Jordan Peterson is turning his eye toward Austrian economics. Unlike the many conservatives who see free market advocacy as some sort of "dangerous fundamentalism," Peterson seems to get it.
Modern economics claims that quantitative methods are central to understanding economic analysis. Mises demonstrated why this belief is untrue.
The idea of private property not only agrees with our moral intuitions—it is the sole just solution to the problem of social order.
Trade-offs are made necessary by scarcity. Individuals must choose between the alternatives forced upon them by reality. A refusal to acknowledge this leads to big problems.
The uneasiness that impels a man to act is caused by a dissatisfaction with expected future conditions as they would probably develop if nothing were done to alter them.
Demonstrated preference has everything to do with the choices an economic actor faces in a given moment, not all the conceivable options.
One must not forget that the scale of values or wants manifests itself only in the reality of action. These scales have no independent existence apart from the actual behavior of individuals.
The field of our science is human action, not the psychological events which result in an action. It is precisely this which distinguishes the general theory of human action, praxeology, from psychology.
Austrian economics begins with universal axioms.
The new Nobel winners apparently think we can discover economic laws by crunching numbers. That's not how it works.
