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Thursday, July 12, 2018

Left-Wing Economists - Freedom Philosophy | Being Libertarian

“Economics is haunted by more fallacies than any other study known to man. This is no accident. The inherent difficulties of the subject would be great enough in any case, but they are multiplied a thousand fold by a factor that is insignificant in say, physics, mathematics, or medicine – the special pleading of selfish interests.”
– Henry Hazlitt, Economics in One Lesson


"Thomas Piketty, Paul Krugman, and new-to-the-scene, political hopeful Alexandria Ocasio-Cortez, are all economists who subscribe to a leftist mentality and they typically support a Keynesian model (the economic theory that suggests we can boost the economy by spending on jobs, like road workers, who in turn spend their paycheque elsewhere, further stimulating the economy)" argues Brandon Kirby, philosopher, financial adviser.

Photo: Alexandria Ocasio-Cortez

This raises a puzzling question for those of us who are passionate about economics in the liberty movement – how can someone spend their life looking at a subject and walk away getting it so completely wrong?

There are common criticisms within the philosophy of science concerning biases in the practice of science, be they cultural, religious or irreligious, philosophical, or economic.

For example, why would a scientist study how to fit a smaller nut into a candy bar when they could be studying a cure for cancer? It’s because the candy company pays them more money.

With economic bias, we should take note that it’s possible this has crept into the practice of economics itself.

Macroeconomic researchers get government grants, and Keynesian economics, the justification for politically-popular, lavish spending programs, is popular with those who fund the grants (the politicians themselves).

The left will never cease to cry out for bias when an economic argument is given in favour of cutting taxes, explaining the economist is on the payroll of some major corporation, whatever validity there is to this applies equally well to their own economists – they tend to be on the payroll of spend-happy politicians through research contracts...

Libertarians concern is strictly for the economic theories that foresaw the housing collapse, the resultant inflation from abandoning sound money, and can correctly identify bubbles such as our current debt bubble. We stand against this self-perpetuating echo chamber, but it exists for a very real reason. There are left-wing economists, but their credentials don’t add to their arguments...

Brandon Kirby writes in the end of his article, Libertarians concern is strictly for the economic theories that foresaw the housing collapse, the resultant inflation from abandoning sound money, and can correctly identify bubbles such as our current debt bubble. We stand against this self-perpetuating echo chamber, but it exists for a very real reason. There are left-wing economists, but their credentials don’t add to their arguments.
Read more... 

Additional resources

Introduction to the Keynesian Model  by Dr. Peter Navarro - Paul Merage School of Business.
In this course, you will learn all of the major principles of macroeconomics normally taught in a quarter or semester course to college undergraduates or MBA students.

Source: Being Libertarian


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