Other Schools of Thought

Displaying 1 - 10 of 2073

Do Human Emotions Better Help Us Understand Economic Analysis?

Other Schools of ThoughtPhilosophy and MethodologyPraxeology

Blog02/22/2024

Behavioral economics operates on the assumption that human emotions play an important role in determining economic choices. However, while all of us have emotions, we ultimately use reason to determine what we need to sustain our lives.

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The Dangerous Consequences of the German Historical School

History of the Austrian School of EconomicsOther Schools of ThoughtPhilosophy and MethodologyPolitical Theory

Blog02/09/2024

While the German HIstorical School might not have the intellectual influence it once did, its doctrines caused enough damage to alter the direction of world history. And not in a good way.

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Studying Economic Data Is Not "Doing Economics"

Other Schools of ThoughtPhilosophy and MethodologySubjectivism

Blog02/05/2024

Economists are fond of claiming that employing data and statistical analysis is actually “doing economics.” No, they are “doing data” and nothing more. Real economics employs real theories that explain economic phenomena.

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How Carl Menger and the Austrians Helped to Steer Economic Theory in the Right Direction

Austrian Economics OverviewOther Schools of ThoughtPhilosophy and MethodologyProduction Theory

Blog02/03/2024

When Adam Smith and the English classicals promoted division of labor as the most important ingredient in economic development, it took Carl Menger and his Austrian successors to point out that error and promote the proper economic theory of production.

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If One Wishes to Discredit Capitalism, One Should at Least Understand How It Works

SocialismCalculation and KnowledgeOther Schools of ThoughtPhilosophy and Methodology

Blog01/26/2024

Scott R. Sehon tries to be intellectually honest in his critique of capitalism and his endorsement of socialism, but David Gordon writes that Sehon needs to better know the arguments favoring capitalism.

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The War on Producers and Entrepreneurs Is Based on False Notions of Profits

CapitalismLabor and WagesOther Schools of ThoughtPhilosophy and Methodology

Blog01/18/2024

Since Adam Smith, economic thinkers have failed to understand that profits in a market economy are not extractions of wealth from laborers. In truth, profits lead to higher wages and higher living standards for those workers.

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Can Classical Economics Explain the Approaching Fiscal Disaster?

Economic PolicyStrategyTaxes and SpendingOther Schools of Thought

Blog01/16/2024

There is a lack of buyers for US Treasury debt. Rating agencies have recently downgraded the US debt, and entitlement benefits’ “trust funds” will go into the red in a few years. The classical economists offer few answers to the depth of this problem. 

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Experiencing the Rothbard Graduate Seminar: Who Should Apply

Austrian Economics OverviewHistory of the Austrian School of EconomicsOther Schools of ThoughtPhilosophy and Methodology

Blog01/04/2024

The Rothbard Graduate Seminar (RGS) provides students of Austrian Economics the opportunity to delve deeper into the economic thinking of history's greatest economists.

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The Unknown Reasoner

War and Foreign PolicyOther Schools of ThoughtPhilosophy and MethodologyPolitical Theory

Blog12/01/2023

Do governments make “rational” decisions involving interaction with other governments? As David Gordon points out, rationality involves individual decision-making, not collective action.

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Inflationary Expectations Do Not Cause Inflation

InflationMonetary PolicyMonetary TheoryOther Schools of Thought

Blog11/30/2023

According to mainstream economists, the expectation of inflation leads to higher prices. That is impossible, however, because actual inflation involves real increases in the money supply.

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