Economic fallacies and American fiscal policy

uBeR · 01-11-2008, 09:45 PM

http://www.mises.org/story/1568

I thought this was a well written, easy to understand article by H. A. Scott Trask.

You can find some of his other writings here.

ekiM · 01-12-2008, 07:37 AM

Interesting read but I doubt that there'll be much discussion here.

accrede · 01-12-2008, 01:27 PM

Having read it, I am not sure that I agree with all of myth #2.

Yes war may waste / redirect alot of different kinds of non-human capital, but some humans tend to sit idle / not fulfill their full economic potential?

So his argument that 'if it wasn't going on the war, it would go somewhere else', surely doesn't apply in their case. Rather than going somewhere else, it wouldn't exist to go anywhere at all, at least in an economic sense.

accrede · 01-14-2008, 05:01 PM

Come on uber, I've been waiting for you to slap me down for ages!

uBeR · 01-14-2008, 06:46 PM

Yes, I would love to. But I first have to understand what you're saying.

"So his argument that 'if it wasn't going on the war, it would go somewhere else', surely doesn't apply in their case." Who's case?

accrede · 01-14-2008, 08:36 PM

Quote:

Yes, I would love to. But I first have to understand what you're saying.

"So his argument that 'if it wasn't going on the war, it would go somewhere else', surely doesn't apply in their case." Who's case?

People who, in a liberal democracy, at a time where no war is taking place, would focus on their own projects and economically "coast" through life.

During a time of war, when they would become much more focused (and give up some of the time they spend on their own projects), would they not become more productive than before in a purely economic sense?

uBeR · 01-14-2008, 08:43 PM

Well it depends on what they were doing before the war and what they were doing during the war. If they sat at home watching TV all day before, and then suddenly began making arms during the war, then yes. But to how many people this applies, I am doubtful.

accrede · 01-14-2008, 08:57 PM

Fair enough, I suppose we would need a detailed study to decide either way.

Its a shame no-one seems to be interested in this topic because the article is quite a good read.

01-11-2008, 09:45 PM	#1
uBeR Not ****** Yet D&A Member Join Date: Mar 2007 Location: Minnesota Posts Rated Helpful 0 Times	Economic fallacies and American fiscal policy http://www.mises.org/story/1568 I thought this was a well written, easy to understand article by H. A. Scott Trask. You can find some of his other writings here. __________________ OCCUPATION 101. *One would think a simple task would be, well, simple. Maybe not for simpletons.*

01-14-2008, 06:46 PM	#5
uBeR Not ****** Yet D&A Member Join Date: Mar 2007 Location: Minnesota Posts Rated Helpful 0 Times	Yes, I would love to. But I first have to understand what you're saying. "So his argument that 'if it wasn't going on the war, it would go somewhere else', surely doesn't apply in their case." Who's case? __________________ OCCUPATION 101. *One would think a simple task would be, well, simple. Maybe not for simpletons.*

01-14-2008, 08:43 PM	#7
uBeR Not ****** Yet D&A Member Join Date: Mar 2007 Location: Minnesota Posts Rated Helpful 0 Times	Well it depends on what they were doing before the war and what they were doing during the war. If they sat at home watching TV all day before, and then suddenly began making arms during the war, then yes. But to how many people this applies, I am doubtful. __________________ OCCUPATION 101. *One would think a simple task would be, well, simple. Maybe not for simpletons.*

01-12-2008, 07:37 AM	#2
ekiM Arrogance is Bliss Join Date: Mar 2007 Location: Bristol UK Posts Rated Helpful 1 Times	Interesting read but I doubt that there'll be much discussion here.

01-12-2008, 01:27 PM	#3
accrede Join Date: Apr 2007 Posts Rated Helpful 0 Times	Having read it, I am not sure that I agree with all of myth #2. Yes war may waste / redirect alot of different kinds of non-human capital, but some humans tend to sit idle / not fulfill their full economic potential? So his argument that 'if it wasn't going on the war, it would go somewhere else', surely doesn't apply in their case. Rather than going somewhere else, it wouldn't exist to go anywhere at all, at least in an economic sense.

01-14-2008, 05:01 PM	#4
accrede Join Date: Apr 2007 Posts Rated Helpful 0 Times	Come on uber, I've been waiting for you to slap me down for ages!

01-14-2008, 08:57 PM	#8
accrede Join Date: Apr 2007 Posts Rated Helpful 0 Times	Fair enough, I suppose we would need a detailed study to decide either way. Its a shame no-one seems to be interested in this topic because the article is quite a good read.

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