Comment: I don't believe

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I don't believe

that he was trying to knock your intelligence, more than challenge your specific studying of economics, or Austrian economics (to me they are the same).

Your friend sounds like he is educated in Keynesian economics, so it's not surprising that his views are generally ignorant of Austrian economics.

I can't recommend reading Man, Economy and State highly enough for those that really want to understand the basic logic of economics. It's a tough read at times but a great read, and very educational.
*Advancing the Ideas of Liberty Daily*