Free market Austrian Economists advocate a market where least government, or say, no government control is present. I have a Doctor of Economics in my relation, who's a free market Austrian economist. We had a discussion on the current Recessionary storm in the world. He pointed out that our Government, though is trying hard to fight the Recession, but still it is more concerned with 'Artificial' plot creation, which definitely means a 'a boom and then a downfall'.
He gave a very good example of this. He said that our Share Market reached a whooping 21000(Sensex), but after this boom, it felt down to 11000, and now maybe 9000!. The figure that has been reached today is the actual figure and the high-sky figure of 21000 was an artificially created plot of growth.
The American Empire is also working hard, under the reign of Obama, to overcome this downfall hurricane. We then discussed that what should be the further steps. Being a Free-Market Austrian economist he suggested that the Market must be left all alone, without any artificial plotting of the resources. Markets would recover themselves. There occurs a very less need of strong liquidity infusion steps, as being taken right now. Do speak your views too.
Bhagirath Baria
- Bhagirath Baria
- The Author of this blog has keen interest in understanding Economics and its implications on the Individual and the Economy as a whole. Has been writing articles and analysis of issues that may skip general observation, but exert deep influence on people's lives and their decisions. Discussions and Debates related to conventional as well as non-conventional Economics is done here. The author of this blog doesn't classify himself to any particular School of thought in Economics. He is tilted toward Mainstream Economics, though has keen interest in a few Heterodox schools too. Wishing all the readers a truly enriching experience.
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Recession is quite a recurring phase of the business cycle. It has occured often since previous years and will keep on repeating as and when the flow of business continues. And according to me, this can be well said as a planned so called "Artificial plot" but, i somehow do not completely agree with the remidial measures you have been suggesting.
ReplyDeleteIn my view, the market surely requires a certain roadmap to get itself out of such a dark phase, which is very well renouned as the recessionary phase or the slowing down phase. There are various types of Economists studying various desciplines, but trying to zero down on the basis of only one persons opinion does not sound fair enough to me.
I would like to discuss in depth about this topic but right now i am in a hurry. Have to leave, but will surely write back.
Bye
Take care