Monday, March 27, 2017

Trump's Top Adviser: Austrian Economics Doesn't Have Any Depth



Well, this is rich.

New York Times Magazine correspondent Robert Draper reports on what President Trump's top adviser, Steve Bannon, said at a dinner meeting in January of this year hosted by House Speaker Paul Ryan at his Capitol office with members of Trump’s inner circle (my highlight):
I think the Democrats are fundamentally afflicted with the inability to discuss and have an adult conversation about economics and jobs, because they’re too consumed by identity politics. And then the Republicans, it’s all this theoretical Cato Institute, Austrian economics, limited government — which just doesn’t have any depth to it. They’re not living in the real world.
I hasten to add this is coming from a guy that holds one of the most superficial theories about how the economy and history develop. SEE: Steve Bannon’s Bizarre Documentary “Generation Zero”.

This is a guy who displays no understanding of the role that the economic basic principle comparative advantage plays in trade and how it relates to international trade. A theory that was developed more than 200 years ago and destroyed at that time Bannon's current trade view!

It is doubtful this guy could recognize the difference between the Misesian regression theorem and a Hebrew National hot dog.

That this man. who is also a Churchillian-style warhawk, is so close to the President should be a serious concern to all who appreciate sound economic and foreign policy.

-RW 



9 comments:

  1. I would wonder what difference Steve Bannon and "the Democrats" could have on economics and jobs? He doesn't sound like he feels any affinity with the Republicans either which I certainly think is good.

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    1. For all practical purposes, Trump is a Democrat and so are his supporters who are mostly either former near-Dixiecrats or Obama voters. We are seeing just a "normal" battle amongst the various statist tribes regarding who gets to be the BIG STATE BOSS and has access to the most loot. They have no familiarity with, much less an understanding of, the problems inherent in Central Planning or BIG BOSSISM.

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  2. Austrian Economics explains the real world better and more simply than any other economic model that I have read. It is very useful. However, Austrian Economics are worse than useless for the tinkerers, manipulators and conspirators in government. In that regards Bannon might be correct that Austrian Economics is not practical - it's actually a direct threat to the manipulators.

    But that's cool Deep Bannon, can't wait to see your version of the Guffey Act.

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    1. Because the market does not fail, there is no reason EVER to tinker. More profoundly, because prosperity depends upon honest pricing conducted voluntarily by average people, this activity, by definition, precludes ANY ROLE for bosses or elites of any stripe to have a role in what's going on. They would rather die than let it occur, or perhaps just kill us for pointing it out.

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    2. But aren't you afraid of the Chinese selling us cheap electronics? Or of Mexico selling us cheap fruit? Don't you think McDonalds should be taxed for taking away business from In n out by making such cheap burgers? They are laughing at us and even mocking us with the Hamburglar about how gullible we are.

      Who wouldn't understand how bad that is? Austrians, that's who. Because they aren't deep thinkers like us.

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  3. At least we are past the ignoring us and moving onto the ridiculing us stage.

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  4. Sociopathic control freaks are the planet's apex predators.

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  5. --- Bannon: "They’re not living in the real world." ---

    There's now no question who is providing the talking points to all those Trumpistas who come with the same silly quip: Bannon. Every time I see that comment on Facebook or blogs, I will know people are not coming with it on their own precisely because it is so mind-boggling stupid, but feel instead that they're quoting from an intellectual "gsnius".

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  6. Never forget that it is the "unregulated laissez faire free market" [right, Chris Hedges?] that provides the nasty schools that poor white people must attend and which sprinkles thugs and drug gangs throughout their neighborhoods and schools. And which induces them to overpay for little houses that collapse in value during housing busts.

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