Now, whatever one thinks of Mises view of economics as an a priori science, one must give him this: He never for a moment thought that history was an a priori science. But many of his followers are far less astute. Oh, the many times I've been in some Internet discussion and seen some Mises epigone write, "Well, it seems logical to assume the [Jefferson / Lincoln / Lenin / whoever ] did not..."
It seems logical?! That's how you're doing history? Well, here is an example I came across today:
'To be sure, fractional-reserve banking is not, as Mr. Wolf notes, "a natural consequence of market forces." It is a result of, and has been upheld by, government law.'
Now, of course, in one sense, shops and private farms and many other market institutions are "the result of, and have been upheld by, government law." But that meaning is trivial. No, Mr. Polleit seems to mean that fractional reserve banking was created by government fiat.
But that is just made up. You only need to go to Wikipedia for about thirty seconds to set that story straight.
Now look, just because someone is in favour of free markets doesn't mean that you have to be in favour of every single thing that arose on a market. Nigerian Internet scams were not developed by any government, but one can still be against them. But it is just ridiculous to make up the history you would like to have happened because it fits with your ideology.
"distracted from distraction by distraction" - T.S. Eliot I've been reading a little on how Facebook and other social netwo...
Declares LewRockwell.com : "All of this means that while the government has been artificially propping up the economy and 'stimu...
Is shaping up nicely .
The language won't die, but that doesn't mean the programmers won't ! Funny quote: '"Just because a language is 50...