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Source link: http://archive.mises.org/9897/terence-corcoran-on-economists/

Terence Corcoran on Economists

May 5, 2009 by

As if to follow up on Brandly today, Terence Corcoran quotes MIses on quantitative economics in today’s Financial Post.

{ 3 comments }

William Rader May 5, 2009 at 12:16 pm

It is nice to see Mr. Corcoran mention the Austrian economist Ludwig von Mises in his opinion piece. The next step, of course, is for columnists like Mr. Corcoran to discuss the positive predictive powers of economists like Murray Rothbard, who foresaw the unraveling of this nation’s economy well over a decade before it happened!

Ohhh Henry May 5, 2009 at 3:50 pm

The impulse to “have economists” is essentially socialist. Nobody really needs to study and manage the economy. One only needs to mind one’s own business (literally).

A business person importing computers doesn’t need to know the national trade balance figures for all industries. He doesn’t need to study at university to understand time preference or supply and demand. He just buys and sells. Likewise, nobody needs to know these principles for even the simplest jobs like managing personal finances nor for complex tasks like running a bank – in a non-fiat, non-socialist environment of course.

It is socialists who must pretend that the economy’s biggest fault is that nobody is studying it or controlling it in the aggregate. They invent economic theory as an intellectual disguise for theft.

Even free-market economists would not exist, except for the need to counter the fallacious claims made by socialists, mercantilists, and so on.

A. Viirlaid May 5, 2009 at 10:47 pm

Why indeed?

Well we need Austrian economists IMO.

And we need all the others, so the ‘Austrians’ can point out where they are all wrong.

(I am not being facetious, though you might think so.)

As an example, we need Robert Murphy to point out why “Mankiw’s Case for Inflation” is stupid.

Please see http://mises.org/daily/3432

Posted by Robert P. Murphy on April 27, 2009, his article shows “The Nuttiness of Negative Interest Rates”.

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