Austrian economists differ from mainstream economists mainly in this way: they do not rely on mathematical models, but on understanding what causes success or failure in the real world. Opportunity costs determine the choices people make.
Recorded at the Mises Institute on Friday, 19 November 2010. Sponsored by Anastasia Thiele.
Mark Thornton is a Senior Fellow at the Mises Institute and the book review editor of the Quarterly Journal of Austrian Economics. He has authored seven books and is a frequent guest on national radio shows.