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Current Events => Economics => Topic started by: Jebby on September 02, 2012, 06:02:23 PM

Title: Austrian Business Cycle Theory explained by Tom Woods
Post by: Jebby on September 02, 2012, 06:02:23 PM

This is a really good video to those interested in Austrian economics. Although I don't 100% agree with everything Austrian say, I think most of it makes a lot of sense.


[youtube=425,350]http://www.youtube.com/watch?v=W-9w4uLRHD0[/youtube]

Title: Re: Austrian Business Cycle Theory explained by Tom Woods
Post by: freemarketfascist on September 03, 2012, 06:49:50 AM

Austrian economics is bs

Title: Re: Austrian Business Cycle Theory explained by Tom Woods
Post by: Big Dog on September 03, 2012, 07:30:02 AM

Quote from: freemarketfascist on September 03, 2012, 06:49:50 AM

Austrian economics is bs

I've never seen a four word Master's thesis before.

Do you want to expand on it a little?

Title: Re: Austrian Business Cycle Theory explained by Tom Woods
Post by: freemarketfascist on September 03, 2012, 07:47:31 AM

Proper economics school is where workers are parasites that leech income from capitalists. Closest to this definition is supply side economics. "Austrians" believe that workers are intrinsically valuable to capitalists when in reality they are not. Luddits were right, machines destroy jobs.

Title: Re: Austrian Business Cycle Theory explained by Tom Woods
Post by: Jasonw560 on September 03, 2012, 08:29:51 AM

Quote from: freemarketfascist on September 03, 2012, 07:47:31 AM

Proper economics school is where workers are parasites that leech income from capitalists. Closest to this definition is supply side economics. "Austrians" believe that workers are intrinsically valuable to capitalists when in reality they are not. Luddits were right, machines destroy jobs.

Machines don't destroy jobs. Machines transfer part of the workorce to a more technically inclined group of workers, who are on hand to run said machines and to the machines when they break down. There's still the employees who do those things that machines can't do, like quality improvement and quality control, packing and shipping.

Title: Re: Austrian Business Cycle Theory explained by Tom Woods
Post by: freemarketfascist on September 03, 2012, 09:02:28 AM

Humans are just self replicating biorobots that soon will be replaced by better robots and AI.

Title: Re: Austrian Business Cycle Theory explained by Tom Woods
Post by: CG6468 on September 03, 2012, 09:12:22 AM

I don't "speak" Austrian.

Neither does blammo  :rotf: