History of Austro-Libertarian Thought: 384 BC – 2020 AD
Trade is an exchange of goods of equal value. Wealth and business should not be excessive.
The just price is the prevailing market price, but this is not held consistently. Wealth and trade should play a subordinate place in society.
Trade and accumulation of money are highly valued. Value is based on the cost of labor. Favored hard money and opposed inflation.
A founder of the modern subjective theory of value. The entire structure of the economy is built up through analysis of its causal structure. Imputation is used to explain the prices of factors of production. The gold standard is favored.
Played a key role in Austrian capital theory, through the idea of the "period of production." Developed the time preference theory of interest. The most important critic of Marxist economics.
Praxeology, the science of human action, is developed through deduction from the concept of action. Money necessarily originates as a commodity. Monetary calculation is essential in a complex economy and cannot take place under socialism.
Major theorist of the Austrian business cycle theory. Stressed that free-market prices permit local knowledge to be used, in contrast to central planning. Much of our knowledge is tacit, not explicitly formulated.
Laissez-faire capitalism is the best possible economic system. We should live according to the "trader principle" rather than parasitically.
The entire body of economic theory is deduced from the axiom that human beings act. No interference with a completely free market is permissible or desirable.
The free market can best provide all services, including defense. Interference with it is unjustifiable. The category of "public goods" is invalid.