Philosophy and Methodology

In this short interview, Carmen Elena Dorobăț, assistant professor of international business at Coventry University, discusses Austrian economics and her work as a summer Fellow at the Mises Institute.

Strictly speaking, the phrase "check your privilege" could be an invitation to debate. But in practice, it is all too often an attempt to shut down debate and to make a personal attack on one's opponent in the name of "tolerance."

Daniel Hausman, an influential philosopher of economics, in a recent interview has much to say of interest to Austrians.

It's been a light season for hurricanes and tropical storms in North America, and contrary to what many economics "experts" may think, that's a good thing. After all, natural disasters are extremely costly in terms of opportunity costs and capital.

Frédéric Bastiat would have turned 214 today. Although primarily remembered for The Law, Bastiat's book Economic Sophisms, filled with Bastiat's unique wit, and his ability to destroy bad economic theories, is as timely as ever.

Mathematical economic models have a poor record of making accurate predictions, which makes sense since human action cannot be quantified by numbers. On the other hand, an understanding of sound economics can help us make good qualitative predictions.

Billions of tax dollars have been spent on scientific studies and public programs designed to tell Americans what to eat and how to be healthy. The experiment has failed, and we have nothing to show for it.

Medicine has gone the way of economics in preferring aggregates to specifics, although such methods do little to explain the needs of individual patients. On the other hand, the turn toward large-scale aggregation does help the government to centrally plan health care policy.

It is now commonplace for governments to measure economic prosperity with GDP metrics. Numerous arbitrary rules and faulty assumptions behind these measures, however, skew our view of how economies grow and living standards improve.

When Mother Teresa used her Nobel Prize money to fund services for the poor, she was exhibiting “self-interest,” but not selfishness.