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Posted By Don Boudreaux On July 23, 2012 @ 2:10 pm In Budget Issues,Debt and Deficits,Myths and Fallacies,Other People's Money,Politics,State of Macro,Trade | Comments Disabled
With brilliant brevity, Peter Lewin boils down the importance of Austrian capital theory as it relates to current economic woes . I especially like this passage:
Concerning capital: Ironically, Keynesians appear to assume a kind of “equilibrium always” story in which productive (human and physical) resources can, at low cost, be simply shifted to and plugged in to the production of whatever product or service happens to be the object of demand stimulus; and, further, that if enough of this is done, income, employment and tax-payments will rise precipitously.
Back in July of 2000 I visited with a group of friends, including Tom Palmer , the Mayan ruins in Tikal, Guatemala. In the little hotel where we stayed were also a group of students from Harvard’s medical school. One of these aspiring physicians wore a Che Guevara t-shirt on two consecutive days. Able no longer to stand the chic ignorance, Tom Palmer asked the Che-admiring wannabe doctor the following: “Hey, do you have the entire collection? The Hitler t-shirt? The Stalin and Mao t-shirts?” The med student was too unfamiliar with reality to understand Tom’s criticism. That med student should look at this short video of Nat Hentoff. 
Made Everywhere .
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 In today’s Washington Times, CEI’s Ryan Young and Wayne Crews – both GMU Econ alums, btw – lament unfunded mandates issued by the lords of Washington: http://www.washingtontimes.com/news/2012/jul/20/season-for-relieffrom-big-government/
 Daniel Gros disputes Paul Krugman, Richard Layard, and others who insist that the U.S. and Europe are besieged by “savage austerity.: http://www.voxeu.org/article/austerity-unavoidable-after-bout-profligacy
 Pete Boettke: http://www.coordinationproblem.org/2012/07/not-just-a-confusion-over-monetary-policy-the-fiscal-policy-debate-as-well-is-confused.html
 Peter Lewin boils down the importance of Austrian capital theory as it relates to current economic woes: http://www.coordinationproblem.org/2012/07/boiling-it-down.html
 Arnold Kling smartly identifies a behavioral quirk among enthusiasts for government intervention: http://econlog.econlib.org/archives/2012/07/behavioral_poli_1.html
 Tom Palmer: http://tomgpalmer.com/
 this short video of Nat Hentoff.: http://www.cato-at-liberty.org/when-che-guevara-met-nat-hentoff/
 Made Everywhere: http://www.mandmx.com/2012/07/23/made-in-china-or-made-everywhere/
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