Tom Woods ramblings are lengthy, but I wanted to zero in on this bit:
In the following passage, taken from Tom Woods response to Sandeep Jaitly’s interview on “Keiser Report,” Tom Woods rationalizes the failure of his fundamentalist ideology and ‘economic calculation’ by wedging a lot of intellectual dishonesty into this quote: “Private ownership, which is precluded by state intervention, would encourage the preservation of the capital value of resources.”
The idea that private interests preserve the capital value of resources (‘unless they are interfered with by the state’) produces a superior economic outcome over the public interests preservation of capital value of resources is the type of pseudoscience, faux-Austrian claptrap that gives rise to economic dictatorialism, completely blind to the actual consequences of its actions. What Woods is advocating here is in effect central planning, but the ‘right kind’ of central planning by the ‘right people’; the complete opposite of what Austrians say they are supposedly in favor of and a complete contradiction of what Menger was trying to elucidate before the Mises crowd came along and poisoned the water.
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