is there one person in this tread who readed at least one Book oh hayek in full? or some one of some other rappresenter of the austrian school?
Whats wrong is that they seem to not acknowledge the existence of reflexitivty and multiple equibliria so they have advice like 'let the system fail and reset to its fundamentals', not realizing that new fundamentals are created when people are shit scared and the system will keep collapsing to new lower levels until the state does something to end the fear
This is all keynesian self-delusion and wishful thinking if not a flat out lie. Bubbles, specially housing bubbles always lead to depression, period. Historically, all attempts to avoid depressions after a bubble have failed and the cure ended up making the disease worse. Taxpayers are being robbed their hard-earned money for nothing. Macro-level reflexivity, multiple equilibria... all non-falsifiable propositions to justify unexistent historical precedent for their theories. Then they claim Austrians are unscientific and ideologically biased, but look who's talking.
I think you summarized better than anyone else. However I would rewrite your sentence like this. "Austrian economics is not just economics-it is also a social-political theory." I do believe they have a correct economic analysis. From 1 to 10 i would give them a 9. But as I said, sadly this school is also a political/societal ideal.
Mathematics is not economics. Actually the difference is enormous. Yet mainstream schools make almost no distinction from math to eco. Austrian are usually correct on their analysis because they follow the main idea of economics. Now I am talking about qualitative vs. quantitative analysis. I think economics is about 80%qualitative and 20% quantitative.
Don't save the banks is socialy and politicaly inspired. Save the banks is socialy and politicaly inspired. No difference.
All schools of economics are politicaly and socialy inspired it is not fair to blame the Austrian one for this alone.
You are aware that money and commerce have quite a long history that goes way beyond the current times, right? I'm assuming you had a brain fart, cause that is one of the dumbest comments I have seen regarding economics.