by Sebastian Ortiz
The tenth annual gathering of the Property and Freedom Society took place in September this year.
The uncompromising, intellectual, radical elite of individuals from places as far apart(both culturally and geographically) as Bahrain to Hong Kong, Egypt to Costa Rica came together in one place to discuss the ideas of freedom, mock the politically correct culture of the state’s ruling class and enjoy each other’s company.
Matthew John Hayden
Economics rather sucks. Not because of some deficiency of the impulse to understand human action, but rather because the vast majority of economists have little time for any real human actions at all amidst their vast anonymous modelling of group behaviours without reference to the actual people in those herds. This might be why the economics establishment stared at their feet when the Queen asked them why they didn’t see the late crisis and recession coming. As to the great work at hand, and the struggle it represents, it behoves one to remember the basis for our worldview, to remember that it is something that has been arrived at through philosophical rationalism, that is mental deduction. This makes us a tribe of rationalists rather than empiricists. The positivism of the economic mainstream and of Post-Keynesianism can seem very scientific – it is the method of natural science after all – but for social science it is utterly inadequate for one simple reason. It hasn’t proved or disproved anything. Verification and falsification are not enough when there is no laboratory in which to repeat experiments. We will have to turn elsewhere. Continue reading
In my last article, I pointed out some flaws in the Keynesian circular flow of income. In summary, Keynesians are incorrect to discourage savings and to encourage government spending, and their attitudes towards imports and exports can only be termed “mercantile.” The conclusions of the Keynesians logically follow from their representation of the economy as a circular flow and economic growth as increased spending on aggregate production.
I promised that in my next article I would explain why credit expansion doesn’t relieve us of the task of saving, but is instead behind our present economic malaise. As I alluded to A-level economics last time, I shall do so this time, too. Everyone, get your pens and paper at the ready.