Today's Economist Making the Moral Case for Capitalism

Posted by $ mshupe 1 year, 3 months ago to Economics
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As Huerta de Soto reminds us, that "mainstream" economists not only failed to get 2008 right, they blew the whole 20th century by failing to predict the collapse of the former Soviet Union. They neither foresaw the collapse of the USSR's planned economy nor understood the fundamental, inherent problems in the world's dominant anti-market economic system of the last hundred years.

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  • Posted by Lucky 1 year, 3 months ago
    Very insightful analysis thanks.

    Question. Is there a thing as 'economic science'?
    Answer. Yes, unfortunately there is something often called economics that is far from science. There is so little today, at least in the mainstream, of the standard of thought of those named.
    What determines if it is science? It is the the thinking, the essential reference to reality. White coats, instruments, or machines that go ping, are not needed.

    Another interesting point is the role of the School of Salamanca in Spain, not usually recognized. I think tho' that the inspiration came from the renaissance, the re-discovery of ideas from Ancient Greece, via the Islamic crescent, that had been lost to the west. Islam had and preserved that learning but did not use it. 'Could not' may be a better description, tho' there are some notable exceptions. Catholicism had suppressed all that did not justify its power.

    Looking at the basic ideas, they are quite consistent with Rand's Objectivism.

    Re. Jean-Baptiste Say, when I studied econ last C, Say was mentioned only with a put-down. As you say-
    'Say’s ideas had to be crushed' since those ideas take away the justification for central planning and therefore the amount of work going to economists.
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    • Posted by $ 1 year, 3 months ago
      Thanks, great feedback. I agree there is such a thing as real economic science. Much like Rand scientifically discovered that values can be objective, based on reality. The common wisdom, such as the fake economics, was that values can only be subjective. The similarities between these two false premises are eerie.
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  • Posted by $ 1 year, 3 months ago
    It seems Huerta de Soto condemned the Keynesian inspired economists of the 20th century in much the same way Rand condemned the mainstream philosophers of the 19th century.
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