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News Link • Economics: Austrian

Austrian Economists Make Up The Superhero Needed To Save Civilization From Economic and Zionist...

• https://www.lewrockwell.com, By Jorge Besada

As a kid growing up in the 80s one of my favorite cartoons was 'Voltron: Defender of the Universe." The main characters would pilot 5 robotic lions who would eventually assemble to create Voltron, who'd use a massive sword to defeat the enemy. In this article I'll briefly introduce 4 main thinkers and impactful friends associated with the 'Austrian School of Economics', and how they create the superhero needed to defend civilization from the economic and Zionist fallacies-myths that threaten it.

Besides properly grounding economics on the subjective (not labor) theory of value, founder of 'The Austrian School', Carl Menger(1840-1921), via his seminal "Principles of Economics" also provided what I like to call the "flux-capacitor" idea of the social sciences: Menger's explanation of the evolution of money.

Private-sector economic competition turns the planet into a supercomputer as companies innovate and copy the innovations of competitors thus spreading superior information. Business profit-loss accounting ensures that the private sector is ordered in a manner where more wealth is produced (sales revenue) than consumed (costs) and is thus profitable-wealth-order-life increasing. Overcoming the double-coincidence-of-wants problem allows the benefits of trade like the expanding division of labor and information to apply to populations above small tribes. All three depend on or emerge from money. Without money and its emerging benefits, homo sapiens would not have progressed beyond the tribal stage. Menger showed how similar to language, which is a vital communication mechanism that man did NOT design or invent, money too and emerging 'Social Organism' is "the unintended result of individual human efforts (pursuing individual interests) without a common will directed toward their establishment." The fact that money and emerging civilization was not deliberately designed is key for understanding how we live in this mind-bogglingly complex world with complex airplanes, the Internet, microchips, etc., yet hardly anyone has the slightest clue regarding how the economy works, and the masses naively clamor for self-mutilation via coercive competition-immune-monopolistic government planning  and tribalistic good vs. evil wars.


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