Austrian economics is the only real economics in the world...

Austrian economics is the only real economics in the world. All the monetarists (central bankers) and keynesian economists are nothing more than jewish puppets.

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redpill me on Austrian economics

What is the difference between all these schools?

One works, and all the others are different stages of failure.

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Austrian is basizally laissez faire. Monetarists like Friedman thinks that money and inflation are the main things in the economy. That's why monetarists wanted to grow the role of central banks. At the moment we are living in the monetarist world and so far it has been pretty shitty for us. Keynesian economics wants to keep unproductive people at work and it will eventually lead to debt and economical crash.

NONE of the main economics schools have good predictive models for anything more than extremely simple behavior.

Austrian econ seems nice but it's a collection of assumptions (most of which are wrong at even a trivial level of detail) and logical conclusions from those assumptions.

Austrian econ suffers particularly from its prescription of deflating the currency, which has almost always made things worse.

Austrian economics is turbomeme. It didn't make a single sucessful prediction, nor contributed to economic success of the state or a company of any kind. Please, KYS, thanks.

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This

Which is unsurprising. The bottomline of Austrian economics is to not use mathematical models. Which is uberretarded, since the very fundament of economic activity is quantities and numbers.

>It didn't make a single sucessful prediction


except predict the crash in 08

>It didn't make a single sucessful prediction

It predicts a crash every single year. Hell, it's been predicting another crash and hyperinflation since 2008.

>being naive enough to think something as complex as a global economy can be controlled by an algorithm

>my sister: everyone should be paid a living wage
me: fewer people will be employed
>well it's a good thing we live in a democracy :^)

Lol, what a meme. If you say everyday that things will go to shit tomorrow, you will one day be correct. You are still a useless idiot nontheless.

Austrians believe in a laissez-faire economy with either extremely minimal or nonexistent state interference in the economy, based on praxeological a priori reasoning about human behavior.

Chicagoans are monetarists, which means that they are similar to the Austrians in their promotion of laissez-faire, but they believe that the supply of money is very important to the economy and that the central bank must ensure a steady rate of money production to ensure economic stability.

Neoclassicals are the broader group to which the Chicagoans belong to, based mostly around the idea that consumers in a market economy act according to their own individual preferences and usually make the best decisions for themselves due to human rationality.

Georgists believe that while individuals can own the economic value of what they create, the economic value of land should belong to all, because individuals don't create land themselves.

Keynesians believe that aggregate demand is one of the most important factors influencing economic output, and that it is the responsibility of the state in times of economic crisis to increase aggregate demand through spending, and go into debt spending if necessary; in times of economic prosperity, it is the responsibility of the state to pay off its debt. According to Keynesians, basically, the market economy is fickle and unstable, and the government must pick up the slack to help stabilize the economy when it must.

Marxists believe that history is fundamentally shaped by conflict, usually between social classes, that results in change and progress for the world. Class conflict within capitalist society arises because the working class and the capitalist class have fundamentally different interests, and that class conflict is inevitable and the working class will inevitably overthrow the capitalist class and establish a workers' society without capital or private property in favor of collective ownership of the means of production.

Austrians predicted eight out of the last five crashes.

Contraction of the currency supply is a good thing when you don't have a debt/spending driven economy

What about Australian economics? Survived the GFC with no bank collapses, etc etc.

>You
World is too complex to be fully understood, so we should abandon every single attempt to understand or analyse it to any degree.
>Everyone else
Nah, we'll do science. Oh, look, we made civilisation, and you remained a naked ass savage in the jungle!

I believe in a largely free market, and I believe that the rich create the jobs by opening up opportunities for poor fucks. What school do I belong to?

I also believe interest should not be a thing, is that compatible with economics?

no national socialist...
DROPPED

Choke on cock bear bait. There’s no such thing as “economics”. Just a bunch of faggot gamblers that couldn’t get real jobs.

