Mainstream economists often base their analysis upon assumptions that do not square with reality. Austrian economics, on the other hand, is built upon realistic assumptions and the acknowledgement that good economics must reflect human action.
Jonathan Newman is interviewed by Kerry Lutz on the Financial Survival Network.
Contrary to anti-freedom myths, "greedy" business owners don't decide what prices will be for goods and services.
Central to the paradigm of Austrian Economics is the action axiom. People act, and they act purposefully. That knowledge alone permits us to construct an entire set of theories that explains economic life.
Critics of Austrian economics often claim that real economic events are too complex to be dealt with via free markets. However, because Austrian economics is based upon understanding human action, it better explains why economic intervention routinely fails.
Jonathan Newman is interviewed by Jimmy Lakey on The Lakey Effect.
The iconic Hermès Birkin bag helps illustrate Carl Menger’s “Theory of the Good,” and Ludwig von Mises’s explanation of human action.
When people speak of “old school economics,” they generally mean the application of economic thinking that involves what we might call “common sense.” That would include permitting a price system to work, protecting private property, and so on. But there is more.
There are numerous critics of the Austrian School of economics, but when their disparagements are closely examined, the so-called experts themselves are wrong. Austrians can do a better job of setting the record straight.
