Economic Thinking = Full Accounting

[E]conomic thinking (equilibrialism), which can also be referred to as ‘full accounting’, is unnatural since humans minds evolved a bias toward recalling ‘what worked last time’, not ‘what is true” or “what is complete”. We are pretty good at moral intuitions – not imposing costs physically (crimes), interpersonally (Ethics) or by externality (morals). But we are not able to explain those intuitions in rational terms as other than feelings taht physical (criminal), interpersonal (ethical) and external (moral) costs are somehow bad. Economics gives us this language.

However, economics can be used to IMPROVE this information, or it can be used to DISTORT this information. The difference between mainstream economics(rule-by-credit) and austrian economics (institutions of cooperation) is that the way Austrians seek to improve our lot is by improving information without criminal, unethical, or immoral policy. While mainstream economics forgives criminal, unethical, and immoral policy if it suits socialistic (collectivist) ends.

Full accounting of costs tell us that the net balance of mainstream economics is dysgenia, and the net balance of Austrian economics is eugenic.

For obvious reasons it is not possible under democracy to make use of the traditional western eugenic policies. Whereas democracy mandates that dysgenic policies will be followed – nothing else is possible.

Democracy = Dysgenia, Aristocracy (meritocracy) = Eugenia.

It’s not complicated. But the consequences are profound.

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