As state power metastisizes, those carrying out government directives are even less bound by law than they were a few years ago. The Deep State continues to become stronger, and modern political analysis is beginning to resemble the Kremlinology of the Cold War.
Category:
Politics
As state power metastisizes, those carrying out government directives are even less bound by law than they were a few years ago. The Deep State continues to become stronger, and modern political analysis is beginning to resemble the Kremlinology of the Cold War.
One important difference between the Austrian and other schools of thought is the emphasis Austrians place upon purposeful human behavior. Consumption by individuals is not random, but rather purposeful action driven by subjective individual preferences.
The original Mont Pelerin Society meeting in 1947 featured Ludwig von Mises, whose warnings about the dangers of socialism and totalitarianism had gone unheeded. In the wreckage of World War II, the truth of his message should have been obvious. It wasn’t.
Totalitarianism is not compatible with a functioning economic system based upon free exchange and private property. Such regimes depend upon historicism and logical relativism.
Modern American culture is statist to the core. The typical school curriculum tells students that capitalism is evil and socialism is good. This only gets worse in college.
While it is often framed in the media as a battle between principled conservatives and an angry, non-ideological movement focused solely on personal loyalty to Trump, the current civil war on the American right is only the latest chapter in a much older story.
Even though DEI (diversity, equity, and inclusion) has taken a beating in some state legislatures, it still has a corrupting influence, especially in higher education. As Murray Rothbard pointed out, egalitarians are “at war with nature.”
Austrian economics today needs critics. It doesn‘t need the critics (like Paul Krugman) who cannot give valid and accurate criticisms, but rather people who actually understand the concepts upon which Austrian thinking is built provide a real challenge.
Mainstream economists often base their analysis upon assumptions that do not square with reality. Austrian economics, on the other hand, is built upon realistic assumptions and the acknowledgement that good economics must reflect human action.