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This short essay is the reason why I felt it important to have a group here at the IDW focused on Austrian Economic theory. It brings Economics out of the "don't look here, you might figure out what's going on" dismal science label that bankers and governments would prefer you ignore.

[mises.org]

FrankZeleniuk 8 Apr 17
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I have been heavily influenced by the Austrian economic theories.

Having said that, why not just have an IDW group for the discussion of economics? I feel the Austrian influences can stand up to scrutiny, and certainly any meaningful discussion of Austrian economic theory will involve contrasting with Keynesian and other economics.

What's the benefit of limiting it to just Austrian economics?

There is an economics group. I can tell you didn't read the attached mises article. The reason for differentiating lies in there. I don't think Austrian Economics is that well known due to the heavily mathematical macroeconometrics of Keynesian theory so prominent in banking and government circles that frightens people away from gaining or desiring any understanding of economic theory at all.

The main reason to establish an Austrian economic group is to create a desire to learn about economics. It can, as you say, stand up to scrutiny. It isn't a matter of limiting discussion to just Austrian economics. I'm sure there will be much discussion of Keynes, history and even the recent MMT that we see mentioned elsewhere on here.

@FrankZeleniuk I agree with some of the things you say (Keynesian theory so prominent, in particular), but I don't use them to arrive at the same conclusion as you.

I agree with the article. I myself am in the process of reading End the Fed by Ron Paul, who confessed to being heavily influenced by Austrian economics.

I just don't see the benefit of segregating discussions of Austrian economics from the 'main' economics group. If anything, if your goal is to expose people to Austrian economics, I would think that you would want to make those discussions visible to a broader group, i.e., the 'main' economics group.

Of course, I'm not stopping you, or even attempting to stop you, from starting a group specifically for Austrian economics. I'm just offering my $.02 on the some of the pros and cons of starting a separate group. Either way, I look forward to some good discussions on economics.

@jneedler Thanks. Let me just say that if someone is debating economic theory on a purely economic forum would you know if they were presenting Austrian economic theory?

Before I was introduced to the subject I wouldn't have known there were even different theories, let alone an Austrian theory. People could discuss economics in the economics group and then come here for an Austrian perspective if need be. I think it is useful to differentiate especially for a novice to the subject.

@FrankZeleniuk I'd disagree with that, in that, if a discussion of economics between Keynesian/Austrian were taking place and a novice were paying attention the contrast between the two may well spark deeper interest. Also, why not do both? If your intent is to spread knowledge and understanding then cast your net wide !! GOOD LUCK!!

@Boardwine Well, that's two that disagree with there being an Austrian economics group.

@FrankZeleniuk No no no....not at all. Please start one. I'm a novice in economics. I'm somewhat familiar with the An-Cap movement which draws heavily from Austrian Econ. But I'd join for sure so please by all means....start it up!!

@Boardwine Well...you are on it. This is an Austrian economics group. I'm more of a Misesian classical liberal minarchist than a Rothbardian hardcore ideological An cap. So there should be some good debates.

@FrankZeleniuk I look forward to being enlightened and educated.!! One thing I think most can agree on is... the current system is unsustainable.

@Boardwine Yep. Keynesian econometrics are a failure. That is, unless you are into creating a fascist state - then I would say it is highly successful.

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