>>115752335I've explained it perfectly well, I think. I asked you for the trade offs that would be necessary in implementing your desired system, and the only thing you could come up with is a restructuring period. This reads to me less the thought of an actual economics student and more of an ideological adherent.
>The only examples we have are places in historyBecause it fundamentally is not a philosophy that can work in the real world. The free market is a powerful tool, but it is still a tool and like every tool there are situations it can't help with, like externalities and shared goods.
>USA during the late 1800s fits this description.A period that coincides with massive technological advances as well as massive labor unrest.
>they fear math that doesn't actually connect to anything in realityEconometrics (and statistics in general) are among the most powerful tools we have ever conceived, to such a great extent that modern prosperity is founded on them. It makes sense however that Austrians would want to reject this, as their whole gig relies on economics remaining purely theoretical. As you said, the have scant real world examples to prove their ideas.
