Figures of Speech HOME

Home

2018

2017

2016

The month 12

Scrapbook 12

Road to nowhere

Backup hell

Beyond analysis

Winter solstice

Judge Judy

Betjeman Christmas

Veiled Modesty

Energy made easy

Nobel Ceremony 2016

Schober? [9]

The month 11

Scrapbook 11

Word Of The Year

Man and machine

Cognitive dissonance

Schubert trajectory

No change

The month 10

Scrapbook 10

That man again

Freedom of speech

A victim remembers

The conquering hero

Schiaparelli

The Man in Black

Cox and Box

Bees pulling strings

Those formative years

John Dalton

The grape harvest

Babi Yar

Bible studies

Jacobin Conspiracy [6]

The month 09

Scrapbook 09

Wrong again

That Sappho thing

Rustling inspiration

Channelled speech

The houseman's friend

Wishful thinking

Churchill in Zurich

Franz's belljar

The other Spaun

Walking with Walser

Stephen McIntyre

The month 08

Scrapbook 08

Arthur Szyk

Climate alarmism

Citroen DS23

Artificial Intelligence

Portrait of the age

Shipwreck [7]

The month 07

Scrapbook 07

The Bastille Spirit

Classic books

Mechanics

Devaluing the family

Andrea Leadsom

Outrage

Habsburg cradle

UK politics

The month 06

Scrapbook 06

The Chosen Ones

Referendum mop up

Voters

Wonderment

Last words

Gretchen am Spinnrade

The alien hatches

Carbon dioxide

Ignorants

Electoral Commission

Sahra Wagenknecht

The green tick

The month 05

Scrapbook 05

The Sun Queen

Before Schubert [5]

European wars

Timelessness

Saving time

EU referendum

Protestant Ethic [9]

The month 04

Scrapbook 04

Cherry blossom

Dark chocolate

Out of the swamp

Richard North

Do not sleep

Imperial chemistry

Lili Marleen

The Habsburg lip

The month 03

Scrapbook 03

Bedsheet, spreadsheet

French dodo

Lenten thoughts

Heinrich Heine

The great survivor

The Swiss muddle

Hans Erni

Switzerland defused

Tristram's bad start

Montségur [5]

The month 02

Scrapbook 02

Frosty wreck

Language lab

Referendum reloaded

Graven images

Die Forelle [5]

The grass on the weirs

The month 01

Rabid lexicography

Not like us

Language lab

IKEA's loose screw

Nathan's rings

Brief Encounter II

Mohammed, not my prophet

Lunatic calendars

Hidden Hemingway

Sharing the risk

Bathtime for St. Kevin

The dismal science

The below above

Sanitised swearing

Souvenirs

Rockers do it better

2015


Updated content

Contents list

Site search

Blogroll

About


Schubert collection

Home | 2016

The dismal science

Posted by Thersites on UTC 2016-01-06 16:04.

Something to ponder:

Austrian economics vs. Keynsian economics

Infographic 'Keynesian vs. Austrian Economics', by Sean Aranda, at The Austrian Insider website. The site has larger, downloadable versions of the graphic.

This non-economist has only two comments on this interesting graphic.

  1. How can we non-economists take the 'science' of economics, the 'dismal science' on which so many aspects of our lives seemingly depend, how can we take it seriously when it seems to be based on two mutually exclusive theoretical models – and has been for at least the last fifty years without any resolution. Isn't this really a bit of a worry?
  2. Unqualified to judge, I can only resort to that raddled strumpet, common sense. Thus when I read the two Keynesian panjandrums in the UK Daily Telegraph, Evans-Pritchard [1] and Warner [2] , suggest that our economic woes stem from the fact that we are not destroying enough material and value and that we should be spending money on possibly pointless 'grands projets' such as the war on global warming I need to pause for thought.

If I have to choose I think I'll stick with von Mises Austrian viewpoint and Frédéric Bastiat's shopkeeper's window. At least that makes sense.

References

  1. ^ The Second World War lifted the global economy out of a low-growth liquidity trap by flattening excess industrial capacity and harnessing a glut of static savings. This was the launchpad for the rebuilding boom of the 1950s and 1960s.
    We are in a similar 1930s low-growth trap today. The world savings rate is a record 25pc of GDP. It is the root cause of our malaise. So even if global warming were a hoax, we would need it to make our great economic escape.
    Ambrose Evans-Pritchard, 16 December 2015, The Telegraph, Even if the global warming scare were a hoax, we would still need it
  2. ^ I’m not suggesting the US needs another moon shot to lift it out of its psychological funk, but it does require something, and it is just possible that the climate change agenda might provide it. This may admittedly struggle to inspire in quite the same way as the space programme, but it promises a potentially much bigger economic dividend. The sort of investment and innovation needed to switch from today’s dependence on hydro-carbons to an energy infrastructure based on solar, wind, wave, tide and nuclear makes the space programme look trivial by comparison.
    Jeremy Warner, 05 January 2016, The Telegraph, Whatever happened to the American dream? Unfortunately, it got Trumped