06 August 2009

Crash Course in Sound Economics

Amusing read from Unqualified Reservations (UR) blog. Introduction comments:

Here at UR, "economics" is not the study of how real economies work. It is the study of how economies should work - in other words, of how sound economies work. Sound economies, as we'll see, are also stable economies.

Since there are no economies on the planet which are even remotely sound, nor is there any prospect of any such thing appearing, this discipline cannot conceivably be empirical, quantitative, or worst of all predictive.

Readers familiar with Austrian economics will find much to skim, especially at the start, but should also watch out for nontrivial differences in the origin of money and the structure of the loan market.

No comments:

Post a comment