The Historical Setting of the Austrian School of Economics
This audio essay is narrated by Gennady Stolyarov, II.
This audio essay is narrated by Gennady Stolyarov, II.
Pages 49-50 in the text, as narrated by Gennady Stolyarov II.
Pages 82-83 in the text, as narrated by Gennady Stolyarov II.
Pages 50-64 in the text, as narrated by Gennady Stolyarov II.
Pages 64-82 in the text, as narrated by Gennady Stolyarov II.
The market economy is a social system where individuals specialize in their occupations and the means of production (natural resources, tools, etc.) are privately owned. Although everyone acts to serve his own interests, in a market economy this is achieved by aiming to satisfy the desires of other people.
The publication in 1962 of Rothbard's magnum opus rescued economic science from self-destruction. Menger's causal-realist approach had been nearly buried by the Keynesian Revolution. Keynesian macroeconomics denied the efficacy of the price system altogether in coordinating the various sectors of an economy confronted with the failure of aggregate demand.
From “Capitalism the Creator: The Mises Circle in Seattle,” a Curt and Allora Doolittle Seminar. Recorded 17 May 2008.