Milton Friedman vs the Austrian Perspective

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So you are a good free market Chicago School guy.  You have rejected Keynesian economics in favor of the free market Chicago school.  You have read Milton Friedman’s “Right to Choose” and you are convinced that the free market is the way to go.

Well, maybe he is not such a free market guy.  He is, in fact, in favor of compulsory taxation, monopoly, price controls, and the welfare state.  Milton Friedman proposed the tyrannical payroll deduction in the United Sates during WW2 and it has stuck with us like a curse ever since.  He is against cartels in most areas except for money.  Though Chicago School has done many positive things in promoting liberty, its faults are glaring and can no longer be ignored after September 2008. The Chicago School was fundamental in popularizing the idea that almost all government regulations are actually lobbied for and constructed by the industries that are to be regulated to push out competition and raise costs for new competitors entering the sector.  This allows large firms to absorb regulatory costs while pushing out small businesses and new upstart companies.  The term popularized by many from the Chicago school is “Cui Bono” or who benefits?.  The Chicago School realized that in almost all cases, the big players in the industries being regulated are almost always the same beneficiaries of such regulations and are also the biggest pushers of regulation (just like today’s health care legislation and insurance companies.)  Chicago School has written hundreds of books on almost every industry when making their case but have somehow missed the elephant in the room, the Federal Reserve. So the largest monopoly of all escapes all scrutiny from the Chicago School.  Chicago School refuses to use this same method of “Cui Bono?” on the banking cartels that exist around the world in the form of Central Banks.  This seems absurd when considering that all the shareholders of central banks are private and have enormous leverage in setting the price for money (the interest rate).  So the Chicago School and Milton are completely inconsistent in their theories when it comes to money.  They are for free competition in all fields except for banking, where the Chicago school supports government sponsered monopoly.

When it comes to methodology, the Chicago School is as bad if not worse than the Keynesians.  The Chicago School and every other school of economic thought besides the Austrian School since the 1930s have viewed human beings as mathematical aggregates.  That is to say, human beings are simply numbers to be put in mathematical formulas.  The Austrian School completely rejects this because human beings are conscious actors that change their behaviors based on conditions. For example if you raise the income tax, some people will likely find other ways to generate income through investment or some other method.  Therefore, human behavior and concious actors will change how much revenue will be brought in.  All other schools of thought pretend that human behavior is for the most part unchanging and can be constructed as part of a mathematical formula. For example, if government action A is taken than B will be the result.  Ludwig Von Mises established in “Human Action” that human behavior cannot be predicted and observed in the same way that hard sciences make predictions. All particles in the universe act in the same predictable way when a force is applied to them. This is not true with human behavior.  When a new variable is applied to human interaction, humans will react in multiple different ways, each to achieve their own desired goals. Since economists can’t possibly know the goals and motives of every single person, it makes human beings almost impossible to predict the same way that chemists or other scientists make predictions with their respective studies.  This puts economics closer to the field of sociology rather than a hard science, i.e. physics, that mainstream economists’ fantasize about making economics into.  Human beings are conscious actors but the Chicago School’s methodology leads to many conclusions that are not logical because they often do not take this into account. Murray Rothbard gives the example of Milton Friedman’s negative income tax or guaranteed annual income.  Rothbard argues that it is precisely because the welfare bureaucracy is so inefficient that the United Sates is not more bankrupt than it is.  Friedman’s plan to make it more efficient by automatically sending out checks to anyone making below a certain income creates a hugely distorted incentive structure that is logically obvious but which Chicago School’s methodology seems unable to grasp.

Lastly if you still think that the Chicago School is free market consider this; Ben Bernanke is a student of the Chicago School, specifically Milton Friedman’s book on the Great Depression. Everything that Ben Bernanke has done has been lock step with what Milton Friedman had suggested should have been done during the Great Depression. Not one major economist from the Chicago School publicly protested against TARP or the mind boggling expansion of the money supply.  The Chicago School has completely capitulated to the Keynesian world view and have shown their true colors. The only school of thought that has not been toppled in the wake of September 2008 has been the Austrian School.

Here Gary North goes into some of the intellectual history of economics. Additionally, Gary North makes the argument that the intervention of 2008 was so massive that it was arguably taken even further than anything that Milton Friedman would have suggested thirty years ago.

Here is another lecture comparing Milton Friedman to the Keynesian paradigm.

Here is an article about how mainstream conservatives and supply siders are Keynesian.

