Duncan’s Economic Blog

So many Austrians…

Posted in Uncategorized by duncanseconomicblog on May 26, 2009

Reading various economics blogs I’ve noticed that the internet seems to attract a lot of economists of the Austrian School.

This confuses me and I hadn’t relaised there were so many out there.

This makes me think of Tom Harris’s point on why Gudio may be so popular.

But I’m drawn now to the conclusion that, certainly as far as libertarian readers are concerned, the blogscape offers them an outlet and a range of opinions which the mainstream media have never provided. If you’re “mainstream” Left, Right or Centre in your politics, then the blogscape doesn’t really offer much that isn’t already found in newspapers or TV news. But if you’re a libertarian, the blogscape has become your first port of call.

I’m wondering whether the same holds of Austrian Economists.

Anyway, I’m currently writing a long(ish) post on why Austrians are interesting but also why I think they are wrong.

8 Responses

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  1. Andreas Paterson said, on May 26, 2009 at 10:15 am

    Have you read this?

    Quite a good critique I thought.

    • duncanseconomicblog said, on May 26, 2009 at 10:33 am

      Thanks Andreas – very interesting.

      For me, and this is what I’m writing up, the Austrians are correct on both the ability of unfettered monetary expansion to cause a boom. But they (i) are out of date on what they term ‘money’ and (ii) whilst offering some good diagnosis of problems they fail entirely to suggest solutions that are in anyway practical or attractive.

      Austrian economics as a school of political economy totally falls down. But then I can see why Libertarian types like it. The debate has to be moved on from ‘what economic theory works best’ to what ‘mode of political economy do we want.’ The dismal science cannot be seperated from fundamental questions of the type of socieaty we want to live in. No matter how much some argue against this.

  2. newmania said, on May 26, 2009 at 12:38 pm

    Not quite Duncan. The left is an alliance of “Pro-gressive “ elite and working class economic allies who in most other ways detest each other. This s is why open Primaries are such an anathema to the Labour Party .( Also why the elitist PR stitch up does)
    The elite have access to the established media and the voters do not use the interenet thats why they are so few
    The class of people who they both persecute are primarily the lower middleclass and upper working class aspirational people whose lives are rendered meaningless by means tested hand outs which destroy any differential their endeavours may achieve . This is also the class that suffers most from high tax by which their income is removed to be thrown at Charitable projects By such charitable use of their money their betters prove their superior social conscience and coincidentally cement their own power. This class is also generally computer literate barred from advancement and the established media (especially the state funded media ) and has , of course , been despised by New Labour .

    A certain individualism goes with the territory as well . In fact such views have been fairly represented un the free Pres it has been the BBC that has skewed the market but the BBC is enormously more important than , the Daily Mail , for example

    There is also a problem of the non representation of ordinary people .. Only 20% are Unionised and they are all Public Sector serfs , they have access to power though the Unions and the routes forged form the Labour Representation committee onwards . At the time the industrial working class was “Ordinary” . It no longer is accounting for only 16 % of output. The same job of representation the early Labour Party did for ordinary people has to be done again. Where are the Estate Agents , Hairdressers , Builders , and Insurance Brokers ( largest Employer in the South and not a one ), where are the ordinary people ?

    On the internet increasingly and naturally raging at the hypocrisy of establishment smoothies like your good self apologising for Brown by recourse to Keynes in terms you have admitted were quite false .

  3. Tom P said, on May 26, 2009 at 1:52 pm

    “Only 20% are Unionised and they are all Public Sector serfs”

    small point, but I think union density is closer to 30% of the workforce. you’re right about the tilt towards public sector employees. density is about 15% in private sector and about 60% in the public sector.

    (no jokes about density thanks!)

  4. newmania said, on May 26, 2009 at 4:20 pm

    I think there are 7,344000 in UK Unions and the working population is currently about 31,000,000 including unemployed . That makes Union membership about 23% but I could be wrong ( a bit ) .The point is that the Labour Party are actually agin’ and exploiting the majority of working people who are not in the Public Sector .
    This now completely disenfranchised section are often found on the internet getting angry and these are the people Duncan wishes to tax into penury .Ordinary working people , who have no right ( says Duncan) to independence or even to keep much of what they earn. People who go to Garden Centres , save for holidays , convert their lofts , worry about their children. People who chiefly wish to be left alone and people who in Duncan’s eyes did little personally to earn what they get .

    These people who are not invited to Duncan` glittering urban salons where perfumed youths flit hither and thither laughing silvery laughs , eating dip removing a new car here , a longed for kitchen there .Here the etiolated absinthe sipping courtiers of New Labour plot their media carreers …(contd. Page 94)

    • duncanseconomicblog said, on May 26, 2009 at 4:27 pm

      People who use the NHS, use state schools, use roads, collect benifits, look forward to their state pension, rely upon the police, benifit from street lamps, rely upon the military’s protect, whose schools/hospitals/pensions are administered by civil servants, who have their rubbish collected, who often use public transport (more so in the South)…

      Equally though if you have any tips on how to get invited to these ‘media parties’ do let me know…

  5. […] Hi there my five unique readers, I’d like to introduce you to yet another rather interesting blog that I’ve recently found. It’s someone’s, called Duncan, economic blog what I like was especially this post and this one. […]


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