Other Schools of Thought

Bob comments on the key disputes from his recent debate with Dean Baker, underlying the differences between the Austrian and Keynesian frameworks.

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.

The meaning of economic freedom is this: that the individual is in a position to choose the way in which he wants to integrate himself into the totality of society.

Philip Goff wants to solve the why of the universe, but his answers are not always logically coherent, as David Gordon explains.

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

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.

Forget the other mainstream explanations for interest. Time preference explains this phenomenon and gives a true picture of why interest exists in the first place.

Philip Goff wants to solve the why of the universe, but his answers are not always logically coherent, as David Gordon explains.

Mainstream economists often look at the numbers first and then use data to construct their theories. As Austrian Economists know, such thinking is backward. We can only correctly interpret data after applying a correct theoretical framework.

The field of behavior economics downplays the role of purposeful praxeology in economics. Austrian economics does not make that error.