My advice: don’t get sucked into arguments with anyone who promotes the Austrian School (or the Chicago School, or the Virginian School, or Ayn Rand style laissez-faire). If someone identifies as subscribing to these ideologies, just smile and politely exit the conversation. Why? Well, for one, these are what I call “unicorn” economic theories — they have no basis in the real world, have never been effective when implemented, and nearly all of their tenets have been repeatedly debunked. For another, anyone who subscribes to these idealogies is probably a) not the sharpest tool in the shed; b) brainwashed by market fundamentalist groupthink and not susceptible to reason; c) trapped within malicious logical fallacies and half-truths just as Friedman, Mises, Rothbard and Buchanan were; and/or d) suffering from mental illness or serious childhood trauma. From many years of personal experience attempting to bridge the divide between evidence, reason, and the Austrian School fantasies, I can tell you it’s pretty pointless. You’ll just confuse them at best — or enrage and alienate them at worst.
So, if you want to look at some more interesting and valid critiques of socialism (with some interesting solutions included), read Alec Nove’s The Economics of Feasible Socialism Revisited. And if you want to become conversant in a more sane and rational approach to market fundamentalism that acknowledges its inherent flaws, read Robert Nozick’s Anarchy, State, and Utopia.
My 2 cents.
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