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Are all Austrians necessarily in favor of laissez-faire?


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#1 jatucker

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Posted 01 August 2005 - 03:10 PM

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#2 Rune

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Posted 20 March 2006 - 06:13 AM

It seems that some economists consider themselves to be Austrians while they at the same time accept a degree of intervention in the economy as necessary or positive. Most Austrians, however, promote laissez-faire, which seems to be the logical implication of the proper application of the distinct Austrian methodology.

#3 Murphy

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Posted 21 March 2006 - 12:53 PM

Yes. There is nothing intrinsic to Austrian economics that commits one to laissez-faire, since after all it is an economic science not a political philosophy. However, most practicing Austrian economists are very laissez-faire, and think the AE reinforces their views.

#4 Joanne

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Posted 28 October 2006 - 06:08 PM

View PostAdministrator, on Aug 1 2005, 04:10 PM, said:

Q&A
Yes. Minimal government involvement and interference in market processes is actively promoted by the Austrians.

#5 Murphy

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Posted 08 November 2006 - 09:55 PM

View PostJoanne, on Oct 28 2006, 05:08 PM, said:

Yes. Minimal government involvement and interference in market processes is actively promoted by the Austrians.

Well, that's probably true for 99% of current Austrians, but I don't think Austrian economics necessarily commits one to laissez-faire. For one thing, you could be a misanthrope and advocate socialism because you want people to starve.

To be less facetious, there are differences between current Austrians regarding, say, anarcho-capitalism versus minimal statism. The former would argue that the latter have bad economic theories, but the latter would say that, on the contrary, economics shows there are problems with anarchy etc. etc.

This question is actually related to the political philosophy one. The point is that Austrian economics as a science doesn't assume from the outset that the free market is good. This is something that many critics claim.

#6

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Posted 02 July 2008 - 06:41 PM

I think the image is that ALL Austrians are laissez-faire, but I read somewhere that Bohm-Bawerk as finance minister once said that "unrestricted" or "unconstrained" competition was going to end in problems. Sounds a little like Teddy Roosevlet. They were at the same time, weren't they??

#7 Murphy

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Posted 13 July 2008 - 08:23 PM

View PostMart Grams, on Jul 2 2008, 06:41 PM, said:

I think the image is that ALL Austrians are laissez-faire, but I read somewhere that Bohm-Bawerk as finance minister once said that "unrestricted" or "unconstrained" competition was going to end in problems. Sounds a little like Teddy Roosevlet. They were at the same time, weren't they??

Hmm I'm not sure about that Bohm-Bawerk quote. I think it's probably true that he wasn't a staunch libertarian by today's standards, so he might have said that. But we give him a pass because he blew up Marx. :)

According to Wikipedia, Bohm-Bawerk was finance minister through 1904, while Teddy Roosevelt was president from 1901 through 1909. But Eugen was a big advocate of the gold standard and balanced budgets, and had a cool beard.

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Posted 15 July 2008 - 06:42 PM

View PostMurphy, on Jul 13 2008, 08:23 PM, said:

Hmm I'm not sure about that Bohm-Bawerk quote. I think it's probably true that he wasn't a staunch libertarian by today's standards, so he might have said that. But we give him a pass because he blew up Marx. :)

According to Wikipedia, Bohm-Bawerk was finance minister through 1904, while Teddy Roosevelt was president from 1901 through 1909. But Eugen was a big advocate of the gold standard and balanced budgets, and had a cool beard.

I don't the reference, but here is the quote:

Although he was a liberal he was not the radical libertarian that the label of Austrian economist suggests today. He wrote that he feared that unbridled free competition would lead to "anarchism in production and consumption." He wrote extensive critiques of Karl Marx's economics in the 1880s and 1890s, and several prominent Marxists—including Rudolf Hilferding—attended his seminar in 1905-06. Wikipedia

#9 BrandonMises

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Posted 17 October 2011 - 05:22 PM

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