Print ArticleThe Austrian school can be traced as far back as the fifteenth century. The followers of St. Thomas Aquinas wrote about human action and social organization.
They explained supply and demand, where inflation came from and how foreign exchange rates worked.
Carl Menger was the father of the Austrian school. Menger first became interested in the concept of price theory. In 1871, he completed his work titled ‘Grundsaetze der Volkswirtschaftelehre’. This paper recognized him as a noteworthy economic theorist.
Menger believed that the marginal utility of goods, rather than the labor that was used to make them, was the source of their value. This theory solved the old diamond-water paradox that had baffled classical economists for years. The paradox was that humans find diamonds to be of more value than water, even though water is much more important to survival.
The Austrian School is a school of economic thought that follows the belief of the actions of individualism. Austrians believe in the basic principles of human action as the only valid economic theory. They are adamantly opposed to the behavior theory of Keynesian economics.
Austrian theorists such as Murray Rothbard, Ludvig Von Mises, and Friedrich Hayek believed in government restraint, the protection of private property and the defense of individual rights. Austrians see entrepreneurship as the lifeblood of economic development. Austrian economics fit in very well with a free society.
An economist by the name of John Maynard Keynes wrote The General Theory Of Employment, Interest And Money in 1936. His book was well received, to say the least, and Keynesian economics reached mainstream acceptance among economists in the United States.
Keynes was a member of the Cambridge Apostles, a secret society, during his college years. Later, he was part of the Bloomsbury group, a collection of English artists and scholars, who regularly had relations with more than one partner and sometimes of the same sex.
It is very strange that we would adopt the views of a man who was described by his homosexual partner, Lytton Strachey, as “A liberal and a sodomite, an atheist and a statistician.”
Here are some other bizarre allegations about John Maynard Keynes:[1]
Keynes apparently was into the sexual abuse of little boys. Writing to his homosexual friends, he told them to visit Tunis “where bed and boy were also not expensive.”
Taking advantage of bitter poverty, he purchased the bodies of child prostitutes in North Africa, the Middle East and Italy for English Shillings.
He schemed to legalize drugs and homosexuality.
Keynes knew what his policies would bring to a moral society.
By a continuous process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method, they not only confiscate, but they confiscate arbitrarily; and while the process impoverishes many, it actually enriches some....The process engages all of the hidden forces of economic law on the side of destruction, and does it in a manner that not one man in a million can diagnose." - John Maynard Keynes Economic Consequences of the Peace, 1920
Why would this process be important to a man like John Maynard Keynes?
When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals. We shall be able to rid ourselves of many pseudo-moral principles which have hagridden us for two hundred years....” John Maynard Keynes
It appears that this ill conceived economic principle which has been embraced by modern economists was for the purpose of bankrupting a moral society.
Keynes also was against the concept of saving or thrift.
He recognized that this concept was a virtue of the Christian worldview (known as sowing and reaping). With great disdain, he wrote, "The morals, the politics, the literature, and the religion of the age [are] joined in a grand conspiracy for the promotion of saving."
Apparently, the Keynesian philosophy has worked as the savings rate in the US today resides in negative numbers.
For Keynes, the love of money was “a means to the enjoyment and realities of life.” A clear contrast becomes evident- self indulgence as opposed to self denial or sacrifice.
Nixon said,” Now, I’m a Keynesian!” as he contributed to the annual deficit of our once great nation.
To be sure, the Nixon years were full of economic dishonesty and ethics dishonesty.
Proverbs 13:22 says "A good man leaves an inheritance to his children's children" Of course, a pedophiliac lifestyle does not produce offspring.
It is past time to throw away Keynesian/ socialist economics. It may even be too late.
Bruce is completing a book called "Hyper-Inflation 2007: Protect Yourself Now!"
1. http://bioleft.tripod.com/keynes.htm
They explained supply and demand, where inflation came from and how foreign exchange rates worked.
Carl Menger was the father of the Austrian school. Menger first became interested in the concept of price theory. In 1871, he completed his work titled ‘Grundsaetze der Volkswirtschaftelehre’. This paper recognized him as a noteworthy economic theorist.
Menger believed that the marginal utility of goods, rather than the labor that was used to make them, was the source of their value. This theory solved the old diamond-water paradox that had baffled classical economists for years. The paradox was that humans find diamonds to be of more value than water, even though water is much more important to survival.
The Austrian School is a school of economic thought that follows the belief of the actions of individualism. Austrians believe in the basic principles of human action as the only valid economic theory. They are adamantly opposed to the behavior theory of Keynesian economics.
Austrian theorists such as Murray Rothbard, Ludvig Von Mises, and Friedrich Hayek believed in government restraint, the protection of private property and the defense of individual rights. Austrians see entrepreneurship as the lifeblood of economic development. Austrian economics fit in very well with a free society.
An economist by the name of John Maynard Keynes wrote The General Theory Of Employment, Interest And Money in 1936. His book was well received, to say the least, and Keynesian economics reached mainstream acceptance among economists in the United States.
Keynes was a member of the Cambridge Apostles, a secret society, during his college years. Later, he was part of the Bloomsbury group, a collection of English artists and scholars, who regularly had relations with more than one partner and sometimes of the same sex.
It is very strange that we would adopt the views of a man who was described by his homosexual partner, Lytton Strachey, as “A liberal and a sodomite, an atheist and a statistician.”
Here are some other bizarre allegations about John Maynard Keynes:[1]
Keynes apparently was into the sexual abuse of little boys. Writing to his homosexual friends, he told them to visit Tunis “where bed and boy were also not expensive.”
Taking advantage of bitter poverty, he purchased the bodies of child prostitutes in North Africa, the Middle East and Italy for English Shillings.
He schemed to legalize drugs and homosexuality.
Keynes knew what his policies would bring to a moral society.
By a continuous process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method, they not only confiscate, but they confiscate arbitrarily; and while the process impoverishes many, it actually enriches some....The process engages all of the hidden forces of economic law on the side of destruction, and does it in a manner that not one man in a million can diagnose." - John Maynard Keynes Economic Consequences of the Peace, 1920
Why would this process be important to a man like John Maynard Keynes?
When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals. We shall be able to rid ourselves of many pseudo-moral principles which have hagridden us for two hundred years....” John Maynard Keynes
It appears that this ill conceived economic principle which has been embraced by modern economists was for the purpose of bankrupting a moral society.
Keynes also was against the concept of saving or thrift.
He recognized that this concept was a virtue of the Christian worldview (known as sowing and reaping). With great disdain, he wrote, "The morals, the politics, the literature, and the religion of the age [are] joined in a grand conspiracy for the promotion of saving."
Apparently, the Keynesian philosophy has worked as the savings rate in the US today resides in negative numbers.
For Keynes, the love of money was “a means to the enjoyment and realities of life.” A clear contrast becomes evident- self indulgence as opposed to self denial or sacrifice.
Nixon said,” Now, I’m a Keynesian!” as he contributed to the annual deficit of our once great nation.
To be sure, the Nixon years were full of economic dishonesty and ethics dishonesty.
Proverbs 13:22 says "A good man leaves an inheritance to his children's children" Of course, a pedophiliac lifestyle does not produce offspring.
It is past time to throw away Keynesian/ socialist economics. It may even be too late.
Bruce is completing a book called "Hyper-Inflation 2007: Protect Yourself Now!"
1. http://bioleft.tripod.com/keynes.htm
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