What are your thoughts on the Austrian school of economics? Was

>>1752892
""""""economics""""""""

You can't take out mathematical models and still call it economics.

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>>1752892
It's shit

>>1752892

BTFO during and after the great depression and haven't really been relevant since. Rather than turning to empiricism they decided to prax out their own fantasy world so internet libertarians loved them.

>>1752892
Chicago school is better.

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>>1752924
>All value is created through labour
>mfw

What about different qualities of labour? some labourers are simply genetically stronger labourers, or more efficient laborers that others. So Marx must then introduce other factors from without that contribute to value. The idea that each labourer produces a value based on his individual skills and should be rewarded for his personal efforts alone contradicts much of Marx. It is absurd to assert that there is a common unit of "labour" that is exerted by all people equally. It's a bad assumption he lifted from Ricardo (Malthus was right, and it is a great shame that the Ricardians triumphed) and Marx devoted far too much time expanding on Ricardian junk. His theory of class is simplistic and hollow. I think Marx became so deeply obsessed with his system that he overlooked the foundational mistakes, because to accept these elementary failings would be to abandon the entire theory.

>>1752892
https://wiki.mises.org/wiki/Austrian_predictions

>>1752990
Thing is that Chicago school should stay the fuck away from Memstrian memonomics. Just because they have the same view of the state is not a case for them to cooperate.

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https://en.wikipedia.org/wiki/Post-autistic_economics

>>1752892
Objectively dumb.

>>1752892
is austria rich? yes

are marxist countries poor shitholes? yes

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>>1753052
> mfw this is real

Worst school of economics. One of the most retarded epistemological positions in all of social sciences, and that's saying a lot. Strongly favored among dunning kruger internet type of people, turning it into some kind of sect.

>>1752892
Hayek was the only remotely sane one of the bunch. And he's practically a pariah.

>>1754055
>he thinks Austria follows Austrian economics
wew lad

>>1752892
Just gotta prax it out bro

>>1752892
its most inline with human nature and thus fundamentally the least fallable

>>1753052
How is Austrian economics autistic? If anything, it's too dogmatic, with lunatic moral principles and 'NOO ECONOMICS IS NOT SCIENCE' whining towards the mainstream current.

>>1752892

It's kinda meme-tier.

Doesn't account for political instability, which destroys any small gains made by reduced regulation and oversight.

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>>1752892

>>1754211
Basically this.

Hayek went to the wayside when his theory of capital (which is still the capital theory Austrians use) was disproved by Piero Sraffa.

>>1755382
>>1754211

To add on, of the three major figures of the school -- Hayek, Mises, and Rothbard -- Hayek was the most grounded while Mises and Hayek were both the intellectually honest ones. Rothbard was the big turd of the bunch.

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>>1753052
>Post-Autistic Economics (PAE) is a movement of different groups critical of the current economics mainstream: behavioral economics, heterodox economics, feminist economics, green economics, and econo-physics. It was born through the work of University of Paris 1 economist Bernard Guerrien. It was started in 2000 by a group of disaffected French economics students.[1]
Is this retroactive meme magick?