Justin Ptak presents a video where "Judge Napolitano explains the battle between Austrian free market economists and progressive American socialist economists over the control of the commanding heights of the global economy on Freedom Watch."
Austrians and "progressive American socialists" (whoever that is) are - at best - battling for control over a small hill to the side of the commanding heights of the global economy. Neither group is remotely near the commanding heights and we are all better for that.
Yes, yes, the "adults" are no in "charge"; we've seen this line of argument from both the Republicans and the Democrats a lot since ~2001.
ReplyDeleteI have a better way of looking at it; no one is in charge.
To me that was the most telling thing about the LSE debate (and Selgin responded to this in a fairly direct manner) - L.S. asking who would like to be in charge - Keynes or Hayek? Which is a kind of clue-free statement on several levels.
Well - it's not a better way of looking at it Gary because it's the same way of looking at it. I agree no one is in charge. And I was a little put-off by exactly that statement in the LSE debate too.
ReplyDeleteNobody is in charge but lots of interactions between people generate the society we live in - both in public and private fora. Neither Austrian nor socialist voices inform those interactions to any appreciable extent (although a vaguish sort of Austrianism is making important headway due to the Tea Party - the "progressive American socialists", though, are dead in the water).
Somewhere... out there... right now Steven Horwitz is bandaging his hands after smashing his LCD with his fists of fury.
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