Saturday, July 01, 2006

Austrian Economics

If something is the ultimate truth why don't many people believe in it. Most of the fundamental laws of Science are not disputed, so are the fundamental laws of Economics, the most basic being that demand curves slope downward. I guess at the most fundamental level the point of departure is level of government intervention in the economy. Ever since I started graduate school I have been wondering why no one takes Austrians seriously. If what they preach is the ultimate truth why are they unable to convince others of the truth. Everytime I talk to people about Austrian Economics, the one question that always stumps me is "Where is the proof of its success?"At that point I have no answers. I am not an expert on Austrian Economics. I know very little; and at this stage I am unwilling to brand myself as anything but an economist in the making.

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