Austria's tradition in economics, despite, or possibly due to its frequently emphasized apriorical-deductive character, turns out to be the only tradition whose prognostic strength was able to save humanity from the top economical cataclysms in history.
An absolutely serious treatment of the Misesian theorem of the impossibility of rationally allocating the resources of the socialist economy could give the population of Russia, China or India the motivation essential to avoid being enslaved by Marxist lunatics and not to burden themselves (and its political "soyants") with decades of economical and social ruin.
Similarly, an absolutely serious treatment of the Austrian business cycle explanation (even in its embryonic form expressed in 1912 in the Money and Credit Theory) could give the American public the motivation to kill “a monster from Jekyll Island“ (i.e. the alleged national Reserve) and thus pave the way for akin actions in another countries, which would culminate in avoiding the large Depression (and possibly besides the Second planet War).
Of course, the informing function of another economical traditions cannot be underestimated in this context. Classical Economy It was right to inform against the effects of mercantylism, the school of public choice before assigning selfless intentions to politicians, and the fresh classical macro-economics before attempts at ‘stabilizing’ request control, but the scale of disasters that could have been avoided as a consequence of taking full account of these warnings, is, however, incomparable to those against which the planet could defend itself from giving well-deserved perceive to the Austrians.
It is worth drawing lessons from history, especially given that no 1 as profoundly and consistently as the “Austrians” emphasizes to this day that the most effective tools of fast and global economical ruin stay central banks and decree currencies, and the effective implementation of the orwell-Ujdlian creation called CBDC (digital central bank money) would increase their destructive possible in an unprecedented way.
In conclusion, as there is nothing more applicable than a good (deductively strict) theory, it is vital present to take care of the cognition of Menger, Mises, Hayek, and Rothbard's thoughts, in order to alert the public to the request to break the fangs of the monetary "wild beast system" open to global economical implosion. It may turn out that reliable economical cognition will prove to be a key resource here not only to save earthly possessions, but besides not to sale its soul, avoiding bondage much deeper than that contained in the empty wallet.
Jakub Bożydar Wiśniewski
