When economists try to analyze the economy, one procedure is to remove the “seasonal” component from the data in order to account for trends and fluctuations. That collides with the thinking behind praxeology in which human beings engage in purposeful behavior.
While it is true that one cannot create entrepreneurs in a classroom setting, it still is important that people how entrepreneurship works. No one explains entrepreneurship better than Austrian economists.
Human Action by Ludwig von Mises is not just another book on economics, although its economic content is excellent and timeless. It is a passage through one truth after another, built upon logic and reason.
Reality cannot be transformed by mere decrees that take issue with the conditions of the world. Removing these distortionary hurdles is necessary for economic prosperity.
Ludwig von Mises was born 144 years ago today. His economic masterpieces are as relevant and powerful today as when they were written. Mises still is the most eloquent voice against socialism.
No matter how “inelastic” the demand, excessively high prices cannot persist indefinitely without human action.
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.
In examining the Austrian regression theorem of money, Joshua Mawhorter takes on the chartalist/MMT claim that government gives money its value. The chartalist/MMT advocates lack a necessary cause-and-effect mechanism to prove their claims.
In examining the Austrian Regression Theorem of Money, Joshua Mawhorter takes on the Chartalist/MMT claim that government gives money its value. The Chartalist/MMT advocates lack a necessary cause-and-effect mechanism to prove their claims.
