Sunday, December 4, 2011
"Lord Keynes" lists his "critiques" of The Austrian Business Cycle Theory - without the slightest understanding of Austrian theory
The always imperious (but clueless) “Lord Keynes” lists links to his never-ending “critiques” of the Austrian Business Cycle Theory here. You will note that he has no comprehension whatsoever of the concept of “economic calculation” upon which all Austrian theory relies. Further, like all inflationists, he cannot establish (theoretically or historically) that that the free market suffers inherently from unemployment, depression or lack of “aggregate demand” and is thus in need of Keynesian-style “stimulus”. In fact, he does not even try.
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So can you establish, theoretically or historically, that a global laissez-faire economy can support full employment equilibrium? "Global" is key; if we're going to demonstrate this, we'll need to look past artificial boundaries and political contrivances. Obviously, it doesn't say much about the success of the free market if one part of the world achieves full employment at the expense of another.
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