1. So I have some thoughts on Austrian medicine, Austrian economics, therapeutic nihilism, medical metaphors in economics, the two Ludwigs (Wittgenstein, von Mises), and a new push on the right for a social darwinist "solution" to coronavirus (ie let the disease spread quickly)
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6. I think the history of therapeutic nihilism is now salient because a rising chorus of voices on the right are now calling for a similar response to coronavirus: just let it spread, trying to stop it will cause more damage, and it'll run its course.https://twitter.com/MattGertz/status/1241513763045597194 …
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7. A recent Wall Street Journal editorial also seemed to echo this line of thought. As the pandemic continues and the economy crashes, expect to hear arguments for therapeutic nihilism (in every sense). https://twitter.com/zeithistoriker/status/1240848074462781446 …
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All true. But the Austrians have been pretty muted during this crisis..mostly on the theory that since the govt caused distress to businesses govt must compensate
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Govt shutting down restaurants and hotels and airlines is a "taking" for which there must be compensation. What Austrians miss however is that there are plenty of innocent victims in any recession who are just as much victims as the casualties of COVID.
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Jeet, "depression" had an understood economic meaning by the 1850s. During the same period, what we know as "depression" was called "melancholy" or "melancholia."
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Interesting how much economics depends on metaphor. For decades, physics was a favorite. What’s really striking is how economists’ appeals to all — physics, medicine, psychology — betray that they understand none.
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