Wednesday, November 25, 2015

Steve Keen on Austrian Economics

Steve Keen gives an interesting lecture below on the Austrian school of economics.

Some critical points:
(1) it is an oversimplification to say that Austrians do not support equilibrium as the essential feature of a capitalist economy (see 2.20 onwards), though admittedly there is some balance in this point later on. In fact, it is really only the stream of Austrian economics connected with Ludwig Lachmann that questions whether a tendency to general equilibrium is a feature of real world capitalism. The other streams of Austrian theory are fully on board with the idea that capitalism has an inherent tendency towards an equilibrium state (usually Mises’ final state of rest), even if it never reaches it (see also here).

However, it is very curious indeed that Carl Menger’s original Austrian theory seems to have shunned modern general equilibrium theory in important ways.

(2) I am very much afraid that in a talk on Austrian economics a disproportionate amount of time is spent on Schumpeter. Schumpeter was not an Austrian, but an idiosyncratic neoclassical.

(3) for a more wide-ranging critique of Austrian economics, see my post here.

Tuesday, November 24, 2015

When the Left becomes a Laughing Stock

Trigger warning

It’s hard to even read this news story here. Even the politically correct UK Independent newspaper – well known for political correctness – appears to find it too much.

It’s worse than this: it is unhinged. This is the result of 30 years of Postmodernist charlatanry, extreme identity politics, political correctness and that peculiar sub-species of Postmodernism called Postcolonialism.

People are laughing their asses off at the left, and with good reason.

The left is just turning itself into a laughing stock with its infantile, idiotic, whining, hysterical, endless victimology.

To add to the mix, we read that university students in America are protesting against… “culturally insensitive” Halloween costumes – of all the things in the world to protest against.

One wonders what sort of bubble these people live in, and how the poor things are going to survive in the real world. Another thing that amazes me: isn’t this the same generation that grew up watching Borat and Bruno, movies which contain some extreme politically incorrect material?

The next time a major financial crisis or global recession hits the world, I fully expect some people on the left will be too busy with their “safe spaces” and “trigger warnings” to even pay any attention whatsoever to the real world.

Anyway, my message to the poor dears: you should listen to as much politically incorrect humour as possible and f**#ing grow up.

Start with this one below.

Trigger warning: politically incorrect humour follows!