Why Not Austrian Economics?

Since the 1930’s governments around the world have been applying Keynesian economic doctrines. What we get in return for this fallacious theory is a runaway government, saturated with fiat currencies that are close to being worthless and we get politicians who promise welfarism and warfarism. Not only is Keynesian economics a bankrupt ideology but it bankrupts the nations whose governments practice it.

Monetarism is another fallacious economic theory that has been tried several times and has failed miserably each time. It was the ‘monetarism’ in the 1920’s that focused on the price level and used the money supply to keep the price level ‘stable’ all the way into the Great Depression! Those idiotic economists could not even see what was on their doorstep while they were out there trumpeting that the economy was never again going to contract because prices were stable. Again in the seventies during the Reagan recession the Monetarists were in control of policy but lost all credibility since they could not fix the economy using their prescribed and calculated monetary adjustments.

All that modern societies, under the aegis of government control of the economy, have seen are multiple variations of Keynesianism and Monetarism with the same results - booms and busts, recessions, and the wiping out of the middle-class. Not only are these economic ‘theories’ invalid scientifically but in all instances where they were applied they failed.

The alternative is Austrian economics which actually predates Keynesianism and Monetarism. In addition it withstands scientific scrutiny since it is a deductive approach. It passes the test of logic.

OK, then why not give it a try in the political realm?

The answer is clear. The power elite cannot remain in control because there is no justification for interventionism in Austrian economics. This is the reason why the word ‘revolution’ is being used by Ron Paul who is a classical liberal scholar, an Austrian economist, a statesman, and a Constitutionalist. The power elite will not voluntarily apply Austrian economic theory which means that humankind will continue to suffer from the consequences of the quackery of Keynesianism and Monetarism unless there is a revolution. The revolution has as its goal to get rid of the ego-driven interventionists and to let the economy serve the needs of all of us.

Why not Austrian economics? Because there is still enough economic illiteracy in the world for the power elite to bamboozle the masses. This may be changing which is why there is hope. In fact the message of liberty and the message of freedom from ego-driven intervention into the economy is being heard around the world and all the governments practicing their Keynesian (fallacious) economics will find themselves exposed for what they are: theft rings of the power elite.

Why not Austrian economics? There is no reason why not.