Austrian Economics Vol. III (Schools of Thought in by Stephen C. Littlechild PDF

By Stephen C. Littlechild

ISBN-10: 1852781203

ISBN-13: 9781852781200

ISBN-10: 1852783524

ISBN-13: 9781852783525

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Extra info for Austrian Economics Vol. III (Schools of Thought in Economics)

Sample text

I. Now, it is true that a socialist scheme is logically compatible with the unrealizable imaginary constructions of an evenly rotating economy and of a stationary economy. The predilection with which mathematical econolJ':sts almost exclusively deal with the conditions of these imaginary constructions and with the state of "equilibrium" implied in them, has made people oblivious of the fact that these are unreal, self-contradictory and imaginary expedients of thought and nothing else. They are certainly not suitable models for the construction of a living society of acting men.

There is, of course, no other way available for the elucidation of a measure limiting the free play of the factors operating on an unhampered market than to study first the state of affairs prevailing under economic freedom. It is true that economists have drawn from their investigations the conclusion that the goals which most people, practically even all people, are intent on attaining by toiling and working and by economic policy, can best be realized where the free market system is not impeded by government decrees.

The first thought was that authoritarian interference is required to make every specialist serve his fellow citizens. The economists were taken aback when they discovered that no such compulsion is needed. In contrasting productivity and profitability, self-interest and public welfare, selfishness and altruism, the economists implicitly referred to the image of a socialist system. Their astonishment at the "automatic," as it were, steering of the market system was precisely due to the fact that they realized that an "anarchic" state of production results in supplying people better than the orders of a centralized omnipotent government.

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Austrian Economics Vol. III (Schools of Thought in Economics) by Stephen C. Littlechild


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