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Re:Is America Inc getting less dynamic, less global and more... by imtringued on Thursday September 16, 2021 @12:31PM (#28553867)
The Austrian School of economics is just bad. Everyone knows that Keynes' policies are bandaids that make the wound recover faster. Meanwhile Austrian economists believe that people must let the wound heal as slowly as possible because of a tendency toward masochism and sadism.

The truth lies in neither. The biggest economic problems stem from rigidity. Money has such an extreme degree of rigidity, it is capable of traveling through both space and time unhindered. It's a time machine and massless particle all in one.

The reason why Austrian economics appeals to some people is either because they have an anti government axe to grind and want more trivial reasons to blame the government, they want to be on the receiving end of a regressive money system (gold bugs), macroeconomics are often abandoned in favor of microeconomics which hides the fact that local decision making can still result in seemingly coordinated failure and finally because they have mistaken moral beliefs about an amoral system most notably the myth of the protestant work ethic and the belief that the promise of work is their own personal property and it should be their right to delay redeeming that promise for all eternity.

I will repeat it again. There are no morals in economics. Anyone who worships savings and frugality in monetary terms is worshipping poverty in real terms. Eat your economic cake, it will be bigger tomorrow because of that and when somebody needs you to show restraint and want to borrow your slice, they'll tell you.

Re:Is America Inc getting less dynamic, less global and more... by GaryTang on Thursday September 16, 2021 @08:30PM (#28559634)
100% of the wealthier people I have met are frugal, and thr majority of them live on much less than the majority of the poor people I know.
Re:Is America Inc getting less dynamic, less global and more... by germandiago on Thursday September 16, 2021 @09:30PM (#28560083)
I also saw this pattern. Yet many people will insist on getting their wealth because they are greedy.

For me that is plain envy sorry. And, who is the greedy the ones that save their work or the ones that want the wealth made by others? Because that is more greedy IMHO.

Re:Is America Inc getting less dynamic, less global and more... by germandiago on Thursday September 16, 2021 @06:06PM (#28558345)
Ehat you are saying is not correct.

You are missing that growing in permanent debt has consequences. Some countries have been ruined by external debt. We are on our way.

We people do not manage wealth like that. A call for poverty is to live over our real outcome permanently (this does not mean we cannot invest and have debt as long as we are able to pay and as long as it has expected return in controlled ways).

Eventually you go bankrupt. What is being poorer than not being able to finance your basic services?

And yes, I admit to hsve become somewhat antistate. Because it is a scam, basically, to monopolize services, offer them more expensive, without the innovations that markets could provide you mich faster and on the way saying you are ok thanks to them and that you owe the state everything.

I can deal with market prices and free choice and save a bunch of money, which is MY invested effort, so it is me who should manage it.

States do not give me anything except poor justifications for their existence. The only exceptions could be (and I am not convinced either) security and justice.

I really think they are way more correct than the alternative: that we must be forced in groups under the decisions of ellites. This is not morally right. And, BTW, a higher goal for the sake of others under coaction lead to fascisms and communism. Little by little we lose our freedom. Not a good thing.