[Grozny]

The Quarterly Journal of Austrian Economics mission statement (Block, Hoppe & Salerno 1998) claims that “This forum is open... to articles expressing cogent criticisms of Austrian economics that are useful in provoking a rethinking and clarification of critical points of its theory, policy, or method. As was the case during our tenure with the Review of Austrian Economics, we will not shy away from controversy, regardless of whose oxen are gored.”

The purpose of this paper is to provoke a rethinking of Austrian economics and perhaps to gore a few oxen. I have tried to be cogent.

Critique of Austrian Economics

Note: I am posting this paper here, rather than in the economics section, because so many libertarians equate Austrian economics with their ideology, as evidenced by their annoying habit of writing "free market (Austrian) economics" as though they are the same thing. I have a simplified exposition of my own theory - which is about the free market but is not Austrian - posted in the economics section.

[American Serf]

Care to provide a synopsis here?

[quetzalcoatl]

One thing I admire (if that is the correct word) about Austrian economics is that it is upfront about the political nature of its analysis. Austrians have a particular view of the human condition, and its economics is tailored to fit that view. It is far less objectionable in that regard than modern mainstream economics. Neo-classical economics is basically a political orientation, masquerading as a science.

[American Serf]

Care to provide a synopsis here?

Apologies -- I'm new here and I didn't realize there was a ban in this forum on one-liners. What's the purpose of this draconian rule?


In any case, I'll rephrase:

Sounds like an interesting article. Care to provide a synopsis here?

[Bulaba Khan Jones]

Apologies -- I'm new here and I didn't realize there was a ban in this forum on one-liners. What's the purpose of this draconian rule?

I'm a bit confused as to who it is you are responding to, unless you received a private message by someone politely informing you about forum policy on one-liners, but one-liners are acceptable in off-topic subforums like Gorkiy Park or Today's News. In on-topic forums like this one, it's simply not the type of posts appropriate for on-topic discussions. You can, however, say quite a bit with a single sentence, depending on its size, and it probably wouldn't get removed, as it would be conducive to the conversation.

As you are also new, I'd like to remind you that you welcome to use the Basement subforum to ask these types of questions, as criticism/discussion of moderator actions/policy within the thread they've occurred is off-topic.

[Zerogouki 2]

The Austrian school is for naive anarchists. A proper reading of the relative theory of value, or of history at all, destroys the pretense that gold or any other commodity can maintain a constant value over time or that a gold standard actually prevents governments from debasing their currencies. And the debate over hard vs. fiat currency is really the only difference between the Austrian and Chicago schools.

[Crantag]

If you are trying to get published, and I am an editor, you lost me on the abstract.

I'd edit your paper and eliminate the political innuendo as much as you can.

I dislike economic liberalism and Austrian economics as much as you do.

You've obviously worked hard on this paper. But you shouldn't make blatant political statements.

It's also a bit too long, it would seem.

[Truth To Power]

One thing I admire (if that is the correct word)

"Respect"? One can respect consistency without admiring consistency in error.

Neo-classical economics is basically a political orientation, masquerading as a science.

It is pseudo-science designed to rationalize privilege and justify injustice, the greatest scientific hoax ever perpetrated.