Austrian Economics Overview

There is no clear basis in economics, ethics, efficiency, or fairness for Minimum Wage Laws.

Government attempts to limit “monopoly power” cannot improve well-being.

What is a business cycle?

In 1920, Ludwig von Mises destroyed the intellectual foundations of the case for socialist central planning.

Time is an irreversible flux. Each moment has a unique place in the sequence of moments of time with respect to action.

Entrepreneurship is a general feature of the market economy.

"We would not expect money to be paper, national, or under the control of any entity."

"The free market and the division of labor does not promote hyper-atomized individuals. It creates social harmony and community."

Praxeology is the method of economics.

This concept of economic calculation is really the foundation of all economic theory, and price theory is the cornerstone of economic calculation.