Other Schools of Thought

Mainstream economics has deliberately abandoned the history of economic thought. Austrian economists must keep teaching and re-teaching the great debates of the past.

If economics has its Unicorn, it would be the Giffen Good, the good that would seem to defy the Law of Demand. While economists have played around with Giffen Good scenarios, in reality, finding it is even more unlikely than sighting a unicorn.

Milton Friedman and others tried to explain interest rates using liquidity, economic activity, and inflation expectations. These things, however, only describe interest but do not explain it. Only the Austrian theory of time preference correctly explains interest.

Milton Friedman and others tried to explain interest rates using liquidity, economic activity, and inflation expectations. These things, however, only describe interest but do not explain it. Only the Austrian theory of time preference correctly explains interest.

We continue celebrating the centennial of the birth of Murray Rothbard, one of the greatest economists of the 20th Century and the Dean of the Austrian School of Economics.

For more than a century, economists have tried to reduce economics to a series of mathematical equations and statistical analysis. They have failed miserably, but that doesn’t stop them from continuing down the same mistaken path.

Over the past weekend, from February 12 until February 15, Polymarket—in conjunction with the Food Bank For NYC—organized a pop-up grocery store in

The middle of the road reveals itself not as balance, but as a gentle slope toward the rationalized management of social life.

Although Adam Smith is well-known for emphasizing division of labor, his analysis was woefully incomplete, as Dr. Mark Thornton points out.

Ironically, an acatallactic pseudo-theory of money that emerged from a school of thought that rejected theory in favor of an empirico-realistic, historical theory of money now finds it intellectually acceptable, not only to reject catallactic economic theory, but also empirical history.