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Message
re: Peter Schiff Destroys Thomas Piketty
Posted on 5/29/14 at 12:49 pm to MagicCityBlazer
Posted on 5/29/14 at 12:49 pm to MagicCityBlazer
quote:
I'm just curious what specifically is so unorthodox about the Austrian economics school.
Well Austrian economist don't proclaim omnipotent abilities to predict human action like the Keynesians (or is that Kenyans?) and thus rule by central command and control and give away free shite by stealing it from others. So there's that.
2
Posted on 5/29/14 at 12:50 pm to goldennugget
quote:
I posted on reddit that Schiff refuted his book and got downvoted into oblivion
Posted on 5/29/14 at 12:51 pm to GumboPot
Yea, the concept of those in power not being able to confiscate other's assets, is actually a pretty new concept, relatively speaking
This post was edited on 5/29/14 at 12:52 pm
Posted on 5/29/14 at 12:52 pm to GumboPot
quote:
we no longer have a free capitalism economy
Can you point me to the year as "free capitalism" is defined that the US had it?
Posted on 5/29/14 at 12:55 pm to GoCrazyAuburn
quote:
Yea, the concept of those in power not being able to confiscate other's assets, is actually a pretty new concept, relatively speaking
Very true.
Posted on 5/29/14 at 12:58 pm to goatmilker
quote:
Can you point me to the year as "free capitalism" is defined that the US had it?
When the first colonialist bartered with the native indians?
But we weren't the US then were we...so I guess, never.
Posted on 5/29/14 at 1:00 pm to GumboPot
quote:
Well Austrian economist don't proclaim omnipotent abilities to predict human action like the Keynesians (or is that Kenyans?) and thus rule by central command and control and give away free shite by stealing it from others. So there's that.
Zing!
Posted on 5/29/14 at 1:43 pm to RollTide4Ever
People are dumb if they think redistribution of wealth will change anything..
I'd be willing to bet if you took all the capital/money in the US and divided it up equally between every citizen, 20 years later 80% of the people that were "on top" before the redistribution would be back up there.
You can redistribute money, but you can't redistribute work ethic and motivation. Liberal politicians will never understand this principal.
I'd be willing to bet if you took all the capital/money in the US and divided it up equally between every citizen, 20 years later 80% of the people that were "on top" before the redistribution would be back up there.
You can redistribute money, but you can't redistribute work ethic and motivation. Liberal politicians will never understand this principal.
Posted on 5/29/14 at 2:03 pm to GumboPot
quote:No it is not. Socialism is doomed to failure for a number of well detailed reasons. Here's one notable example from 1974 when the committee awarded von Hayek his Nobel prize:
quote:
Capitalism and Socialism are two brilliant concepts, neither has ever been tried in totality.
This is true.
quote:
The Academy is of the opinion that von Hayek’s analysis of the functional efficiency of different economic systems is one of his most significant contributions to economic research in the broader sense. From the mid-thirties he embarked on penetrating studies of the problems of centralized planning. As in all areas where von Hayek has carried out research, he gave a profound historical exposé of the history of doctrines and opinions in this field. He presented new ideas with regard to basic difficulties in “socialistic calculating,” and investigated the possibilities of achieving effective results by decentralized “market socialism” in various forms. His guiding principle when comparing various systems is to study how efficiently all the knowledge and all the information dispersed among individuals and enterprises is utilized. His conclusion is that only by far-reaching decentralization in a market system with competition and free price-fixing is it possible to make full use of knowledge and information.
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