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Re:10 years of whatever this has been by dools on Thursday November 18, 2021 @01:10AM (#29262458)
It’s also tied inextricably to Austro-libertarianism and I think that’s no accident. My wild conspiracy theory is that the founders of blockchain are cashed up libertarians who created it to promote libertarian economics (which overwhelmingly benefit the cashed up among us)
Re:10 years of whatever this has been by wmf on Thursday November 18, 2021 @01:14AM (#29262481)
Yeah, one side effect of Bitcoin is that it created 1000x more believers in crackpot Austrian economics. This may end up legitimizing some bad economics.
Re:10 years of whatever this has been by oceanghost on Thursday November 18, 2021 @01:33AM (#29262620)
Austrian economics aren't crackpot, they're just outdated. Their view of the world was the correct when human labor was the most valued thing in the world.

Austrian views on inflation have been proved several times over.

Austrian views on the value of labor are a disaster. They're entirely unable to imagine our current labor market where a substantial amount of the work is done by machines. Human Action was written in 1949. Imagine how different the world must have been back then. My iPhone can recognize the contents of pictures such that I can search them-- in 1949 that would have required an office building some storage cabinets, logistics, and a personal secretary or two. Now nobody,

not even Apple can tell you how that works.

Re:10 years of whatever this has been by int_19h on Thursday November 18, 2021 @03:43AM (#29263422)
Austrian economics is crackpot by definition because it's based on "praxeology", which explicitly rejects the scientific method.
Re:10 years of whatever this has been by oceanghost on Friday November 19, 2021 @01:14AM (#29274362)
How do you define "praxeology"? My recollection from reading Human Action is it was only defined as "The study of human action."-- which could be scientific or might not be.
Re:10 years of whatever this has been by adamknott on Wednesday December 01, 2021 @12:29PM (#29406534)
More specifically, as Mises conceives it, it is the study of the UNIVERSAL aspects of human action.
Re:10 years of whatever this has been by int_19h on Friday November 19, 2021 @05:36PM (#29283511)
As used by the Austrian school, at least, it explicitly rejects empiricism, and uses deduction instead (from premises that are essentially taken for granted).
Re:10 years of whatever this has been by oceanghost on Saturday November 20, 2021 @01:19AM (#29286005)
I will accept that.

But, I don't think it proves anything.

The scientific method is not an exclusive means to seek truth. Science has only one job-- to make testable predictions. It does not inform us about anything else.

You're essentially arguing "Falsus in uno, falsus in omnibus" because of an inherently illogical belief that only science can arrive at truth.

Re:10 years of whatever this has been by int_19h on Monday November 22, 2021 @06:55PM (#29313048)
Rejecting empiricism means rejecting the very notion that one can make testable predictions, though. If that is rejected, what is the point of economics, even?
Re:10 years of whatever this has been by dragonwriter on Wednesday December 01, 2021 @12:46PM (#29406764)
Austrian economics is essentially a deductive theology; the purpose is to work out the more detailed/complex implications of the basic axioms (both descriptive and, more importantly, prescriptive) that it assumes.
Re:10 years of whatever this has been by otabdeveloper4 on Thursday November 18, 2021 @01:52AM (#29262740)
> when human labor was the most valued thing in the world

Try hiring sofware developers with skills that aren't entirely copy-pastable from Stackoverflow and getting them motivated enough to not cash out after six months, and then tell me it isn't.

Re:10 years of whatever this has been by oceanghost on Friday November 19, 2021 @01:16AM (#29274368)
I'm not talking about that of course. Smart people will always be in demand.

I'm talking about ditches that need be dug. Floors that needs to be swept. Notes that need to be taken. Automation has eaten low end jobs since the industrial age began.

Re:10 years of whatever this has been by otabdeveloper4 on Friday November 19, 2021 @12:21PM (#29279667)
Have you seen the typical "data science" job applicant these days?

Looks pretty low-end to me.

Re:10 years of whatever this has been by oceanghost on Friday December 03, 2021 @02:37AM (#29427587)
How can I get in on this? :-)
Re:10 years of whatever this has been by seibelj on Thursday November 18, 2021 @02:16AM (#29262902)
I keep hearing from the futurists that massive job losses from automation are right around the corner. Yet any unskilled profession has no workers. If the automation was coming, wouldn’t we be in massive structural unemployment rather than massive unmet labor needs?

The true morons are the Marxists and their labor theory of value, as well ask MMT idiots. Crack pots are everywhere.

Re:10 years of whatever this has been by dools on Thursday November 18, 2021 @04:19AM (#29263617)
Which bits of MMT do you disagree with?