Mises quiz - Are you an Austrian economically speaking?

98 percent on the long quiz... and it was hard!

No way John McCain could even read through the whole thing without falling asleep, let alone know what any of it means!

Let get some more economics discussed here!

75/100. All Austrian and Chicago School. Hehehehe.

The Retrocon
Hope for America, Ron Paul for President in 2008!

98/100, and looking over the questions, it becomes apparent that I'm a little conflicted over the Austrian answer versus the Chicago one in regards to interest.

My girlfriend, who made me pay dearly afterwards for "torturing her", took the test and scored 70/100; upon looking at the answers, it may as well been randomly chosen there was no rhyme or reason-- some Austrian, some Socialist, mostly Chicago school style answers from an RN with no interest in economic theory beyond its immediate relation to ardent shopaholicism.

From this ad hoc experiment, I'd be lead to think that anyone who scores lower than that really must believe in what they are espousing, e.g., one of the myriad forms of collectivism currently running amok in memespace.

I took the short version.

I got 90/100....Apparently I answered Chicago on 2 of the questions. This from someone that knows absolutely nothing about economic theory. If a dummy like me can figure it out, it's really a shame that our elected officials can't get it right.

deleted

if the 25 question one is too daunting...
Try out the short version!

Many of the ideas promulgated by the Austrian school of economics have merit. I would not argue with the core concepts of Austrian economics. With that said, however, one must remain open minded and be conscious of the fact that this theoretical model of economics is not perfect, and it can’t explain every facet of human activity.

I feel that the Keynesian model of economics lacks in many areas, although you can’t simply portray Keynes as solely a devil and completely dismiss all his ideas. He was in fact a very intelligent man. When he was selected by the British government as a delegate to the Treaty of Versailles, he refused to go, warning the Allies that their punitive measures against Germany would result in another world war, so you can see that he was an intelligent man with foresight, and a concern about war. Who else can you think of off hand that shares these traits? His ideas were not all lacking in realism, yes, they have contributed to the fait currency and the “bubbles”, and boom and bust cycle that the Fed promulgates, but I don’t think Keynes is the sole person responsible for this policy. Many of his ideas were theoretical

I am opposed to socialism as well. Private property is paramount, and as you know, one of the main goals of international communism is the abolition of private property. One of the planks of the Communist Party was a progressive graduated income tax. I am opposed to communism and its internationalist goals. I can understand the desire to maintain private property and the civil rights of individual citizens, and I share that goal with the libertarians, but we differ in the way that we define large multinational companies. I don’t define large multinationals the same way as I would an individual citizen. 1. If I were able to accumulate hundreds of trillions of dollars, could I purchase the entire United States together with proprietary control of the daily lives and rights of all of its inhabitants? 2. Does the free market system truly exist in the geo-political world of today?

A large multinational company is an organic entity like an individual, but it has many more complex forces acting upon it than does and individual, and the “Free Market Economy” is not the sole force acting upon it. It is more akin to a government than an individual. Centuries ago, the closest thing in the world to large multinational companies were large trading companies like the Dutch East India Company. These large shipping and trading companies exercised a type of socialistic control over the people within their sphere of influence, many times to their detriment. We should guard against solely thinking like people in the 18th century. We should not assume that the leadership of all corporations has only benevolent motives, this would be the same as liberalism assuming that human nature is only good, never evil.

Gold is a just measure of wealth, and it promotes a stable, merit based economy, however; we can’t worship gold and materialism as our savior.

I am in agreement this we need to maintain our civil rights, but I am a social conservative and I feel a just government has a right to punish murderers, for example. A totalitarian government becomes a murderer in itself and forfeits its right to govern.

I would like to note, how many inventors and entrepreneurs had their ideas stolen from them and were left destitute. There are many success stories, and we should be positive, but we can’t be naïve.

We should be allowed to think for ourselves, this is the most basic right of free will that God granted to us. If you won’t allow me to think for myself, you are trying to control my mind.

booya!

I chose two Chicago school answers, on the interest rate and cause of the business cycle.
I am a little disappointed in myself.

Question #26

Do you believe in the following statement: Critiques and rebuttals are how science advances.

_____ Yes. Then you believe in Axiomatic Economics.

_____ No. Then you believe in Austrian Economics.

92/100, with all my non-Austrian answers being Chicago answers. I can live with myself on those terms. Still, I need to do a lot more reading in this whole area.

For those that are not acquainted with Austrian Economics this is a great introduction. Find time to take this Quiz. Ron Paul would give this out as a Summer reading assignment to Giuliani and the rest of them. :-)

85/100

My non-austrian were chicago economics....interesting

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for me to consider doing.