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Today: Wed, April 16 2014  -  Last modified: April, 26 2007
30 July 2011
Austrian Economics is Reality Economics - Part 3
by Michael McKay
 sub-topic» Austrian School

The need is to get the freedom formula in place. But where does it need to be ‘in place’? Where is this ‘place’ I speak of? It is on the level of common sense in everyone’s mind.

29 July 2011
Austrian Economics is Reality Economics - Part 2
by Michael McKay
 sub-topic» Austrian School

I think we Austrians shoot ourselves in the foot by calling ourselves anarchists because the word is equated with chaos and violence which is the opposite of what we mean. I think it is intellectual laziness and/or arrogance to continue to insist on using this term anarcho-capitalism. It is very “ivory tower”. The scholars I have mentioned this to have mostly shrugged it off. They have an attitude of “That’s the world’s problem, for they can’t see it our way.” So far, my comments on this topic have not made a dent. I think this is very short sighted and believe it is one of the reasons we are continuously marginalized in the press and media. It is as if we come to school to teach little children while we are dressed like Hell’s Angels and tell the parents to “get over it.”

28 July 2011
Austrian Economics is Reality Economics - Part 1
by Michael McKay
 sub-topic» Austrian School

We are not taught logic in grade school. All of us were taught in grade School that the only valid method of how we know things is called the scientific method – which is great for the physical sciences. But it’s not so great for the social sciences. Why? Because it is impossible to replicate in any controlled experiment the trillions of choices that multitudes of people make the sum total of which are the outcomes that result. In short: Because people are constantly changing their minds and they are executing those changing decisions based on constantly changing conditions … since the world is constantly changing.

And to make it even more interesting people are evaluating and acting in this constantly changing world with constantly changing information, calculations, choices and degrees of competence. Think of a football game. This is why we don’t know at the beginning of the game who will win – Green Bay or the Steelers.