Archive for May 22nd, 2013

Right on the Money (#1)

Of all the reasons to read Kant, the most important is to understand Mises, and thus the template for a functional world (however unobtainable). Austrian economics, as formulated in Human Action, consists exclusively of systematically assembled synthetic a priori propositions. Insofar as action is in fact directed by practical reason, the conclusions of organized praxeology cannot be wrong.

It is pointless to ask an Austrian Economist whether he ‘believes’ a rise in the minimum wage will increase unemployment (above the level it would otherwise be). The praxeological construction of economic law is indifferent to empirical regularity, as to anything less certain than rational necessity. Does one ‘believe’ that 2 + 2 = 4? No, one knows it, because the irreducible values of the signs compel the conclusion, and are inextricable from it. There could be no value ‘2’ unless its doubling equaled ‘4’, or any meaning to ‘wage’ unless its doubling reduced demand for labor. Empirically sensitive Austrianism isn’t Austrian at all.

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May 22, 2013admin 57 Comments »
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