All :
I am reading/learning Austrian economics, and at the same time arguing with a friend who is pretty steadfast Democrat and thus favors continuous government intervention in the economy. I sent him links to the Murphy/Krugman exchanges, and we are discussing this. My request to this forum is to review a statement I want to make to him, but I’m not sure if I have it correct. Here is what I’d like to tell him:
“Austrians claim that the Keynesian models that use economics aggregates to create mathematical models to predict economic behaviour cannot do so, because they don’t account for the sophistication of the productive structure, which, because of the variables in each individual case, cannot be quantified on a general scale.”
Does this seem correct? Any suggested corrections or edits?
I am in a difficult position, as I am trying to argue points with my buddy even as I am trying to develope my own understanding of them, and he has no interest in actually reading the Austrian books that would clear this all up for him.
My buddy, by the way, is a Phd engineer, took standard micro and macro-economics as an undergrad at Lehigh (years ago - we’re not kids anymore), and is very widely read.
Thanks for any help offered…
markb
