Quantum Physicist to Keynesians: Please leave the science to us
March 11, 2009
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Benjamin Richards puts a world class smack down on Keynesians. Give it a read if you have a moment.
Excerpt: "I asked a Keynesian about this the other day in a Q&A session. He had been debating Walter Block and was critical of Dr. Block's Austrian view of the scientific status of economics. I simply wanted to know, if his discipline was so empirical, if he had in fact predicted this current mess, since the Austrians certainly had. He responded,
'Economies are like the weather, very complicated systems. We don't get things right every time. You don't fire your weatherman just because he's wrong once in a while.'
Well, if the weatherman misses with his temperature forecast by five degrees, that's one thing. If he misses the fact that a class-five hurricane the size of Texas is speeding directly for New York City — not only fails to predict it but explicitly denies its existence up until the moment it hits — I'd find another weatherman."
Read more of this great article by a newcomer to Austrian Economics and Libertarianism at The Von Mises Instiute. Austrian School Economics is attracting great young minds daily. Austrian Economics focuses on human action as the fundamental principle of a logical science encompassing economic activity.
David in Qatar
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