Philosophy and Methodology

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

While Austria is not the free-market republic Ludwig von Mises hoped it would be, the country has made many steps in the right direction, freeing markets and protecting private property.

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.

Econometric models are constructed with the idea that they can be substituted for authentic human action. Not surprisingly, they fail badly.

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.

Mainstream economists turned climate warriors use cost-of-production methods to determine the “true” social cost of carbon. They appeal to a discredited methodology falsely attributed to medieval Scholastics.

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

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.

While most economists admit that value is subjective, they still err by concentrating on scarcity and choice instead of purposeful action by individuals.