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Austrian Economics isn't best utilized for policy perscriptions...more for analysis of resource allocation and prediction. But if you want countries that have used policies that Austrian economists would recommend.
1. Estonia
2. Poland
3. Lithuania
4. Hong Kong
5. Singapore
6. Latvia
Please feel free to look at their economic prowess. Google the term Baltic Tigers and feel free to read up.
Let's just look at Estonia:
What am I missing here? After suffering the same economic slump Estonia still has not fully recovered to pre-recession levels despite having significant pre-recession economic growth.
And what is it about Austrian school economics that provides for wide ranging social programs which are pretty much the same as every other modern developed country?
Really? How are Spain and Greece fairing? They've got universal coverage. A little birdy told me that they're having some debt problems.
If Spain and Greece are having problems it isn't because they have universal healthcare. It's like saying the problem with al Qaeda is they put too much olive oil in the hummus.
All of Europe, including all the Scandanavian countries, which are doing well, have universal healthcare that is cheaper and better than what the U.S. has.
Moreover, we had regulations in insurance long before the ACA and to think that insurance in the U.S. would be better if we applied a libertarian no-government approach makes no sense.
Further...The policy perscriptions utilized after the recession reflect that their recoveries were more robust and the pain felt was acute.
Which were?
Quote:
All without major intervention.
Well that's a load of Austrian b.s.
Does this sound familiar?
The ongoing recession was triggered by declining real estate prices and construction activity, and
accompanied by credit tightening, plummeting consumer confidence, and a slowdown of export
growth in the context of the global financial crisis. House prices, which had surged in recent years,
have decreased substantially since mid-2007. Even though the large external imbalances of preceding
years implied that a correction and slowdown were necessary, the speed and size of the output
adjustment were much faster and larger than expected. The slowing of the economy has also brought
about a deterioration of the fiscal balance, which is projected to show the first significant deficit since
the Russian crisis in 1998. Unemployment has increased rapidly since the second half of 2008, putting
an end to years of steady decline. At the same time, the current account deficit has disappeared
rapidly, after reaching a peak of 18 percent of GDP in 2007.
Not only that Estonia unlike the U.S. is heavily dependent upon Scandinavian financial institutions unlike the U.S., Great Britain or Ireland so there was no Estonian Lehman brothers too bailout. Additionally, Estonia's growth rate was unsustainable and like the Volker Recession of 1980, the financial crisis served as a brake on the Estonian credit bubble coupled with internal deflation which made its exports to its Scandinavian and German trading partners cheaper which in turn fueled its rapid recovery. Nothing Austrian about that.
Countries where governments have universal coverage are doing well. Where is Austrian economics doing well in regards to health care or anything for that matter?
Who is paying for the national defense in these countries? The United States.That frees up resources for medical costs.
Countries where governments have universal coverage are doing well. Where is Austrian economics doing well in regards to health care or anything for that matter?
http://www.lewrockwell.com/author/james-dunlap/Market medicine in El Salvador works great.
Interesting that no one had problems paying for healthcare in the U.S. until the feds started getting involved. And the more involved they have gotten the higher the costs have been. Interesting indeed. But let's ignore reality and expect them to fix a problem they created. lols.
http://www.lewrockwell.com/author/james-dunlap/Market medicine in El Salvador works great.
Interesting that no one had problems paying for healthcare in the U.S. until the feds started getting involved. And the more involved they have gotten the higher the costs have been. Interesting indeed. But let's ignore reality and expect them to fix a problem they created. lols.
We can't expect the *******s to understand anything that isn't riddled with federal intervention. I'm sure they will immediately discount the source of this article as deflection is their primary argumentative tool.
you can't escape math. i'd wager most people who look negatively towards Austrian economic theory really don't understand how things work. they think they do but they don't... and they will soon enough. no amount of wishing, praying, fancy phrase turning or modifications to accounting rules is going to change the stark reality of math.
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