The no-intervention case presumes knowledge even Austrians deny is attainable

Evidence

Fourth, just as it does not follow that governments should always intervene to stave off market adjustments, as the “Greenspan put” and Ireland’s bank rescue showed only too well, to argue that there should never be intervention presumes knowledge of the system—it will return to full employment if left alone—that Austrians themselves say is impossible to attain. The Austrian counterfactual, that in the absence of interventions market allocation will be optimal, can never be satisfied. — Mark Blyth, Austerity, 401

Categorization

• XREF: This self-refuting counterfactual criticism of Austrian policy connects to Milgrom’s logic of when institutions are needed.