Economics as a Discipline Manages Ideas and an Economy, Does Not Suffice to Determine What Kind of Socio-economy is Best

The Atlantic Anglosphere incorporated Friedrich von Hayek and cohort from the final failure and collapse of the White Imperial Austrian Empire, which, as a sclerotic, inegalitarian aristocracy had been on the decline, dependent upon imperial British support and rivalristic repression of both Russian and Egyptian modern socio-economic development. In its last three decades, the Austrian Empire had to incorporate Hungary to maintain the empire. It was obviously an aristocratic mess of crutch scaffolding, because that empire imploded in WWI, as you’ll recall.

In the interwar years, a “Red Vienna” arose around socialist ideas of productively sharing the wealth amassed in the dissipated empire. This improved Vienna. The White Imperial Austrians, including Mises and Hayek, seem to be really pissed off by that socialist leadership and organization. Certainly Red Vienna violated the conservative core belief that only a rich warlord class or caste of ruling elites (benefiting from their employment of exceptional advisors, of course) can run a functioning society. Though one wonders, were the White Austrians so ideological or so stupid that they somehow failed to realize that Red Vienna was built after the empire’s demise, and certainly was not a cause of its failure? Getting right with history isn’t really necessary, I suppose, if you find yourself all out of imperial employment, and then you spin around to find you’ve got an Atlantic ruling class showering you with money, academic posts, and Nobel Prizes for your expert court services.

Atlantic Anglo-America picked up the Austrian Empire’s theorists of inegalitarianism and deployed them to support absolute liberty for Anglo-American capitalists, at of course the expense of everyone else and domestic socio-economic development. Thanks to the “innovative vision” and money piles of its belligerent capitalist class, Atlantic Anglo-America deployed the Austrian Empire Decline Model by the mid 20th century, and its latter products continue to re-create that rolling disaster today. Thanks, Austrian Empire, you failed piece of shit!

Romantically inspired by that little pre-1870 historical moment when absolutist tyrants like Napoleon III and Bismarck finally modernized European metropoles just enough to establish urban bourgeois life, inegalitarians are like morphine addicts, a reality-averse, navel-gazing bourgeoisie.

Arguing for capitalists to fund a war of morality ideas, for a concentrated distribution of “output” and sovereign agency, against a broad distribution of “output” and sovereign agency, against egaliberte, democratic Enlightenment, Hayek (1939) argued, “The ultimate decision for and against socialism cannot rest on purely economic grounds, and cannot be based merely on the determination of whether a greater or smaller output of society is likely to be obtained under the alternative systems in question” (Quoted in Corey Robin’s “Uninstalling Hayek” (2019), in the Boston Review).

Note that past an identifiable point, “output” is a poor social goal, as it includes social and environmental disasters in service of absolute elite control and power.

gni v life expectancy

Life expectancy is an aggregate way of representing life quality. This graph of life expectancy v. output is one way of showing that past about 10-20K/capita, increasing output adds nothing positive to most people’s lives.

 

Disastrous environmental “output”

Oil spills
TBD

Disastrous social “output”

Reduced life chances: Health damage

TBD

 

Absolute elite control and power

Wealth inequality, globally

Wealth inequality at capitalist core

Income inequality globally

Income inequality at capitalist core

Political tyranny

Capitalist Rents Wasted on Capitalist Moral Ideas Disseminators,

see also Rightwatch’s files

iea

State Policy Network (SPN), including its affiliated state organizations

Focus on the Family, USA; Focus on the Family, Canada.

 

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