Austrian Economics Overview

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.

Menger discovered much more than the principle of marginal utility—he created an entire system of economics based on subjective value and individual choice.

The following reading is selected from Principles of Economics, chapter I, “The General Theory of the Good,” by Carl Menger.