Monday, January 12, 2009

"Demolition of Depression Economics"

"The only good thing about Marx was that he wasn't a Keynesian..."

I was going to expand on an article on the Great Depression, but here landed another gift on the front of the LvMI from our friends at Rothbard's anarchocapitalist circles.



http://mises.org/story/3290

6 comments:

second-tier said...

That is an amazing quote.

It reminds me of Mises storming out of the room at the Mont Pelerin Society, yelling "You're all a bunch of socialists!"

Joseph Mises said...

Yeap, I believe Milton Friedman and Friedrich von Hayek (through Ralph Raico)made famous that quote, and I think it was the former that absorbed most of the blast. Hence the following quote extrapolated from the Stalinist Reason:

"The difference between me and people like Murray Rothbard is that, though I want to know what my ideal is, I think I also have to be willing to discuss changes that are less than ideal so long as they point me in that direction. So while I'd like to abolish the Fed, I've written many pages on how the Fed, if it does exist, should be run.

Murray used to berate me for my stand on education vouchers. I would like to see the government out of the education business entirely. In that area, I have become more extreme, not because of any change of philosophy, but because of a change in my knowledge of the factual situation and history...Murray used to call me a statist because I was willing to have government money involved. But I see the voucher as a step in moving away from a government system to a private system. Now maybe I'm wrong, maybe it wouldn't have that effect, but that's the reason I favor it...The story I remember best happened at the initial Mont Pelerin meeting when he got up and said, "You're all a bunch of socialists." We were discussing the distribution of income, and whether you should have progressive income taxes. Some of the people there were expressing the view that there could be a justification for it.

second-tier said...

Joseph Mises, you might find this of interest:

http://econlog.econlib.org/archives/2009/01/priceless_macro.html

second-tier said...

the end of that link should read: priceless_macro.html

Joseph Mises said...
This comment has been removed by the author.
Joseph Mises said...

See my only argument against Hummel and Henderson is that they don't understand capital structure, and the massive distortions the Federal Reserve inflicts onto markets. Hence, this explains their stalwart defense of Alan Greenspan, a former Randian and self-ascribed Libertarian. Personally, he must be a Libertarian, of intellectual proportions only. A classical liberal of the mind, if you will. In action, he was by far one of the most powerful Statists in the history of Washington DC. Certainly in the Federal Reserve's chronicles. He baffled those idiot ass-clowns on Capitol Hill week after week, panel after panel, save for the usual lone exception..

Hummel and Henderson have long-standing stances as being Libertarians, but they are no Austrians in any sense. Their rivalry with anarchocapitalist Robert Murphy is growing infamous.