The Austrian School of economics, the school of thought that includes Ludwig von Mises, F.A. Hayek, and Murray Rothbard — and which influenced Ron Paul, of course — is the subject of the Mises Institute’s week-long Mises University summer program, which I’m attending right now. In the course of taking notes on my computer to help my 14-year-old daughter understand the concepts better, I realized there were some foundational parts of Austrian economics that some listeners may enjoy hearing clarified.
So in this episode I actually show how we can derive economic laws from the apparently sterile axiom that “human beings act.” I also discuss where prices come from, and what the fundamental problem with socialism is.
Related Episodes
Ep. 527 Is Austrian Economics Unscientific Because It Doesn’t Conduct Experiments? (Jeff Herbener)
Ep. 513 Can We Decide on a Main Problem with Socialism? Also: Why the Austrians Are Right About Monopoly (Jeff Herbener)
Ep. 456 Monopoly Is Everywhere, Say Mainstream Economists; Austrians Roll Eyes (Jeff Herbener)
Ep. 408 The Main Reason Socialism Can’t Work (Mateusz Machaj)
Ep. 289 Austrian Economics vs. the Mainstream (Randall Holcombe)
Ep. 257 Austrian Economics vs. a Mainstream Text (Jeff Herbener)
Ep. 230 Austrian Economics and the Liberty Movement
Ep. 104 How Austrian Economics Differs (Shawn Ritenour)
Ep. 16 Austrian Economics: Why It Matters
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Audio by Chris Williams Audio.
