I really enjoyed this article, Joshua. I don't actually know much about the different schools of economics that have influenced the policies that various countries have instituted to govern themselves--I just know the ultimate effects on the lives of the people. And I know I much prefer the results in Austria to the ones in the US.
People are weird for sure, that's a good conclusion and I enjoyed this unique perspective on economics. I'm with you 100% on pineapple on pizza but I'm not sure I'd equate it with not liking port. I mean, like port, but I can't say I love it - I probably haven't had a glass in a few years, though I did recently get a bottle of Portuguese red wine and it was nice.
My Austrian wife’s whole family not only loves pineapple on pizza, but also corn/maize kernels, asparagus, and ketchup. Luckily I know some authentic Neapolitan places that don’t offer these toppings.
I guess I shouldn’t have compared liking one thing to disliking something else—I think that’s a logic error or something. Important thing is, pineapple does not belong on pizza! That could have been my whole subjective value example too—pizza costs 12 bucks, I’ll pay that, then they add pineapple, it’s suddenly worth zero to me.
And yet my Austrian husband absolutely loves pineapple on his pizza! He also loves Portuguese wine and a good port every now and then. Each to his own, I guess.
Would you say the österreichisch system places perceived value at the current moment with no thought of appreciation or depreciation? For example(adjust for inflation) but your value of an autographed Ken Griffey Jr. baseball as a teen compared to today? If that makes any sense.
When I was a teenager, Griffey went to Cincinnati, the traitor! But good question. From my understanding, the Austrian school believes we should have sound money backed by precious metals and strong assets, and therefore no inflation, but since we don’t actually have sound money, inflation exists. Depreciation is going to happen in any system. So you would have price fluctuations on the market, and from individual preferences. I’m not sure how they address these fluctuations other than that they don’t want government intervention, and that everyone voluntarily agrees among themselves what they’ll pay, and it can change over time even for the same person.
Ah that is rather interesting. I am rather ignorant on the philosophical aspects of economics appreciate the explanation.
I had a feeling that mentioning Jr. was going to elicit that response. Imagine someone telling him that in 2025 he would have an Austrian fuming over his decision.
Thank you, and I now have a higher subjective value of traveling to Buffalo thanks to your article! As in, I never thought much of it before, but would now be willing so spend some money to visit it.
I really enjoyed this article, Joshua. I don't actually know much about the different schools of economics that have influenced the policies that various countries have instituted to govern themselves--I just know the ultimate effects on the lives of the people. And I know I much prefer the results in Austria to the ones in the US.
People are weird for sure, that's a good conclusion and I enjoyed this unique perspective on economics. I'm with you 100% on pineapple on pizza but I'm not sure I'd equate it with not liking port. I mean, like port, but I can't say I love it - I probably haven't had a glass in a few years, though I did recently get a bottle of Portuguese red wine and it was nice.
My Austrian wife’s whole family not only loves pineapple on pizza, but also corn/maize kernels, asparagus, and ketchup. Luckily I know some authentic Neapolitan places that don’t offer these toppings.
I thought it was only the British who put weird stuff like corn and ketchup on pizza! Asparagus? I love it, but not on pizza.
I guess I shouldn’t have compared liking one thing to disliking something else—I think that’s a logic error or something. Important thing is, pineapple does not belong on pizza! That could have been my whole subjective value example too—pizza costs 12 bucks, I’ll pay that, then they add pineapple, it’s suddenly worth zero to me.
And yet my Austrian husband absolutely loves pineapple on his pizza! He also loves Portuguese wine and a good port every now and then. Each to his own, I guess.
Would you say the österreichisch system places perceived value at the current moment with no thought of appreciation or depreciation? For example(adjust for inflation) but your value of an autographed Ken Griffey Jr. baseball as a teen compared to today? If that makes any sense.
When I was a teenager, Griffey went to Cincinnati, the traitor! But good question. From my understanding, the Austrian school believes we should have sound money backed by precious metals and strong assets, and therefore no inflation, but since we don’t actually have sound money, inflation exists. Depreciation is going to happen in any system. So you would have price fluctuations on the market, and from individual preferences. I’m not sure how they address these fluctuations other than that they don’t want government intervention, and that everyone voluntarily agrees among themselves what they’ll pay, and it can change over time even for the same person.
Ah that is rather interesting. I am rather ignorant on the philosophical aspects of economics appreciate the explanation.
I had a feeling that mentioning Jr. was going to elicit that response. Imagine someone telling him that in 2025 he would have an Austrian fuming over his decision.
This was a fascinating read. Well explained!
Thank you, and I now have a higher subjective value of traveling to Buffalo thanks to your article! As in, I never thought much of it before, but would now be willing so spend some money to visit it.