Difference between revisions of "Debunking Austrian Economics 101"

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{{DES | des = 31 collections of posts from the blog "Social Democracy For The 21st Century: A Post Keynesian Perspective".  An enormous scholarly resource for refuting numerous [[Austrian Economics]] claims.  Highly recommended. | show=}}
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{{DES | des = 33 collections of posts from the blog "Social Democracy For The 21st Century: A Post Keynesian Perspective".  An enormous scholarly resource for refuting numerous [[Austrian Economics]] claims.  Highly recommended. | show=}}
 
{{Quotes}}
 
{{Quotes}}
  
 
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{{Text |
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I have assembled below a set of links to various posts on my blog for debunking the theories of Austrian economics.  
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I have updated my earlier set of links to various posts on my blog for debunking the theories of Austrian economics.  
  
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Please note that not all the posts actually debunk Austrian theories, as some are merely descriptive, and allow the reader to understand what the Austrians believe. Some examine the history of the school. A few posts are even constructive in that Post Keynesians and some Austrians can agree on certain points (such as the posts on Ludwig Lachmann).  
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I will repeat the introduction to these links as well.
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 +
Please note that not all the posts actually debunk Austrian theories, as some are merely descriptive, and allow the reader to understand what the Austrians believe. Some posts examine the history of the school. A few posts are even constructive in that Post Keynesians and some Austrians can agree on certain points (such as the posts on Ludwig Lachmann).  
  
 
One important point I have always stressed is that the Austrian school itself is heterogeneous.  
 
One important point I have always stressed is that the Austrian school itself is heterogeneous.  
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This variety often supports praxeology and utilitarianism;
 
This variety often supports praxeology and utilitarianism;
  
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(3) Hayek’s economics, with a minimal state;
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(3) Hayek’s economics, with a minimal state, and with an empirical (or Popperian) approach to economic method, in place of praxeology;
  
 
(4) Moderate subjectivist Austrians
 
(4) Moderate subjectivist Austrians
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“Butos and Koppl on Varieties of Subjectivism: Keynes and Hayek,” December 30, 2011.
 
“Butos and Koppl on Varieties of Subjectivism: Keynes and Hayek,” December 30, 2011.
 +
 +
“A Question for Austrians: Who Wrote This?,” August 9, 2012.
 +
 +
“Rescuing Menger from the Austrians,” August 27, 2012.
  
 
(2) Debunking Misesian Praxeology
 
(2) Debunking Misesian Praxeology
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“Mises and Logic,” August 26, 2011.
 
“Mises and Logic,” August 26, 2011.
  
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“My Post on Praxeology gets some Attention,” March 7, 2012.
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“Karl Popper’s View of Mises,” October 2, 2012.
  
 +
“My Post on Praxeology gets some Attention,” March 7, 2012.
  
 
(3) Ludwig Lachmann and Radical Subjectivism
 
(3) Ludwig Lachmann and Radical Subjectivism
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One of the few sensible wings of the Austrian school.
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The only sensible wing of the Austrian school (comparatively speaking).
 
“Ludwig Lachmann on Government Intervention,” July 9, 2011.
 
“Ludwig Lachmann on Government Intervention,” July 9, 2011.
  
Line 83: Line 90:
  
 
“Lachmann Endorsed Keynesian Stimulus in a Depression,” February 8, 2012.
 
“Lachmann Endorsed Keynesian Stimulus in a Depression,” February 8, 2012.
 +
 +
“Who Said this About Austrian Economics?,” July 2, 2012.
 +
 +
“Lachmann and Post Keynesianism on Prices,” August 1, 2012.
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 +
Lachmann on Liquidity Preference, October 26, 2012.
 +
 +
“Caldwell on Lachmann on Equilibrium Prices,” November 6, 2012.
  
