If one looks at the catastrophic consequences of the great paper-money inflations, one must admit that the cost of making and holding gold is the minor evil. It would be futile to retort that these catastrophes were brought about because the regime merely used fiat money improperly.
The Rothbard Graduate Seminar (RGS) provides an opportunity to learn about Austrian economics at a high level.
The field of behavior economics downplays the role of purposeful praxeology in economics. Austrian economics does not make that error.
Popular economic thinking holds that consumer spending is the most important driver of the economy. Actually, demand can’t exist without something first being supplied.
The field of behavior economics downplays the role of purposeful praxeology in economics. Austrian economics does not make that error.
Much of modern neoclassical economic theory depends upon assumptions that do not reflect real world conditions. Austrian economists, however, know that realistic assumptions matter.
Subjective valuation, which is at the heart of Austrian economic thinking, is not the same thing as someone's opinion.
Popular economic thinking holds that consumer spending is the most important driver of the economy. Actually, demand can’t exist without something first being supplied.
Much of modern neoclassical economic theory depends upon assumptions that do not reflect real world conditions. Austrian economists, however, know that realistic assumptions matter.
While F.A. Hayek is known for his term “spontaneous order,” Mises saw institutional development as coming from growth in human understanding of things.
