05 March 2009

dear austrian economists

you advocate laissez faire economics. you are screaming and crying and applauding rush limbaugh for claiming that barack obama is ruining america (sorry to burst your bubble, guys, but obama is too late), because he's pumping government money and regulation into the institutions now bringing down your precious free market.

the problem with your economic theory is that it assumes benevolence. it forgets that markets (even those controlled by themselves) contain a human element. and i think those rich, greedy fucks on wall street have already proven that there is little to no honor when there's a buck up for grabs.

it kinda reminds me of what the wickedness of man has done to that brilliant utopia carl marx once wrote about.

so long as human beings have a hand in the market and the government, things like laissez faire and communism will never be anything more than great ideas inimical to reality.



  1. i guess you summed that one up pretty acurately.

  2. Actually, the underlying theory isn't that banal. Schumpeter, for example, talks about wants and addressing wants, but in fact asserts that wants are something more than simply money.

    Entrepreneurial literature also takes this into account (it has to - on average entrepreneurs make 35% less than employees - so there has to be something else working there).

    Of course, like any other theory, the Austrian economist theory is bent by the political right to assert that only money matters and that financial incentives (or hyperincentives) are required for anyone to do anything.