 
(4) Against the Pure Time Preference Theory of Interest Rates
 
(4) Against the Pure Time Preference Theory of Interest Rates
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(6) Austrians and the Concept of Uncertainty
 
(6) Austrians and the Concept of Uncertainty
 
“A Note on Mises and the Concept of Uncertainty,” August 1, 2011.
 
“A Note on Mises and the Concept of Uncertainty,” August 1, 2011.
 +
 +
“Austrians Mangle Business Uncertainty,” July 22, 2012.
  
 
(7) Against the Austrian Theory of Money
 
(7) Against the Austrian Theory of Money
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“Mises on the Origin of Money,” January 12, 2012.
 
“Mises on the Origin of Money,” January 12, 2012.
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“David Graeber on the Origins of Money,” January 23, 2012.
 
“David Graeber on the Origins of Money,” January 23, 2012.
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“More on Goldsmiths’ Notes and the Act of 1704,” May 13, 2012.
 
“More on Goldsmiths’ Notes and the Act of 1704,” May 13, 2012.
 +
 +
“A Note on Menger on the Nature and Origin of Money,” July 28, 2012.
 +
 +
“Money Has Direct Utility,” October 25, 2012.
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 +
“Menger’s Nuanced View on the Origin of Money,” November 6, 2012.
  
 
(8) Against Mises’s Regression Theorem
 
(8) Against Mises’s Regression Theorem
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“Austrians Can’t Get their Story Straight on the Effects of Austerity,” May 25, 2012.
 
“Austrians Can’t Get their Story Straight on the Effects of Austerity,” May 25, 2012.
  
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(13) Hayek’s Bigotry Exposed
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“Economic Calculation Revisited,” July 29, 2012.
 +
 
 +
“Murphy versus Huerta de Soto on the Government’s Ability to Increase Employment and Output,” December 23, 2012.
 +
 
 +
“Is This What Vulgar Austrians Mean by ‘Economic Calculation’?,” July 29, 2012.
 +
 
 +
(13) Hayek’s Bigotry and Support for Authoritarianism Exposed
 
“Hayek the Ethnic Bigot and the Perils of the Ad Hominem Fallacy,” January 14, 2012.
 
“Hayek the Ethnic Bigot and the Perils of the Ad Hominem Fallacy,” January 14, 2012.
 +
 +
“Hayek and Pinochet: Endless Love!,” July 9, 2012.
  
 
(14) Hayek’s Interventionism
 
(14) Hayek’s Interventionism
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“When Did Hayek Renounce Liquidationism?,” January 1, 2012.
 
“When Did Hayek Renounce Liquidationism?,” January 1, 2012.
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“Steven Horwitz on Stimulus Spending and Hayek,” August 24, 2012.
  
 
“Hayek the Evil Socialist,” January 1, 2012.
 
“Hayek the Evil Socialist,” January 1, 2012.
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“Steven Horwitz on Herbert Hoover: Mostly Misleading,” February 20, 2012.
 
“Steven Horwitz on Herbert Hoover: Mostly Misleading,” February 20, 2012.
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“Another Austrian Fable,” September 25, 2012.
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“More Fake History of the Great Depression,” September 28, 2012.
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“Robert Murphy’s Politically Incorrect Guide to the Great Depression, Chapter 1: A Critique,” November 20, 2012.
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“Robert Murphy’s Politically Incorrect Guide to the Great Depression, Chapter 2: A Critique,” November 22, 2012.
  
 
(19) Austrian Myths about the 19th century Gold Standard Era
 
(19) Austrian Myths about the 19th century Gold Standard Era
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“US Unemployment, 1869–1899,” January 26, 2012.
 
“US Unemployment, 1869–1899,” January 26, 2012.
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“Per Capita GDP Growth Rates During the Gold Standard Era,” September 11, 2012.
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“Rothbard on the US Economy in the 1870s: A Critique,” September 24, 2012.
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“The Gold Standard did not Prevent Price Inflation,” October 26, 2012.
  
