Austrian Business Cycle Theory explained by Tom Woods

[Jebby]

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]

[freemarketfascist]

Austrian economics is bs

[Big Dog]

Austrian economics is bs

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

Do you want to expand on it a little?

[freemarketfascist]

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.

[Jasonw560]

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.

[freemarketfascist]

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

[CG6468]

I don't "speak" Austrian.

Neither does blammo