World of Warcraft: The Austrian Paradise

When the caucus results came out in Iowa, Ron Paul declared that we we’re all Austrians now. What he meant was that his followers were supporters of the Austrian School of Economics. A school of thought that was championed by Ludwig von Mises (pronounced Me-sis), F.A. Hayek (pronounced Hi-ek), and currently the most visible Austrian academic is probably Robert P. Murphy (pronounced Pee). Of course, with any school of thought there is no absolute consensus. But on the whole, Austrians believe in: 100 percent reserve banking, gold standard for currency and that the less government intervention, the better off individuals will be. Now, nobody has 100 percent reserve banking, are on the gold standard and few believe in zero regulation – except Ron Paul. There must be 10,000 non-Austrians economists to one adherent. I mean, the von Mises Institute has about one hundred members while the American Economists Association has about twenty thousand. So where on Earth will you find someplace that lives the Austrian dream? World of Warcraft.

Read Full Story >>
The story is too old to be commented.