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Austrian Economics OverviewOther Schools of ThoughtPhilosophy and Methodology
Austrian economics diverges in several important ways from that followed by our colleagues in the mainstream of the profession.
World HistoryPhilosophy and Methodology
John Locke was ridiculed for suggesting that people "consent" to their government by not emigrating. Hume suggested this theory could be used to claim consent for even the most outrageous tyrants.
Philosophy and Methodology
The experience with which the sciences of human action have to deal is always an experience of complex phenomena. No laboratory experiments can be performed with regard to human action.
EducationPhilosophy and Methodology
The true aim of these “scholar activists,” as many academics have begun calling themselves, is to propagate socialism by redefining capitalism to encompass every evil of human history. Which means they're mostly attacking straw men.
Money and BanksMoney and BankingPhilosophy and Methodology
Economic theory must have only one purpose — to explain economic activity. However, statistical methods are of no help in this regard.
Capital and Interest TheoryPhilosophy and MethodologyPrivate Property
The fallacy that labor-saving machines create technological unemployment has not only been disproved by theory but also by the whole history of mankind.
Other Schools of ThoughtPhilosophy and Methodology
The thinking goes that MIT's new GDP-B measure allows the statistician to estimate a “consumer surplus.”
SocialismCalculation and KnowledgePhilosophy and Methodology
Hard-left "democratic socialists" think they figured out how to make government planning possible: use prices. But there's a problem in their argument: prices are impossible without markets.
Free MarketsEntrepreneurshipPhilosophy and Methodology
Thanks to entrepreneurs, markets are dynamic and constantly expanding. Attempts by governments to manage prices through the bureaucracy are sure to hinder this dynamism and drive to serve customers.
The EntrepreneurPhilosophy and MethodologyValue and Exchange
When Mises noted that a manager is a "junior partner" of the entrepreneur, he did not mean to downplay the role of management in the economy.