 

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    Maintain the rowing handle with each palms and extend your arms in entrance of you. Lean again and prolong your physique, then pull your self again to the beginning position using your core muscle tissue. One of the cable machine’s major benefits is how versatile it is. With it, you can do a extensive range of exercises that target different areas of the abdominal muscle tissue.
    Each allow the consumer to push the burden load at totally different angles whether or not that’s vertically, horizontally or at forty five levels. Strengthening the quadriceps is crucial for a balanced and injury-free workout. Various workouts, similar to squats and lunges, can goal the quadriceps helping to build energy and endurance. Many machines can be utilized to focus on the legs, each with their very own advantages. When selecting machines for leg workouts, it’s necessary to contemplate components such because the muscle group being worked on and your ability.
    This can involve adding more weight to power training machines, rising the incline on cardio gear, or progressing to extra advanced bodyweight workout routines. Progressive overload is important for exciting muscle adaptation and guaranteeing continued progress in your fitness journey. If you’ve been a machine user for quite some time then one of the first issues you’ll discover is your lack of balance on lots of free weight exercises. In different words, don’t assume you presumably can load up the squat the identical method you most likely did the leg press. The standing hamstring curl machine is a chunk of gym equipment designed to target your hamstrings in a standing position. Your hip abductors and adductors provide you with stability, balance, and agility moving side-to-side, so this leg exercise machine is great for everyone, especially athletes. Robust thigh muscular tissues also help defend the hips, pelvis, and knees.
    If you want to do just a cable leg workout, it’s so simple as creating a workout similar to you’ll with free weights. So, instead of doing squats and deadlifts with dumbbells or a barbell, you are doing cable squats. It’s possible to do a whole leg routine with a single cable machine. While not a dedicated leg machine, it can be used for an enormous variety of unilateral and bilateral leg workouts, together with lunges, squats, presses, standing calf raises, and much more. Some of the most well-liked health club machines for quad exercises include the leg press machine, leg curl machine, and calve elevate machine.
    The greatest cable machine workouts for legs and glutes are squats, deadlifts, lunges, calf raises, and hip extensions. The machine requires you to lie face down, with the roller pad placed simply above the heels. To perform a leg curl, bend the knees and draw the heels in direction of the glutes. You may see a seated leg curl, which is as simplistic and low-impact as its lying counterpart.
    Beyond our own private experience, all of us listed right here are PT trained and certified in fitness associated disciplines. I’ve been lifting weights for 20 years, all the time been clear – always been tempted. I’ve been educated to Reps 3 YMCA Fit standard and maintain a separate SAQ (Speed, Agility and Quickness) certification. I expressly comply with indemnify and maintain the Club harmless from any loss, legal responsibility, damage, or cost the Club might incur due to my presence at the Membership facility. If you’d rather not lie on the ground for this hip thrust train, you must use a weight bench to assist as illustrated in the image above. The Smith machine may be your best good friend in phrases of coaching your legs. It’s not an enormous distinction, however it’s noticeable sufficient that when the stabilizer muscular tissues are faraway from the equation, you possibly can carry anyplace from 5-20% more.
    Grasp the help handles to provide assist and maintain your spine and head in place. That means, your physique, and mind will be ready for what you would possibly be about to do, and your risk of injury will be as little as possible. You rest your elbows on the arm pads and grip the bars, whereas your knees relaxation on the knee pads and your ft hold off the end. Simply as I said earlier, what’s nice for others isn’t at all times great in your physique and life-style. This is another excuse why folks discover this train so attractive.
    It’s your ultimate big train, so be certain to give it your all, using the pyramid method described in the exercise notes. The hack squat machine is a compound train that emphasizes your quadriceps. With plenty of back support, this transfer is easy in your spine however powerful in your legs. Finest of all, cable machines permit you to increase or decrease the weights in small increments (often as little as 5 or 10 pounds) so you presumably can elevate the resistance slowly as you develop strength.
    Whether Or Not you are a seasoned gym-goer or a fitness newbie, Planet Fitness offers a novel atmosphere for everyone. If you’ve given the normal route a attempt to haven’t reaped your due rewards give the above program a try. You don’t have anything to lose except possibly standing in line to the leg press. It’s nearly as if you’re beginning an entirely new way of training so keep humble, take your time, and lighten the load at first. There shall be loads of time to load up the bar once you’ve developed a stronger and more stable foundation.
    That means standing calf raises could be simply what’s needed to top up your efforts. These machines work a reasonably small group of muscles on the internal and the outer thigh. If you need to work and build energy in these muscular tissues to better support and stabilise you higher for fundamental compound actions, then go for it. However if you’re seeking to tone up your thighs, don’t make the mistake of pondering this machine alone may help you do this. The hack squat machine has the burden in your shoulders, so that you push up from the bottom of the movement with the resistance in the identical means you would if you squat with free weights.
    They target the quadriceps and glutes most, however they also work the hamstrings, calves, and core muscles. There are different variations of squats that will goal completely different muscles within the decrease body. This exercise makes use of the leg press as a supplemental train after a heavy compound exercise like squats or deadlifts. The aim is to target the leg muscle tissue with a higher rep vary to advertise muscle progress and endurance.
    It sometimes consists of a padded seat with an adjustable backrest and a lever linked to a weight stack or cable system. If you would possibly be jerking your head ahead, you are utilizing too much weight. Front squats allow you to hold your torso far more upright, which makes them more quad-centric than back squats. You may discover you’ll have the ability to squat a little deeper with this variation. But with one simple modification, you can turn it right into a game-changing abs machine. Petra lives and breathes rowing, she also has a passion for writing which lead her to begin RowingCrazy.com to share her rowing experience and expertise with others. We extremely suggest that you take a glance at rowing and what it might possibly do on your body!

    My web-site; https://skills4sports.eu/blog/index.php?entryid=29363

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