Subjectivism

The Austrian economics framework shows that subjective valuation is not shown to be arbitrary, but rather purposeful, as people place values on things via a means-end framework.

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.

Jonathan Newman joins Ryan and Connor this week to discuss the latest developments in Trump’s campaign to “takeover” the Fed, the current state of the jobs market, and the misconceptions people have about how economists value the choice not to work.

Price theory is the cornerstone of the foundation of economic calculation.

Praxeology is the science of human action.

College professors have suddenly discovered entrepreneurship and are teaching about it in their classes. However, while it is an interesting subject, one cannot teach someone how to be a successful entrepreneur. 

College professors have suddenly discovered entrepreneurship and are teaching about it in their classes. However, while it is an interesting subject, one cannot teach someone how to be a successful entrepreneur. 

Six hundred years before Carl Menger wrote his Principles, Thomas Aquinas was writing about the role of subjective valuation in economic exchanges. His work helped lay the groundwork for further advances in economic theory.

The Austrian school recognizes that economic analysis is timeless and the ancient story of “The Poor Man of Nippur” provides an excellent example. From time preference to the structure of production, many of the lessons are contained in this story.

In this week‘s Friday Philosophy, Dr. David Gordon looks at Allen Wood‘s attempts to salvage Marx‘s theory of exploitation. While Dr. Gordon acknowledges Allen‘s expertise in 19th-century philosophy, he notes that Allen truly misunderstands economics.