Wall Street Mathematics


In many ways, the difference between Austrian economics, and all the other false economics schools is the “=” symbol. In Keynesianism and its derivatives, including monetarism, the use of the equals symbol is ubiquitious. However, in Austrian economics you very rarely see mathematics.

This is because Austrian economics is based on humanity and motivations, and emotions and desires. The other false schools are based on mathematics and physics, treating people like blind unknowing atoms bouncing around in a chaotic universe at worst, and human ants at best.

In this excellent article, Doug French examines how this lack of humanity keeps taking the global financial system from one crash to another, and how it will only be fixed by eliminating fiat money and state money monopolies, to allow Joseph Schumpeter’s creative destructionism to start working again, that most important of free market mechanisms.

Alas, Mr French does use the strange American spelling for ‘mathematics’ in his article title, but as he is an American (in the best Doug Casey sense of the term), let us forgive him:


About Andy Duncan

An Austrian Internet Vigilante trying to live Outside the Asylum
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