> individualist for thee
> collectivist for me

Can you stop falling this Jew trick. Corporations, bankers and kikes will always work as groups to get the governmemt to give them favorable laws and benifits. Libertarianism/free market shit is just white men not helping out tgeir fellow man while everyone else acts as in group.

Yeah nah get fucked cunt

I believe in Aztec economics where people buy and sell, land's profit is based on value and uses, also rather than Gold value, value should be based on pottery.

Keep dreaming, Ivan.

Debt is the foundation of the modern economy. People being able to loan and borrow money for interest is what drives the global financial machine. It's possible for a society to not have interest, but that society would be nothing like the society of today.

Austria didn't employ Austrian economics. Noone does, really.

Not saying you can't understand it, but trying to alter human behavior with government interference in the economy is the pinnacle of naiveity.

I figured in as much about the interest issue, I feel the only place I would not endorse a truly free market would be in terms of interest rates to avoid degeneration into total jewery.

It's possible, but improbable.

thx user

>we made a model. Now let's have the government force the people to match our model!
Fucking useless faggot probably work in a liquor store

Actually no not just pottery and ceramics but old artefacts and rare jewels.

>ops pic unrelated

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Any valid economic theory must rely on mathematical expressions, because any valid economic theory must make a prognosis on the future state of economic environment, by transforming the numerical input of known parameters of it into projected parameters of future outcome.

The theory that rejects such approach to begin with makes itself completely worthless.

historyonthenet.com/aztec-economy-regional-markets-and-long-distance-trade/

Something something China and India something something

> Keynes supported Mosley
> Keynes wanted to get the brits out of poverty
> You can trust corporations to pay people fairly

You're welcome, user.

>hurr laissez faire
shit never works, see london circa 1800s. a shithole that the elites where willing to let fall to shambles until one of them died, then they approved a socialist work to build sewers. in the meantime before they where too busy turning a profit by dumping sewage into drinking water to save on fuel.

capitalism is just communism run by jews without a police state.

>hurr laissez faire
>shit never works
hmmm....

hk is pretty much the only one, and its not even a country

I believe in a Mesoamerican style mercantile economy with state organised Andean style work laws and safety net.

And what does Singapore has to do with Austrian school of Economics, exactly?

>implying you could even create a mathematical model that could account for all the variables of a working economy

Keynsians like the idea of complex math models because they look at an economy as a closed system where altering one aspect doesn't affect other unknown factors.

Reality is that humans are primarily motivated by their own self interest and if they are left to their own devices will cooperate voluntarily for a mutual benefit as long as their freedom isn't being imposed upon.

Debt is paid by labor. Labor gets shit done. It doesn't matter if some of the labor is wasted, the productive capacity of the country improves when people work.

The whole purpose of keynism was the idea that ensuring the workers got paid decently it would boost the economy. Ome of keynes biggest things was that agreed with marx on the downfalls woth marxism. He said the only wat to prevemt people falling to the allures of nazism or communism was to give protections to the working class.

>implying you could even create a mathematical model that could account for all the variables of a working economy
I am implying that the only worthwhile thing you can do in the economic science is to create a mathematical model that is as efficient as you can manage. Otherwise, you are wasting your time doing useless shit.

Newtonian Physics does not account for all variables of physical world at all. Nonetheless, it is an immensely powerful tool of control over physical world.

"Austrian school of physics" that would claim that it is therefore invalid, without presenting any alternative is completely useless.

Relativistic physics is better, but only because it accounts more variables of a physical world.

>yes goy, pour out your blood sweat and tears for your entire life while us ((bankers)) redeem your effort with a fiat currency and a debt that you'll be imprisoned for if you don't pay

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LOL and yet all the world's major economies are based on some type of Keynsian command-economy model where you have massive state-intervention because if you didn't the market wpuld crash.

Go suck on that you Ayn Rand groupie faggots hahahaha

>I am implying that the only worthwhile thing you can do in the economic science is to create a mathematical model that is as efficient as you can manage
and you would be wrong. The point of science is predictive validity, not muh formulas. Formulas only came to be regarded as "scientific" when the physical laws were being hypothesized.

