Thursday, April 24, 2014

Defending Lew Rockwell

I had heard about the Mises University, a week long Austrian economics seminar, sometime in the early 1990s and is was not until I believe 2003 that I was able to attend down in Auburn, Alabama.  I highly recommend it to one and all, even though it is geared toward college students.  This ancient participant got in on a academic pass, since I do some teaching as an adjunct.  It was once of the most pleasant weeks of my life.

The stars are the participants, from all over the world, and the rather close proximity to professors who would be academic stars is the leviathan did not purposely prefer bad economics to good economics.  There Walter Block steered me toward the most excellent historian of USA law, Morton Horwitz.  And reading Horwitz is dawned on me, when you want to have your facts straight, read the Marxists.  (The policy prescription are wanting, but facts straight they have.)

Probably the most important bit I took away from all the talk of money and interest was how central usury is to capitalism, and over the years realized what has been taught for millennia, and that is interest (usury) is wrong because it does damage. And crony capitalism is tautological, all capitalism is crony capitalism.

I part ways with Austrians when it comes to acceptance of interest, but otherwise they have economics down cold.  All of the regime economists feign shock and surprise when the bubbles burst, caliming "no one saw this coming..."  Except for the five million or so people who understand Austrian economics.

I would not have found Austrian school economics if it had not been for the educational entrepreneur Rockwell.  He gets slammed for having alternative views.  The best thing about the Austrian school is you can always get a worthy opponent when arguing economics.

Feel free to forward this by email to three of your friends.


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