The Austrian School of Economics: An Introduction

Austrian Economics

World HistoryAustrian Economics Overview

03/11/2005Audio/Video
A full-employment policy produces unemployment. Keynesian economics became the dominant theory wherein inflation was endorsed as a method of increasing aggregate demand which should boost employment.

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History of the Austrian School of Economics

BiographiesHistory of the Austrian School of Economics

03/11/2005Audio/Video
Biographical remarks about Lachmann (1906-1990). Then, Lachmann describes Austrian economics as being subjectivism (individual human action), a certain attitude to time (the future is unknowable), and a distrust of macroeconomic entities (they exist, but Austrians look at macro as mechanistic).

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History of the Austrian School of Economics: Question and Answer Session

BiographiesEducationHistory of the Austrian School of Economics

03/11/2005Audio/Video
Was George Stigler sympathetic to the Austrian school? Lachmann doesn’t think so because Stigler was a favorite student of Knight. Austrians should have dealt with Keynes, instead they quarreled with Knight. What policies do Austrians pursue? Those that favor the market...

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The Austrian Approach to Competition

Austrian Economics OverviewMonopoly and Competition

03/11/2005Audio/Video
The term Austrian will include people like Shumpeter and Morgenstern. Competition is seen as a state of affairs of perfect knowledge and equilibrium by mainstream economists. This fails to provide explanations as to how those market prices have been achieved.

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