Dr. Peter Klein explores whether AI can ever replace human entrepreneurs and central planners, arguing from Mises’ calculation problem that even “thinking machines” can only mimic, not originate, the real-world judgment and ownership that markets require.
Today, the term "Austrian economics" is used to designate two very different paradigms.
The market regulates accidents very effectively. If the state does not coercively interfere, competition between companies forces them to improve services to the maximum.
Dr. Jeffrey Herbener explains why “Crusoe economics” isn’t a caricature but the indispensable starting point for economics and liberty—built from action, property, and exchange.
Socialists claim they just want to create a more “just” and “equitable” economic system. In reality, socialism is a political system that uses economic rhetoric.
Much of mainstream economics holds to the Efficient Market Hypothesis (EMH), which is built on highly unrealistic foundations. The Austrian causal-realist approach has more explanatory power.
Artificial Intelligence, for all of the fear-mongering taking place, simply is a tool that if applied in a free market setting will make our economy stronger, not weaker.
The standard line for passenger rail travel in the US is that we need a government-subsidized entity like Amtrak because while there is a “need” for such service, it is impossible to provide it profitably. However, profitable travel is possible, but would require the end of Amtrak itself.
In examining the Austrian regression theorem of money, Joshua Mawhorter takes on the chartalist/MMT claim that government gives money its value. The chartalist/MMT advocates lack a necessary cause-and-effect mechanism to prove their claims.
In examining the Austrian Regression Theorem of Money, Joshua Mawhorter takes on the Chartalist/MMT claim that government gives money its value. The Chartalist/MMT advocates lack a necessary cause-and-effect mechanism to prove their claims.
