/biz/ - Business & Finance

>>16359666
>>16359667
Look, I'm not trying to say that I like the way the world works. I wanted Austrian economics to be right, I wanted the government getting out of the market to be the right thing to do, but the simple fact is that we've refined economics down to an empirical social science, and we can empirically determine which policies work and which do not. And complete removal of government from the market does not work.

>>16349706
With the exception of some tariffs, Calvin Coolidge's presidency was fairly economically Austrian-esque. But that's not exactly helpful since people argue about Coolidge and FDR all the time. Coolidge presided over a prosperous and economically industrious time in history...right before the Great Depression, which he is often blamed for. But then FDR came along with his Keynesian-esque policies and presided over the Depression era America, but said Depression continued until America entered the war.

So as a result you have this sort of weird argument where everyone can see the same thing but they argue over the causes. Austrians disagree that Coolidge caused the Depression, in fact many of them might say that the Depression was inevitable but was made far worse and prolonged by FDR's policies. Keynesians usually blame Coolidge for the Depression and often say that the Depression would've been far worse than it already was if FDR hadn't greatly increased government spending and control over the economy.