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42 sats \ 9 replies \ @SimpleStacker 24 Jan \ parent \ on: The Cultural War in Economic Science Politics_And_Law
Yeah but how much damage have we also caused with bad and half-baked ideas, lol.
I can think of at least 100,000,000 people damaged by half-baked ideas that are still flowing through societies like viruses.
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Why you say we, Kimosabe?
It was the state that did the damage with its half-baked ideas on interfering with the free markets. The state, not we.
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Presumably, because "we" are members of the profession.
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Ah… but did we promulgate these ideas or spread them? I only do Austrian school economics since I learned of it. I don’t think the Austrians are doing damage to anybody, especially Rothbard.
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A ton, but still probably not enough to offset the positives of say China or India even partially embracing market liberalization.
Are you familiar with some of the horrifically failed misadventures in development economics? They've got a fair amount to atone for.
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I was in India just when they started moving from their controlled economy to a freer market economy. There were adjustments and people grumbling, but the grumbling seemed to be about how some of the formerly price controlled goods were having rising prices, but were available. Like everything else, it hurt some people and helped others. That was when the Indian economy started to break out.
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Are you familiar with some of the horrifically failed misadventures in development economics? They've got a fair amount to atone for.
Haha, no. Got a list somewhere? I'd love to bookmark it
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It's been a while since I took my development courses, but the ones I can remember would probably make a decent post.
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Perhaps the largest mistake would have been state directed development. MITI in Japan directed industrial and trade development until their big blow-up in the late 80’s. Since then, there has been a constant slump and drain on the Japanese economy, I think, due to that previous direction. The state was choosing the winners and losers, which, according to Mises in Bureaucracy is an egregious mistake because bureaucrats work to rule, not to efficiency and profit.
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