No one could have missed the reoccurring term "Austrain economics" so often referred to by pres2012-hopeful Ron Paul (bottom guy in right figure) during his campaign. Apparently, using this tool one is able to identify economic bubbles so clearly as even to foresee an economic collapse - much like Ron Pail did a few years back. Even the mass media has given him credit for this. What is this magical tool then? My first step into the Austrian wild began today with the 24 page Mises and Austrian Economics: A Personal View by the doctor him self. Like David at the toe of Goliath I end with a quote from Ludwig von Mises (gray scale guy in figure to the right):
Everyone carries a part of society on his shoulders; no one is
relieved of his share of responsibility by others. And no one can
find a safe way out for himself if society is sweeping towards
destruction. Therefore everyone, in his own interests, must thrust
himself vigorously into the intellectual battle. None can stand
aside with unconcern; the interests of everyone hang on the
result. Whether he chooses or not, every man is drawn into the
great historical struggle, the decisive battle into which our epoch
has plunged us.
I think it is time to drop the remote control people.