Viewing posts tagged austrian school

The Gateway Drug

Paleolibertarianism was a consciously devised mutation of Austrian-influenced libertarianism, concocted by the late-20th century’s most prominent devotee of Austrian dogma, Murray Rothbard (and his fawning cohorts).  

Libertarianism today draws on several sources.  Ayn Rand is the best known, but the more influential is arguably Murray Rothbard.  (Rothbard’s attitude to Rand fluctuated.)  Rand is more influential for her ‘ideas’.  Rand is more accessible, despite putting up a superficial show of intellectualism.  Rothbard is harder to get a handle on.  Unlike Rand, he is a genuine intellectual – which is often a question of how one couches ideas rather than the ideas themselves.  And he develops.  And he writes long, involved, serious articles (though they get less serious-minded as he gets older).  I would argue that his influence is less in actual ideas and more in the surrounding spheres of aesthetics/style and tactics/strategy.  After all, in fusing libertarianism with conservatism to create paleolibertarianism, the libertarians consciously submerged certain libertarian ideas.  What succeeded – from the libertarian point of view - was arguably less the fusion than the style: the strategic attempt to use populist reactionary politics to further the ...

Summing Up, Part 1

As we know, the Austrian School is - but is not limited to - a heterodox branch of bourgeois economics.  It is, however, founded upon a more-or-less explicitly political project.  And this project continues to animate its zombie, and its zombified victims, infected by its bite.  But then the Austrians’ iteration of the new (in the 1870s) bourgeois economic doctrine of marginalism was always a political project, even in its dry theoretical basis. 

Marginalism itself arose as a way to escape the increasing obviousness of the fact that capital exploits labour.  This was a necessary project as capital spread across the globe.  It took the conscious form of an attempt to address genuine weaknesses in the classical labour theory of value.  These weaknesses were interpreted as evidence that the theory needed to be discarded precisely because the class position/alignment of the theoreticians addressing the issue pushed them towards a view of value which did not derive from labour.  It became an even more necessary project after the Paris Commune scared the shit out of the bourgeoisie. 

The Austrian School, in the person of Menger, helped create marginalism.  But it continued to ...

By 'Eck, Hayek!

The early Austrian School was actually subject to a split.  It stemmed from the first wave of the followers of its founder Carl Menger.  Mengerians Friedrich von Wieser and Eugen von Philippovich were both a bit like Fabian socialists in their outlooks.  Wieser, for instance, seems to have believed that marginal utility (the radically subjective basis of modern mainstream economics) provided a theoretical foundation for progressive taxation.  But Wieser’s brother-in-law and fellow teacher, Eugen von Böhm-Bawerk, was of the classical liberal tradition.  Böhm-Bawerk was a strident anti-Marxist who developed many of his own theories - which became foundational to the subsequent Austrian School - in the course of his criticisms of Marx.  Böhm-Bawerk is still routinely credited by some with having demolished Marx… which he accomplished by systematically misreading, misunderstanding, and misrepresenting him.

The split was transmitted.  Böhm-Bawerk was Mises’ teacher, and Mises became fanatical in his rejection of state intervention (except when he wasn’t… it’s complicated).  Wieser was Hayek’s teacher, and Hayek is still thought by some hardliners to have been almost a socialist owing to his ability to countenance some welfare measures.  Hayek also believed a state was necessary… which makes him a cuck by anarcho-capitalist standards.  In Ancaptopia, law ...

Spare Kochs at an Orgy

As some of you will be aware, especially those of you who’ve been following my whining about it on Twitter, I’ve recently been finishing up something I’ve been writing about the Austrian School of economics (y’know, Mises, Hayek, Rothbard, right-libertarianism, etc).  It’s my side of a collaboration with Phil for his next book.  It’s taken a long time (my fault) but I just finished.  One of the reasons it took so long was because I kept falling down rabbit holes, so to speak.  The good thing about that is that it has left me with excess material I can write up.  And here’s the first bit. 

By the way, people who give me as little as $1 per month on Patreon saw this days ago.

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The Koch Brothers.  Billionaire reactionaries whose dad co-founded the John Birch Society, and who now act as money-pits and eminences grise for huge sectors of the US Right.  Greasers of the wheels of the Tea Party.  Suffice to say, they – along with others of their kind including the DeVos family – have also funded organisations like CPAC, the American Enterprise Institute, the Heritage Foundation, and the Cato Institute (co-founded by Murray Rothbard, by ...

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