Austrian school

  I sympathize with the Austrian school, I really do. But they are wrong. Just very very wrong. Their theories do not correlate with reality. It just does not fit in the practical world. Even the classical economists knew that the economy was related to the money supply. Thus the great debates between conservatives and liberals on whether the money supply should be tied to gold or tied to both gold and silver. Because both sides knew that the only reason there was money in the world was because it was fictionally created. And that if money could only be arbitrarily tied to a finite commodity rather than through fiat, then the supply of money could only grow as fast as the commodity produced. But if the demand for products, employment, and technology exceed or expands beyond the level of commodities that can be produced. Then that demand will never be supplied because there simply is not the capital to pay for it.

 While I do enjoy Austrian comments, because it gives me an excuse to think. They are still wrong.