9 sats \ 19 replies \ @Rothbardian_fanatic 9 Nov \ parent \ on: All States are Empires of Lies econ
I know he went to Wharton for his advanced degree, I think in business or management. I am not sure I remember correctly, but didn’t he go to Fordham for his undergrad in economics?
I think a degree in economics’ worth emanates from which school of economics studied:; ie. Austrian, Public Choice, Kenysian, Friedmanite or MMT. Some are totally worthless as anything but wall hangings. Others seem to be pretty powerful explainers of economic activity.
AOC is a complete clown/jester/jokester!!!
There wouldn't have been any Austrian, Public Choice, MMT, or Chicago School programs (aside from University of Chicago) when Trump went to college. It almost certainly would have been a more Keynesian program than today's econ programs.
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I would have to agree. The Public Choice school was just getting started around that time. Austrian economics was never taught, since Hayek declined to refute Keynes and let that botchery stand as a “theory”. They didn’t even bother with teaching the Subjectivist Revolution economics!
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I want to say it wasn't until the 80's that mainstream econ started trying to take Subjective Value Theory seriously.
Now, even macroeconomists feel the need to argue that their frameworks are "micro founded". That still won't come up until grad school though.
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The subjective value theory is one of the foundations of the Austrian school. They count all three subjectivists as basic Austrian founders, especially Menger. Böhm-Bawerk, Mises and Rothbard built on them.
I think the Austrians do not differentiate between macro and micro economics because they view everything as on a continuum of human action.
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They might make the distinction. Macro has come to be the field that contains business cycles, growth, money, and interest.
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They might, however, those factors come from individual human actions. The Austrians base everything in their theory on individual human actions (not just choices, but actions). They work their way up to interest rates, money, growth and business cycles from those basic premises of individual human action. They definitely do not like aggregated numbers.
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That's right and that's what modern macro folks also mean by "micro founded" macroeconomics. They build up from the mainstream micro theory.
There are still loads of problems with what they're doing, but it is interesting that there is now an acknowledgement that all economics needs to rest on subjective value theory.
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Finally, they are admitting it and moving away from labor theory. The problems are with those not using subjective value theory, since the basic premises are faulty.
Also, mathematics is not very useful to work with human action, but logic is.
Math based economics is a bit unreal and comes to nonsensensical conclusions that cause a lot of problems when applied to real economies.
Just look at the botchery of the BLS.