The Austrian school recognizes that economic analysis is timeless and the ancient story of “The Poor Man of Nippur” provides an excellent example. From time preference to the structure of production, many of the lessons are contained in this story.
When it seemed central Europe would succumb to the terrors of Bolshevism, Ludwig von Mises wrote his classic book, Socialism, convincing fellow Austrians that socialism was destructive. Mises influenced F.A. Hayek, whose The Road to Serfdom had similar effects in the US.
I have long argued that Austrian economics should be developed not as an alternative to the current academic discipline of economics but as a replacement for it.
Jonathan Newman appears on the show to discuss Bob's recent debate on ZeroHedge, which centered on Austrian economics versus Modern Monetary Theory (MMT).
The challenge facing economic science is to counter the reactionary counterrevolution by states and governments that smother voluntary cooperation and free human interaction based on liberty. The chains must be thrown off in favor of the libertarian ideal of an anarchocapitalist system.
One important difference between the Austrian and other schools of thought is the emphasis Austrians place upon purposeful human behavior. Consumption by individuals is not random, but rather purposeful action driven by subjective individual preferences.
The challenge facing economic science is to counter the states and governments that smother voluntary cooperation and free human interaction.
It should be clear from the articles in this book that the Austrian School is thriving. Per Bylund has rendered a great service in bringing the scholarship in A Modern Guide to Austrian Economics to our attention.
Böhm-Bawerk shows us that the study of human action and the economy in general goes beyond the simple paradigm of the financial and monetary world. Economics is built into all human experience.
The focus is on individual human action makes Austrian economics unique, as well as logically valid and compelling. It is a system of economic analysis based upon praxeology and causal-realism.
