On Thu, January 16, 2014 3:32 pm, Russell Coker wrote:
Note that while Austrian Economics is widely discredited ....
To be fair, *some* of the early contributions has been incorporated into mainstream economics, such as opportunity cost, which provides an excellent way to elaborate the labour theory of value (which most Austrian economic advocates would *not* like), and marginal analysis (which was "invented" simultaneously with other non-Austrian economists). The parts to stay away from our include their insistence on methodological individualism as a foundation point (which is completely wrong) and their refusal to accept empirical evidence in favour of the supposedly perfect methodology of praxeology (c.f., von Mises). Oh, and they're completely wrong on land economics as well. Murray Rothbard's critique of Henry George is an amazing example of a fundamental mistake in reasoning leads one to a parody of a conclusion. -- Lev Lafayette, BA (Hons), GradCertTerAdEd (Murdoch), GradCertPM, MBA (Tech Mngmnt) (Chifley) mobile: 0432 255 208 RFC 1855 Netiquette Guidelines http://www.ietf.org/rfc/rfc1855.txt