“What Austrian economics taught me about Islam”

 

 

His most famous (and least technical) book

 

A stimulating little article that — this is very rare — appeals both to my interests as an Islamicist and to my quasi-libertarian inclinations:

 

http://www.examiner.com/article/what-austrian-economics-taught-me-about-islam

 

I spent a week with Friedrich von Hayek (and about fifty others) at the University of St. Andrews in Scotland back in 1976, by the way.  A great experience.

 

Posted from Chorley, England.

 

 

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  • Curt Bray

    This is a great response to Eric Samuelson’s constant support of Keyesian economics and how we need more stimulus (a.k.a. more tax dollars) passing through the hands of the politicians, especially the left.

    • DanielPeterson

      It is, indeed.

  • RaymondSwenson

    Progressives constantly deride those who believe in t total benefit to all people of free economic markets, by calling it “trickle down economic theory”. But that is backward and hypocritical. In a free market, each person can seek out opportunities to use his labor, ideas, and capital to his own advantage in mutual beneficial exchanges with other people. All too often, what interferes with this process is government intervention that burdens free exchange, such as regulating taxi permits and other business licenses and a general climate of regulation that suppresses new entries by competitors to established businesses. A lot of environmental regulation us conceived and enforced with that goal in mind. The regulators prefer a limited oligopoly of businesses under their supervision, which is easier for them to administer.

    The real trickle down economics are the government subsidies that try to stimulate the economy out of recession by massive government spending. My company was paid an extra billion dollars to spend on our government contract during the two year stimulus program. We spent a million dollars per temporary job created. The work we did was real, but the jobs were not self-sustaining and ended with the extra funding. The expectation was that the people at the passive bottom of the economy would be showered by economic benefits from the huge sums poured in at the top by government. But it only works as long as the source is working, and that level of spending was unsustainable. Now we are suffering with cutbacks from Sequestration, cutting off the normal lower level flow that the economy adapted to. It is economic chaos and no one with the ability to start or expand his business is sure what is going to happen next. The only certainty is that you have to have friends in Washington if your industry wants to survive. The Obama administration gathers more power from the failure of the economy than it ever could out of gratitude if it had helped it get going on its own. Obamacare will insure health care is dependent on the drug of government micromanagement.


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