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Quantum Physicist to Keynesians: Please leave the science to us



March 11, 2009 – Comments (5)

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



5 Comments – Post Your Own

#1) On March 11, 2009 at 11:03 AM, kdakota630 (29.00) wrote:

Excellent analogy and blog!

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#2) On March 11, 2009 at 1:58 PM, DaretothREdux (45.99) wrote:

I'm really tired of analogies....heart patients, cancer, house fire, and all that....but at least I had not heard this one yet and it makes sense.

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#3) On March 11, 2009 at 2:16 PM, Harold71 (20.32) wrote:

People still admit to being a Keynesian? 

We've got some really slow learners on this planet.

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#4) On March 11, 2009 at 3:37 PM, gvgray (< 20) wrote:

Yes, there still are Keynesians who still recognize the relationship between people and institutions exercising their liquidity preference and  the current recession. Why hasn't your school of thought figured out the the philosophy of "if you build it, they will buy it" was repudiated a long time ago? Demand drives an economy, not supply. When rational people, acting in their self interest, stop buying, government must temporarily increase spending, even if that means running a deficit. If you're concerned about the size of the deficit and debt, where were you in the 1980's and the last eight years?

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#5) On March 11, 2009 at 4:07 PM, whereaminow (< 20) wrote:

Ladies and Gentlemen, your Keynesian economists!

No but seriously.. I jest.

Where were we in the 1980s and the last eight years? Fighting Bush and Reagan every step of the way, lampooning them for their irresponsible policies.

Here's proof.

David in Qatar

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