This is not a redpill on Austrian economics

>Relativistic physics is better
arguably not, when the logical outcome of relativity is a 95% undetectable dark universe

>LOL and yet all the world's major economies are based on some type of Keynsian command-economy model where you have massive state-intervention because if you didn't the market wpuld crash
Hong Kong
Signapore
Taiwan
The US before the 1930s
Most of Europe in the 19th century

Keynes is mostly bullshit and his policies prolonged and deepened the great depression.

The fabric of economics is quantity, numbers. Nothing but quantity and numbers. If you deny yourself working with numbers, you would not be able to predict shit.

>The point of science is predictive validity
And that's why there is no point in Austrian economics.

Austrian school of physics would claim that savings and production are laws of a sustainable economy. As opposed to the flawed foundation of Keynesian physics which claims spending and debt drives an economy.

If your mathematical models are based on faulty assumptions then you have faulty models.

>Debt is the foundation of the modern economy.
Please read Web of Debt.
It explains why money lent at fixed interest rates is incompatible with an uncertain world and why equity, rather than debt, must be the foundation of the economy.

Except it ends up hurting most the people it was intended to protect.

>The US before the 1930s
crashed
>Signapore
keynesian as fuck
>Hong Kong
not even an independent country
>Taiwan
keynesian
>Most of Europe in the 19th century
mercantilist

>different types of cancers.jpg

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Asian economies are especially command economies.

In South Korea you get the death penalty for capital flight and tariffs are imposed on foreign products. Their economies are heavily regulated.

B-B-But muh free market!!

>Austrian school of physics

It would not be subject to verification or falsification based on facts. You can't prove that the earth revolves around the sun with data and evidence, what are you a collectivist?

You are never going to get what you want until you come up with an explanation for how the weakest will be given safety in your society. Until then, you're basic plan is just to let the weak die and no one will ever go alone with that, because there are way more weak people than strong. And most strong people realize there is also a high likelihood that they will be weak one day. If you can figure that out, then you can start making a much better argument against the government taking care of such things. The plan can't just be "fuck you and die" you need to think harder about people who are not you, even if it's just to make sure they don't burn down your house as part of an angry mob.

>Keynes ....deepened the great depression.

Keynes had no affect on the the Great Depression, moron. "General Theory" didn't come out until 1936. No one even considered implementing Keynesian policy until 1939 and the beginning of World War 2, which is when Britain's economy began to recover.

Nationalist governments (Italy, Germany, Spain) had policies almost identical to what Keynes would have recommended and they were all massively successful.

this

austrian school is essential marxism for the rich

>Except it ends up hurting most of the people it was intended to protect.
how so exactly? it's less extreme than what you want, which means the extremes are tapered and it hurts some. But it also moderates the extremes to create more stability. Be honest, the stock market 2008-2016 was pure Keynsian quantitative easing, and it worked, didn't it? They fucking saved the whole fucking thing from the more deregulated recklessness of the eight years proceeding. Yes, the very rich made more money, but at the expense of almost destroying the entire fucking thing. Do you understand how un-fun it will be if society actually collapses? That's when people really get hurt. Maybe it's where were about to head with all this recklessness now. Then you can tell me what system was more harmful to the little guy. We can talk about it in the charred remains of a burnt-out trump hotel while sharing a dead rat for brunch.

Econ fag here. College 2007. Keynesian was the standard of what "works". What are they teaching today?

Got you, senpai.

And for those with short attention spans...

Thanks pham

If you believe this you're an idiot

What a little hottie. Give her to me and she will never fail a pregnancy test.

END THE FED
BRING BACK THE BUS
Daily reminder that Hamilton did nothing wrong, and Jackson (economically) did everything wrong
>implying there's anything wrong with a national central bank

>austrian (((economics)))
>literally argues that evidence don't real
i prax that you're a faggot op