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An axiom is nothing more than an assumption. Building economic theory based on axioms is only as good as the axioms themselves.

Well lets just say my tolerance for ignorant fools is particularly low.

Pretty sure that if you dismount from your high horse and read my posts, or read them again, you will see that my points have been fully explained.

Ok, I will try to do my best to answer your question about the cash rate, but please feel free to ask any follow up questions. As you may know an interest rate is essentially the price paid to borrow funds. It is usually charged at a percentage such that the amount that you pay is...

to be honest the CA is not usually something that governments consider when implementing fiscal policy, but your analysis is correct. Contractionary fiscal would reduce the CAD via the imports channel, and would reduce the governments demand for domestic savings (or the surplus increases adding...

Well someone who is prepared to subject their ideas / thoughts to the scientific method rather than those who go on lofty rants based on nothing other than their own musings. You are right in saying that there is no formal recognition of who is or isn't an economist. But I want to distinguish...

no at the end of the day I am saying that non-economists who refer to Austrian economics are indoctrinated and have no idea what they are talking about.

Do you even know what the word racist means? Racist is probably the most over-used word in the english language. There is a difference between blackface being offensive (which it is) and racist. It can only be racist if there is a racist intent which there wasn't. The historical context of...

No, I accused people who blindly follow Austrian economics as indoctrinated and ideological. The economist is aware of its limitations and is less preachy about the whole thing. Well the person who cannot articulate by themselves why they think the way they do and instead throws in the...

I did not seek to engage in the debate / argument. I did not even read the bulk of the posts contained within this thread. As such I have no idea whether I would agree or disagree with the sentiment of what is being said. But what I do know, is that as soon as someone mounts an argument...

It may have been of bad taste / insensitive but definately not racist. Racism implies intent to offend and given the multicultural background of the performers it was definately not racist. The Australian culture is very easy going and as a result Australians themselves have a pretty thick skin...

I love it how the free market trolls refer to Austrian economics as though they have gone through a life long journey of discover through the passages of all that economics has to offer and discovered that Austrian economics is the way to go. More often than not it is just a second or third year...

So as not to exacerbate any confusion I will put it in the simplest terms possible. As P.F.T.E. said it is just a quirk in the way the question is written (in that it can be read to have two completely opposite meanings). Firms will use more capital instead of labour as the price of labour...

Yes, good point. But (a) is still right given both the rules of grammar and the basic principles of economics. But I wouldn't worry too much.

it is [a] question is wrong

define 'content based'

Compare it to Industrial Awards. What are the major differences, and how is this advantageous. Theres your answer

well all other things being equal they would substitute towards capital, so the question is either wrong, or hasn't given enough information. Perhaps write out the whole question as it might not be as simple as you make it out to be

Dont worry about it. Anything you do need to know will be revised more times than you could ever want it to be....

Ive always found the obsession with Ross Gittins a bit peculiar. It seems that teachers peddle his articles in class, and because they are mostly editorial pieces he has a certain freedom that other journalists do not enjoy when reporting on other economic issues. He takes advantage of this...