Please don't post extremist views claiming that they are basic economics.
Straight from wikipedia. This isn't basic economics. It's essentially the the absurd "capitalism at all costs" group think that's being called out here in this article.
It's why Alabama just rolled back child-labor laws today.
> In the early 90s, Austrian economist Steven Horwitz called the Mises Institute "a fascist fist in a libertarian glove."
> In 2000, a report by the Southern Poverty Law Center (SPLC) categorized the Mises Institute as Neo-Confederate, "devoted to a radical libertarian view of government and economics."[28]
> In 2003, an article by Chip Berlet of the SPLC noted Rothbard's disgust with child labor laws, and wrote that other Institute scholars held anti-immigrant views.
> In 2022, fundraising emails sent by the Mises Institute reportedly told followers that "elections aren't working anymore", arguing that the system is irreformable, captured by "parasites such as the Deep State, the political class, and the Federal Reserve", and claiming that "the Founding Fathers would demand revolution."
But even if we look away from that, main problem with Austrian school of economics (which is Mises) is that it is extremely rationalist (in this sense https://plato.stanford.edu/entries/rationalism-empiricism/) to the point it doesn't even accept any empirical evidence. And it is clear from their books, they simply do not reflect any real world data, it's all made up with no connection to the objective reality whatsoever.
Second problem is more widespread and it is that in practice, economics is always political (in the sense it includes some moral axioms whether you like it or not), and various right-wing attempts (austrian, objectivist, neoclassical) to repaint it as something objective are highly contested if you look at history of the profession. I think Ha-Joon Chang (whose https://en.wikipedia.org/wiki/23_Things_They_Don%27t_Tell_Yo... is also a great read) points this out very nicely in https://www.youtube.com/watch?v=NdbbcO35arw.
Straight from wikipedia. This isn't basic economics. It's essentially the the absurd "capitalism at all costs" group think that's being called out here in this article.
It's why Alabama just rolled back child-labor laws today.
> In the early 90s, Austrian economist Steven Horwitz called the Mises Institute "a fascist fist in a libertarian glove."
> In 2000, a report by the Southern Poverty Law Center (SPLC) categorized the Mises Institute as Neo-Confederate, "devoted to a radical libertarian view of government and economics."[28]
> In 2003, an article by Chip Berlet of the SPLC noted Rothbard's disgust with child labor laws, and wrote that other Institute scholars held anti-immigrant views.
> In 2022, fundraising emails sent by the Mises Institute reportedly told followers that "elections aren't working anymore", arguing that the system is irreformable, captured by "parasites such as the Deep State, the political class, and the Federal Reserve", and claiming that "the Founding Fathers would demand revolution."
1. https://en.wikipedia.org/wiki/Mises_Institute