Walter E. Block Ph.D – Austrian Economist and Libertarian Theorist – Socialism, Fascism and Free Enterprise: It’s Very Unclear What’s Going On – July 9, 2012
skg | Jul 09, 2012 | Comments 3 |
THE MORNING SHOW
with
Patrick Timpone
Walter E. Block, Ph.D
Austrian Economist and Libertarian Theorist
We spent an interesting hour with Mr. Block talking about the economic affairs and condition of this country. He’s behind Ron Paul and would like to see a Gold Standard and the Fed ended and if he were elected President, what changes he would bring.
Walter Block earned his PhD in Economics at Columbia University. He is an author, editor, and co-editor of many books which include Defending the Undefendable; Lexicon of Economic Thought, Economic Freedom of the World 1975-1995; Rent Control: Myths and Realities; Discrimination, Affirmative Action, and Equal Opportunity; Theology, Third Word Development and Economic Justice; Man, Economy, and Liberty: Essays in Honor of Murray N. Rothbard; Religion, Econonomics, and Social Thought; and Economic Freedom: Toward a Theory of Measurement.
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walter block and austrian economics, july 09, 2012
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Filed Under: All Shows • Geo-politics • Money/Finance • The Economy
What a jerk. Patrick himself was telling Block how the Fed works! I deleted it after 5 minutes.
Has Mr Block even read David Ricardo on comparative advantage? One of the axioms of the theory is that capital is *immobile*. You don’t seek comparative advantage in the US when you can get absolute advantage by moving all your capital, lock-stock and barrel to China.
For the glass and copper he was talking about mal-investment. If you create money from nothing, you can bid up and take the copper away from businesses that would otherwise put that copper to good use.
For example General Motors through massive subsidy bids up the price of wages and steel artificially. This then takes those resources away from other enterprises that could have put that capital to good (efficient use). Eventually the mal-investment must collapse or require even further subsidy.