 
(20) Austrians Misrepresent the Post-1945 Boom in America
 
(20) Austrians Misrepresent the Post-1945 Boom in America
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“What Did Paul Samuelson really say about the Post-WWII US Economy?,” May 31, 2012.
 
“What Did Paul Samuelson really say about the Post-WWII US Economy?,” May 31, 2012.
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“Paul Samuelson on the Post-1945 Boom,” January 4, 2013.
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“Alvin Hansen Predicted the Post-1945 US Boom,” January 4, 2013.
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“More on Alvin A. Hansen’s Prediction of a Post-1945 Boom,” January 6, 2013.
  
 
(21) Against Rothbard  
 
(21) Against Rothbard  
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“Robert P. Murphy Gets it Wrong on Stimulus in Sweden and the US,” May 22, 2012.
 
“Robert P. Murphy Gets it Wrong on Stimulus in Sweden and the US,” May 22, 2012.
  
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(25) Austrians and Equilibrium Theory
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“Prychitko on Minsky’s Financial Instability Hypothesis (FIH),” June 20, 2012.
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(25) Austrian Misrepresentations of Modern Monetary Theory
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“Robert Murphy Mangles MMT,” June 27, 2012.
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“Robert Murphy on MMT: An Unimpressive Critique,” December 15, 2012.
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(26) Austrians and Equilibrium Theory
 
“Mises’s Three Concepts of Equilibrium,” June 23, 2011.
 
“Mises’s Three Concepts of Equilibrium,” June 23, 2011.
  
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“Equilibrium Amongst the Austrians,” January 28, 2012.
 
“Equilibrium Amongst the Austrians,” January 28, 2012.
  
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(26) Debunking Austrian Ethical Theories
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“Did Mises believe in a Tendency to Equilibrium?,” June 8, 2012
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“Catalán, Straw Man Arguments and Mises’s View of Equilibrium,” June 9, 2012.
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“Mises on the Tendency to Equilibrium in Market Economies,” June 10, 2012.
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“Rothbard on the Tendency to Equilibrium in Market Economies,” June 10, 2012.
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“The Austrian View of the Market’s Tendency to Equilibrium,” June 11, 2012.
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“The Divide in Austrian Economics on Equilibrium,” October 11, 2012.
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“Mises versus Lachmann on Equilibrium Prices,” December 17, 2012.
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(27) Debunking Austrian Ethical Theories
 
There are at least two positions taken by Austrians on ethics: (1) some (like Mises) support a kind of utilitarianism/consequentialism, and (2) others support natural rights (Rothbard) or argumentation ethics (Hoppe).
 
There are at least two positions taken by Austrians on ethics: (1) some (like Mises) support a kind of utilitarianism/consequentialism, and (2) others support natural rights (Rothbard) or argumentation ethics (Hoppe).
  
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http://socialdemocracy21stcentury.blogspot.com/2010/10/economics-and-ethics-brief-survey.html
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“Economics and Ethics: A Brief Survey,” October 8, 2010.
  
 
“Ethical Theories: A Classification,” June 9, 2011.
 
“Ethical Theories: A Classification,” June 9, 2011.
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“Government is Not Inherently Evil,” January 1, 2012.
 
“Government is Not Inherently Evil,” January 1, 2012.
  
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(27) Mises and Fascism
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“The Horror of Rothbardian Natural Rights,” June 7, 2012.
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(28) Mises and Fascism
 
“Mises on Fascism in 1927: An Embarrassment,” October 27, 2010.
 
“Mises on Fascism in 1927: An Embarrassment,” October 27, 2010.
  
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“Keynes’s Remarks in the German Edition of the General Theory,” June 7, 2011.
 
“Keynes’s Remarks in the German Edition of the General Theory,” June 7, 2011.
  
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(28) Keynes and Hayek
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(29) Keynes and Hayek
 
“Hayek and Keynes: Not So Far Apart?,” April 19, 2011.
 
“Hayek and Keynes: Not So Far Apart?,” April 19, 2011.
  
