What part of what I posted above isn't clear?
Before all the "evil regulation" (that they have been dismantling piece by piece for the last 30 years which was a major contributing factor to the unfolding of the financial crisis of 2008) was passed, in the 19th century people in this country used to work 12-14 hours a day 6 days a week, sometimes 7, for wages that barely kept them alive, in appalling working conditions (for example, almost 1% of trainman in the US around 1890 died every year due to work accidents), and they could be out of job and with zero income at any time. No retirement, no social security, no state-funded medical care programs, nothing. There were a bunch of mega-rich guys, but for 90% of the population it was life in a hellhole.
It would revert to pretty much the same situation if people like Ron Paul have their way, and chances are stacked heavily in favor of the possibility that most of the people who support him, you included, would be part of those mercilessly exploited 90+% for which life would be short and brutish.
Austrian economics fails for the same reason Keynesian economics fails, which is the same reason almost all economics fails - that it treats the economy as a system existing independently of the physical world and governed by the "laws of economics", not by those of physics, when this couldn't be more wrong. The economy is a tiny subsystem of the physical world, governed by the laws of physics. If you cut the energy and resource inputs to an economy it all collapses very quickly, yet a fundamental assumption is that energy and resources will be forever and infinitely available for the economy to grow even though we live in a finite world with finite resources and limited energy flows. This is precisely the reason why the US was the most powerful nation of the 20th century - it had abundant natural resources and it exploited them to become so powerful; it is also the reason for the current crisis - now when so much of those resources is gone, it is collapsing. Austrain economists, Keynesian economics, Republicans, Democrats, Ron Paul, etc. are all in complete denial of that simple fact. You don't want that kind of people to be doing the decision making
Before all the "evil regulation" (that they have been dismantling piece by piece for the last 30 years which was a major contributing factor to the unfolding of the financial crisis of 2008) was passed, in the 19th century people in this country used to work 12-14 hours a day 6 days a week, sometimes 7, for wages that barely kept them alive, in appalling working conditions (for example, almost 1% of trainman in the US around 1890 died every year due to work accidents), and they could be out of job and with zero income at any time. No retirement, no social security, no state-funded medical care programs, nothing. There were a bunch of mega-rich guys, but for 90% of the population it was life in a hellhole.
It would revert to pretty much the same situation if people like Ron Paul have their way, and chances are stacked heavily in favor of the possibility that most of the people who support him, you included, would be part of those mercilessly exploited 90+% for which life would be short and brutish.
Austrian economics fails for the same reason Keynesian economics fails, which is the same reason almost all economics fails - that it treats the economy as a system existing independently of the physical world and governed by the "laws of economics", not by those of physics, when this couldn't be more wrong. The economy is a tiny subsystem of the physical world, governed by the laws of physics. If you cut the energy and resource inputs to an economy it all collapses very quickly, yet a fundamental assumption is that energy and resources will be forever and infinitely available for the economy to grow even though we live in a finite world with finite resources and limited energy flows. This is precisely the reason why the US was the most powerful nation of the 20th century - it had abundant natural resources and it exploited them to become so powerful; it is also the reason for the current crisis - now when so much of those resources is gone, it is collapsing. Austrain economists, Keynesian economics, Republicans, Democrats, Ron Paul, etc. are all in complete denial of that simple fact. You don't want that kind of people to be doing the decision making
