had no such respect for him.

>Hayek is only partially Austrian

What else could he be described as? I though Mises and Hayek effectively founded the Austrian school.

>based

Austrian Economics, as opposed to other forms of economic method, has for its main goal the description of how an economy works. They scarecely think that prescription is something possible(see Hayek for an example of austrian prescription).

As such economic propositions are not impirical proposition and not subject to data dependent verification.

At the core of it's method(praxeology), austrian economics propose that all economic activities depend on the Action axiom.

What is an axiom then?

And axiom is a starting point defined as a proposition which cannot be invalidated by it's own proposition(Denying action requires action therefore the statement is illogical, irrelevant and not subject to consideration.)

As a result Austrian proposition go as such.

Why do prices rise?

As such,

1- prices can rise if supply is lower while demand remains inelastic.

2- If demand is raised while supply does not move

3- for every unit of money added to the economy while no units of production is added, prices will rise.

What Austrians try to decode about the economy are basic proposition about how an economy work as opposed to coming up with propositions about how to run an economy.

To analogise the propositions they could sound like:

>If I release an item from my hands it will drop.
>If I don't drink water I will be thirsty.

Ok tired but these are basics

>stil believing in the (((capitalism))) meme
This board is bluepilled as fuck.

>milton friedman
>austrian economics
nice meme

He's partially neoclassical as well. He didn't reject neoclassical economics to the extent of Mises and Rothbard

He accepted the basic propositions but he believed that the economy is like a plane.

Kind of like quantum physics and physics

That's pretty funny m8 but where's the argument?

Still listening to the mentally ill survivalist who thinks Norway is communist meme

Varg we dont have a global population of 3 million yet please stop meddling outside of tribal affairs.

he is right tought. capitalism have killed native traditional european culture with bastardized (((american))) capitalist consumerist "culture".

How did Hayek and Mises reject neoclassical economics? I thought the two schools of thought were nearly synonymous.

They are all dead

Hold on, nigga. Milton Friedman is not an Austrian Economic. He's a classic liberal.

youtube.com/watch?v=d0nERTFo-Sk

Watch and learn

youtu.be/lu_VqX6J93k

Or read it if you prefer (Pic Related)

>Austrian economics
>is actually Jewish