Dr. Matt McCaffrey joins Bob to discuss his newly published journal article exploring the dispute Fetter had with the august British economist Alfred Marshall over the theory of rent.
The focus is on individual human action makes Austrian economics unique, as well as logically valid and compelling. It is a system of economic analysis based upon praxeology and causal-realism.
A common refrain among college fans is, "The Transfer Portal and NIL are ruining college sports." But are they? Before we can answer that question, we have to be able to explain what is happening, and Austrian economics provides the best analytical tools.
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.
Many people were puzzled why so many WNBA players were hostile to the arrival of superstar Caitlin Clark. After all, they reasoned, Clark would make the league more popular, bringing more money and publicity. Austrian economics, however, shows a logical explanation for the hostility to her.
One important difference between the Austrian and other schools of thought is the emphasis Austrians place upon purposeful human behavior. Consumption by individuals is not random, but rather purposeful action driven by subjective individual preferences.
Modern academics are relentless in trying to find any nuances they can from the works of Karl Marx, but they miss the larger issues with his work. Marx was alive and active when the marginalists logically took apart his value theory, but hope springs eternal for Marx‘s supporters.
The Austrian School of Economics represents a heterodox methodological approach to economics that significantly differs from the orthodox teachings
Contrary to anti-freedom myths, "greedy" business owners don't decide what prices will be for goods and services.
The iconic Hermès Birkin bag helps illustrate Carl Menger’s “Theory of the Good,” and Ludwig von Mises’s explanation of human action.
