This article further criticizes the notion of Knightian uncertainty which is often used to attack equilibrium theory. Section II highlights some past work. I recently watched and old debate between Caplan and Boettke. The debate focuses on the validity of Austrian economics, but my focus is on Bryan’s criticism of uncertainty. See 5:41 of this … Read more Further Contra Uncertainty
This article will discuss the ongoing Austrian V Chicago Economics debate and voice my rare disappointment with Tom Woods. First of all let me say that I am a huge fan of Tom Woods in general, but on this issue he disappoints me. David Friedman is an avid proponent of a unique brand of post-monetarist … Read more Tom Woods VS Friedman?
This article will argue that much of the Austrian school of economics is not valid, although it may be resuscitated if certain key steps are quickly taken. The fact that it is not falsifiable makes it not scientific, but not necessarily invalid or useless. Philosophy and logic can be used with great power, sometimes with … Read more The Death of Old Austrianism
Tldr – While Didier’s talk is interesting, he fails to sufficiently defend or even describe his methodology. There is a great debate in economics about the ability to control economic systems. The Austrian, Classical and Free Market views emphasize that markets are not fully controllable. These views are opposed by Neokeynesianism which, while allowing that … Read more Calling Didier’s Economic Bluff
Bitcoin has been changing. Drastically. Business Insider says that Bitcoin is selling its soul. Bloomberg, on the other hand, continues the line that bitcoin is a revolution bound to change the world for the better. What has changed? Basically there are three major events going on in the bitcoin world right now: Mt Gox is … Read more Zerocoin and Bitcoin: Taking Anonymity to the Next Level
This article covers a poll of mainstream “economic experts,” about half Keynesian and half Chicago school or monetarist. No notable Austrians were surveyed. The poll was a statement and the respondents agreed or disagreed. The statement was, “A bitcoin’s value derives solely from the belief that others will want to use it for trade, which … Read more “Economic Experts” Still Have No Clue About Bitcoin
As a matter of theory many current monetary thinkers, especially in the Austrian school of economics or those involved in the bleeding edge of technology including Bitcoin, have long anticipated competition to Bitcoin. We see the competition as good and healthy in the long term because competition usually fosters quality over time. This article will … Read more Past and Present Alternatives to Bitcoin