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Author Topic: Tom Woods schools Keiser  (Read 4832 times)
SinCityVoluntaryist
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« on: August 23, 2012, 01:04:11 PM »

http://lewrockwell.com/woods/woods197.html
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Euler
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« Reply #1 on: August 23, 2012, 01:27:05 PM »

Mises rejected subjective value? He pounds the thing over your head so many times that it's nearly unbearable in Theory of Money and Credit.
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SinCityVoluntaryist
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« Reply #2 on: August 23, 2012, 02:19:59 PM »

 I haven't read much of Mises (Rothbard fanatic), but it should be obvious to anyone here that the subjective theory of value is a must in understanding philosophical patterns within the medium of basic economic thought. Things seem to start in this fashion:

Subjective theory--->supply and demand---->price---->understanding the effects of inflation.

 Do I have it right thus far?
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Euler
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« Reply #3 on: August 23, 2012, 02:52:04 PM »

You need a lot more than supply and demand to get to price. Supply and demand lets you know how the price level will fluctuate about a equilibrium point, but it does little to elucidate the value of the equilibrium itself.  I don't know if I could sum up one principle to make it into a linear causal chain.
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BobRobertson
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« Reply #4 on: August 24, 2012, 12:53:49 PM »

Keiser has continued his attacks on Tom Woods, and it's obvious even to many people posting in the comments on Keiser's own web site that people aren't buying Keiser's unsupported assertion once they've read Woods' replies.

http://maxkeiser.com/2012/08/24/tom-woods-cant-see-the-forest-for-the-trees/

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« Reply #5 on: August 24, 2012, 03:58:31 PM »

Keiser has continued his attacks on Tom Woods, and it's obvious even to many people posting in the comments on Keiser's own web site that people aren't buying Keiser's unsupported assertion once they've read Woods' replies.

http://maxkeiser.com/2012/08/24/tom-woods-cant-see-the-forest-for-the-trees/



Woo-hoo!  Nutty stuff!

 Tongue
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JustSayNoToStatism
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« Reply #6 on: August 24, 2012, 07:26:55 PM »

Keiser has continued his attacks on Tom Woods, and it's obvious even to many people posting in the comments on Keiser's own web site that people aren't buying Keiser's unsupported assertion once they've read Woods' replies.

http://maxkeiser.com/2012/08/24/tom-woods-cant-see-the-forest-for-the-trees/



Woo-hoo!  Nutty stuff!

 Tongue
Nutty? I didn't even find any content. Some name-calling, but nothing else really... Maybe I'm not following the argument closely enough to understand his post, but it seems to be a non-response.
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BobRobertson
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« Reply #7 on: August 27, 2012, 08:57:43 AM »

Nutty? I didn't even find any content. Some name-calling, but nothing else really... Maybe I'm not following the argument closely enough to understand his post, but it seems to be a non-response.

Exactly. Keiser has demonstrated himself to be completely incapable of supporting his assertion that Mises is somehow "not Austrian".
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SinCityVoluntaryist
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« Reply #8 on: August 27, 2012, 11:05:17 AM »

 And the pot continues to boil over this:
http://www.forbes.com/sites/jonmatonis/2012/08/26/economist-appearing-on-max-keiser-show-forced-to-resign/
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BobRobertson
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« Reply #9 on: August 27, 2012, 11:22:43 AM »

From that article:

"Public-key cryptography, as opposed to symmetric key cryptography, is a relatively new phenomenon that Austrian economics has not yet come to terms with."

Bullshit.

Bitcoin does not violate the "regression theorem of the origin of money". It is money because people are using it as such. That's all.

I wonder why this "Jon Matonis" has to insult "Austrian economics" in particular, without any evidence of it. Maybe he didn't read the articles on Bitcoin on Mises.org? Or maybe he didn't even think to do so.

Maybe Jon Matonis is making the perennial error of equating "money" with "currency"? Bitcoin is a currency, certainly, and people are using it as money, but currency is a "thing" and money is a "function".

Once money (something kept solely for its use as a medium of exchange) was invented, lots of currencies have come and gone.

I look forward to "Jon Matonis" going.
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