Writes John Leo Keenan:
Interesting post. Disrespectful to sign such a letter with just initials. Thankfully, you clarified who they were. I went back to that to know.
Hard to comment, but just his letter (or bill proposed in the Argentinean Congress), published by Mises.org, and sent by Dr. Huerta de Soto (called basically an idiot by HHH on that occasion), could be enough to justify even a “bust” in any Ludwig von Mises Institute. That he then proceeded to balance that budget, achieving a small surplus, drastically reducing the large inflation, looks Misesian indeed. He did it also while crediting the Austrian school of economics for his insights. Yet those insights are not enough, as Dr. Huerta de Soto well said in some context (which I think was that of his electoral triumph). It’s really his personal merit too. When we “talk Milei” as it were, it’s now about a major top-worldwide expert in defeating inflation (or hyperinflation for the U.S.). He could earn a lot of money as an economics advisor, being someone who “knows more than just theory.”
If it were the “Rothbard Institute,” it is also difficult to reject an award for him. Milei has made clear in Argentina that he is a classical liberal only in the midterm, that his long-term goal is to get rid of the State… Politically, that’s very daring of him. Just the fact that he gets up there without hiding his beliefs is extraordinary enough, and to double down on his libertarianism while in power could be a reason for another bust too.
The “on the other hand” part of the letter forgets the victory against inflation (typical), recognized now by all in Argentina.
“It is not enough that he pursue liberal goals with his policies. Rather, the political means must be objectively suitable for actually achieving those goals.”
“…whatever successes his policies may have had so far have been largely achieved through the usual means of inflationary government financing, i.e. by inflating the money supply and government debt.” (He could conclude, rather, that the victory over inflation backs up Milei’s theory that the high inflation was due to chronic budget deficits.)
The pros and the cons – as given – seem incompatible, not separate enough from each other:
“After his election, he immediately set about dismantling the state and, in many respects, he has pursued this policy more resolutely, more extensively and more successfully than any of his Argentine predecessors.” (Than most politicians anywhere.)
Of course, their point that it should only go to scholars is something different:
“In our view, a ‘Memorial Prize in honour of Ludwig von Mises’ could be awarded to scientists or politicians who have rendered outstanding services to the development, dissemination or application of Mises’ ideas.”
Milei also wrote libertarian books (I haven’t read). Huerta de Soto calls him his “student.” It’s assumable that he would like such a prize for Milei. He called him his professor, named him in his inaugural speech and later. Contrary to most predictions, his first year in power was successful.
The following is the conclusion of the linked news article from yesterday:
“From a mercantile standpoint, Argentina now runs a tighter fiscal policy, a more stable currency path, and a sharply lower inflation rate.
Investors see a country with falling poverty, improving fiscal accounts, and leadership willing to implement structural changes despite resistance. The October elections will determine whether Milei can sustain political momentum as social costs of adjustment remain high.”
