Sunday, November 30, 2008

How Can We Test The Merits Of Economists?

On the Mises Institute blog site Paul Volcker was quoted and a statement was made: "There is a lot here that Austrian Economics would agree with."

It depends on what you mean by: "There is a lot here that Austrian Economics would agree with."

There is a wide spectrum of economic persuasion and there are some who jump around on that spectrum depending on the specific issue.

The range of that spectrum where Austrian economics resides is in the range that can be classified as classical liberalism. There is a test, one that is easy to use, to identify the authenticity of those economists who may appear to overlap into the 'Austrian economics' portion of the spectrum.

The test is the real world! The test is deeds not words! Here is the test in the clearest of terms: Is the 'economist' an interventionist? It is a yes or no proposition. There is no gray area.

Now since we know that Volcker is an interventionist, does it help to have an interventionist of his type among the inner circle of the unConstitutional coup? Can any of these economic terrorists separate out which injustices around the world that they had less of a hand in? Is treason a gradation?

We are living in a time when fuzziness in identifying true economics from fallacious economics does a tremendous disservice. I am not talking about intolerance, I am talking about economic science versus quackery.

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