It isn’t a good argument against Austrian economics that someone might come up with a science that made better predictions. You have to show us the science, so that it can be compared with praxeology. Suffice it to say that this hasn’t been done.
Far from being a sign of alleged capitalist brutality, the spread of international trade and market freedom is a sign of greater global cooperation and solidarity.
No matter what levers are pulled by the fiscal and monetary authorities, stones will not be turned into bread.
In a world of scarcity, there are no solutions, only tradeoffs.
At some point in early April, the official narrative switched form "don't let hospitals get overwhelmed" to "you're locked down for years until there's a vaccine."
Governments can increase GDP numbers simply by spending more, and this can reduce debt as a percentage of GDP. But what if we calculate GDP using only private spending?
Although many claim "nobody saw this coming," some entrepreneurs planned ahead and also have found ways to cater to customers under new conditions.
Police have long shown a preference for enforcing petty laws against petty offenders. After all, real violent criminals fight back. The current COVID-19-induced crackdown on business owners has made things even worse.
Doing things for money does not justify moral condemnation, unless using money to support your family, live up to the agreements you have made, and to try not to burden others justifies moral condemnation.
More money creation doesn't necessarily mean higher consumer prices. But, if production is falling while consumers use their stimulus checks to buy food and clothing, we could see noticeable price inflation.
