Austrian Economics Overview

From The Failure of the “New Economics”. Narrated by Josiah Schmidt.

From The Failure of the “New Economics”. Narrated by Josiah Schmidt.

From The Failure of the “New Economics”. Narrated by Josiah Schmidt.

Rothbard considers how prices are determined by supply and demand on the free market. All long shortages are caused by government interventions. Forecasting is not possible. Economics is not an objective science.

From The Failure of the “New Economics”. Narrated by Josiah Schmidt.

What causes business cycles? Keynesians say the cycles happen because the free market economy does not spend enough. Thus, pump spending in. Additionally, Keynesians say that animal spirits cause these cycles. Government must fix things. Nobody could understand Keynes' General Theory. What was simply obscure was wrongly considered deep.

From The Failure of the “New Economics”. Narrated by Josiah Schmidt.

From The Failure of the “New Economics”. Narrated by Josiah Schmidt.

From The Failure of the “New Economics”. Narrated by Josiah Schmidt.

From The Failure of the “New Economics”. Narrated by Josiah Schmidt.