The above headline, “Energy Crisis: Many Paths but No Solutions,” appears on page one of the print version of The New York Times’ National Edition. I can’t find it on the web version of The Times, however. (To wit: “Your search for Energy Crisis: Many Paths but No Solutions in all fields returned 0 results.”) Perhaps it was withdrawn to avoid embarrassment.
In a reply to a recent mises.org weblog posting someone posted a challenge- Would anyone be so kind as to tell me in which countries poverty was eliminated by means of your (Austrian) enlightened theories?...” the author of the original post replied with several good examples, without discussing any specific details of how these countries managed to succeed. Here are some of the specifics from one particular free market success story.
ALBATROZ (an internet identity): “And I would like to repeat my challenge to all of you:
“Would anyone be so kind as to tell me in which countries poverty was eliminated by means of your (Austrian) enlightened theories?...”
MY REPLY: Taking “Austrian” economics in its political application to mean private ownership of the means of production and respect for individual rights, including property rights, the answer is (and this should be understood as only a partial list):
The study of the laws of economics has been greatly aided by the development of the idea of the evenly rotating economy (ERE) as an artificial construct wherein the world is held constant in a changeless and endless round of the same repetitive, mindless activities and transactions.
