Mainstream economists claim that they can use econometric models to emulate human action and, thus, create an economic laboratory. These models, however, cannot tell us about cause-and-effect, which is vital to understanding praxeology and economic behavior.
Mainstream economists claim that they can use econometric models to emulate human action and, thus, create an economic laboratory. These models, however, cannot tell us about cause-and-effect, which is vital to understanding praxeology and economic behavior.
Economist Joseph Salerno, an expert on the Austrian School, money, and methodology, joins us to talk about what makes the Austrian School of economics different.
Many "social justice" advocates claim to appeal to a “higher law,” but they usually refuse to acknowledge economic laws because those laws stand in their way of creating the "just" society.
Instead, what matters is not whether expectations are stable, but whether expectations correspond to reality. Stable expectations cannot undo the damage caused by loose monetary and fiscal policies.
Surveys used to gauge optimism or pessimism about the economy may be interesting to read, but unless they are the product of sound and realistic economic theory, they are not economically useful.
Many "social justice" advocates claim to appeal to a “higher law,” but they usually refuse to acknowledge economic laws because those laws stand in their way of creating the "just" society.
Modern psychology has been at odds with the praxeology of the Austrian School, as psychologists have tended to see humans as passive and reactive, while Austrians view human action as purposeful. Recent developments in the field might change that narrative.
Modern psychology has been at odds with the praxeology of the Austrian School, as psychologists have tended to see humans as passive and reactive, while Austrians view human action as purposeful. Recent developments in the field might change that narrative.
Even when MMT advocates are correct that colonial governments at times burned money after receiving it for tax revenues, they still manage to get both the history and the causes wrong.
