Murray Rothbard says it like it is!


“It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a ‘dismal science.’ But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.”

Murray N. Rothbard

About these ads

4 responses to “Murray Rothbard says it like it is!

  1. Kelvin Thomson

    It is a crime however for any education system to allow any school leaver to remain in ignorance of economics. If one can understand personal finance then one can understand economics and the study of economic thought involves littlle intellectual ability or effort, like evolution it is nothing but common sense seen from historical vanatge. Murray Rothbard was a magnificent schilar who remained truly arrogant, biased, elitist promoting dogma that was disproven in the 1930’s and again so at great cost in the 2000’s. It is quite simple to pass over understanding of economics to pre-teen children as philosophy, the traditional way of doing this in Scotland was by study of the Old Testament. Modern ruling orthodox economics, most surely of the specific nonsense promoted by Rothbard, is simply accountancy and like any accountancy the system takes over from reality and so is very difficult for the as yet uncorrupted young minds. Rurtherford, often plaguerised by Einstein, claimed science should be explicable to a barmaid, so why did Rothbard try to simplfy his special understanding. Neo-classic economic dogma is based on the erroneus application of 17/18th century science [Newton] to metaphysics by engineers Jevons, Menger and Walras, who if they had been better educated might have tried the 19th centruy science that was available from 1850. it is exactly the Rothbards of the world who are the true authors of the 2008 financial crisis as they preached that their science was too specialised for those equipped with common sense to understand. Trust ‘sgabbie’ to fall for one who used his great gifts to help undermine the future of our children, but then it is easy perhaps to confuse protest with intellectual process of reasoning as methodology to seek out wisdom? Economics is anything but dismal, it is life and anyone bored with economics is bored with life; accountancy is however deadly dull and so suitable for a restful mind devoid of curiosity. :-)

  2. its been a while since i bothered correcting anyone online as it is a fool’s errand. i do so now not for the sake of Kelvin but of anyone else stumbling across this.

    “If one can understand personal finance then one can understand economics and the study of economic thought involves little intellectual ability or effort, like evolution it is nothing but common sense seen from historical vantage” I’m sure Rothbard himself would broadly agree with Kelvin here, however what then follows is complete garbage.

    “Modern ruling orthodox economics, most surely of the specific nonsense promoted by Rothbard …” this sentence tells you all you need to know of Kelvin’s understanding. “…most surely…” indicates that Kelvin has almost certainly no idea at all what Rothbard thought and is assuming he must have been part of some school of thought Kelvin dislikes. Categorising Rothbard as anything resembling “modern ruling orthodox economics” is beyond laughable.

    Rothbard self identifies as belonging to a school of thought that includes Menger, however one has only to read some of Rothbard’s great body of work on the history of economic thought to see that he frequently and explicitly contests the Walrasian analysis. Simply google “Murray Rothbard on Walras.”
    Furthermore Rothbard is in no way “neo-classical.” Austrian theory is the antidote to neo-classical errors.

    “it is exactly the Rothbards of the world who are the true authors of the 2008 financial crisis…” is it really? You’re blaming the events of 2008 on a man who died in 1995!? a man who never held governmental office, never influenced policy makers and was in fact an anarchist! Perhaps you have him confused with Alan Greenspan.
    Rothbard and other mengerian/austrian supporters of sound money and opponents of state involvement predicted and accurately described this collapse. They shouted from the rooftops why it would happen, how it would happen and whats more how to avoid it. Now ignorant trolls such as Kelvin toss the austrian school into the same scapegoat whipping boy bag as the Chicago school (which I am sure is what he thinks he is talking about).

    Whatever Kelvin or I say you should go and read Rothbard

  3. Yeah Rothbard was a real stand up guy, I found his views in The Ethics of LIberty that parents should be allowed to sell their children, have no legal obligation to care for their children, even if it resulted in the child’s death. Quite a humanitarian he was. If that’s someone’s idea of liberty and freedom they can keep it.