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“Krugman, Hayek versus Keynes and the Austrians,” December 9, 2011.
 
“Krugman, Hayek versus Keynes and the Austrians,” December 9, 2011.
  
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(29) Debunking the Austrians on the Recession of 1920–1921
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(30) Debunking the Austrians on the Recession of 1920–1921
 
“The US Recession of 1920–1921: Some Austrian Myths,” October 23, 2010.
 
“The US Recession of 1920–1921: Some Austrian Myths,” October 23, 2010.
  
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“A Video on the US Recession of 1920-1921: Debunking the Libertarian Narrative,” February 5, 2012.
 
“A Video on the US Recession of 1920-1921: Debunking the Libertarian Narrative,” February 5, 2012.
  
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(30) Fractional Reserve Banking is not Fraud (against the Rothbardians)  
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“The Recovery from the US Recession of 1920–1921 and Open Market Operations,” October 4, 2012.
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 +
“Rothbard on the Recession of 1920–1921,” October 6, 2012.
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 +
(31) Fractional Reserve Banking is not Fraud (against the Rothbardians)  
 
“Hayek’s Original View of Fractional Reserve Banking,” February 29, 2012.
 
“Hayek’s Original View of Fractional Reserve Banking,” February 29, 2012.
  
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“If Fractional Reserve Banking is Voluntary, Where is the Fraud?,” October 3, 2011.
 
“If Fractional Reserve Banking is Voluntary, Where is the Fraud?,” October 3, 2011.
  
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(31) Against the Austrian Business Theory (ABCT)
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“Huerta de Soto on the Mutuum Contract: A Critique,” August 11, 2012.
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 +
“A Simple Question for Opponents of Fractional Reserve Banking,” August 17, 2012.
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 +
“Chapter 1 of Huerta de Soto’s Money, Bank Credit and Economic Cycles: A Critique,” August 31, 2012.
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 +
“Huerta de Soto on Justinian’s Digest 16.3.25.1,” September 1, 2012.
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 +
“Huerta de Soto on Banking in Ancient Rome: A Critique,” September 2, 2012.
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 +
“Bibliography on the Irregular Deposit (depositum irregulare) in Roman Law,” September 6, 2012.
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 +
(32) Against the Austrian Business Theory (ABCT)
 
“Austrian Business Cycle Theory: Its Failure to explain the Crisis of 2008,” October 18, 2010.
 
“Austrian Business Cycle Theory: Its Failure to explain the Crisis of 2008,” October 18, 2010.
  
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“Why Isn’t the Boom of 1946-1948 a Problem for Austrians?,” June 2, 2012.
 
“Why Isn’t the Boom of 1946-1948 a Problem for Austrians?,” June 2, 2012.
  
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“Rothbard Shoots Himself in the Foot: Why the ABCT is Anti-Capitalist,” June 25, 2012.
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“Bruce Caldwell on the Flaw in Hayek’s Early Business Cycle Theory,” July 8, 2012.
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“What was the Greatest Mistake of Lionel Robbins’s Life?,” August 9, 2012.
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“Some Critical New Work on the Austrian Business Cycle Theory,” October 9, 2012.
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“Repapis on Hayek’s Business Cycle Theory,” October 10, 2012.
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“Hayek on his Simplified Capital Theory Assumptions in Prices and Production,” October 15, 2012.
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“Why Did Hayek get a Nobel Memorial Prize in Economic Sciences?,” November 10, 2012.
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“Critics of the Classic Hayekian Business Cycle Theory,” December 13, 2012.
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(33) The Socialist Calculation Debate
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“Austrians Rewrite the History of the Socialist Calculation Debate,” October 2, 2012.
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“Note on the Socialist Economic Calculation Debate,” October 3, 2012.
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“Mises on Rational Economic Planning under Syndicalism and ‘Economic Calculation’ in Keynesian Economies,” October 28, 2012.
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“Vulgar Austrians, Economic Calculation and Capitalist Economies,” December 12, 2012.
 
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