they would say the term "idle" is tendencious, and that in reality, "idle resources" are actually being deployed
the only way I know to evaluate this claim is to look at concrete predictions. Romney said unemployment 1/
-
-
to 6% by "end of my first term" -- we're down below that. Concrete prediction from "crowding out" ideas. 2/2
-
Austrians said QE1-3 would trigger imminent (in 2010, 2011, 2012, 2013, ...) price inflation. Didn't happen.
-
On the flip-side, Europe and the ECB went much more Austrian (austerity, less monetary stimulus) predicting 1/
-
a more robust recovery. Didn't happen. 2/2
-
So sure, maybe there's some magic opportunity cost that Austrians can't predict, and maybe the US recovery 1/
-
"could have been better", but at this point it's just feeling based on unfalsifiable Austrian axioms. 2/2
- 4 more replies
New conversation -
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.