Austrian Economics Overview

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From The Failure of the “New Economics”. Narrated by Josiah Schmidt.

Rothbard continues the Crusoe analogy. He covers subjectivity of value, and the concept of marginal utility.

From The Failure of the “New Economics”. Narrated by Josiah Schmidt.

The entrepreneur is the major risk bearer. Business return on capital is long run profits or losses. Real rate of interest is determined by time preferences. Government contracts are cost plus. Medical costs are higher because supply is so restricted by government intervention.

From The Failure of the “New Economics”. Narrated by Josiah Schmidt.

From The Failure of the “New Economics”. Narrated by Josiah Schmidt.

From The Failure of the “New Economics”. Narrated by Josiah Schmidt.

Rothbard considers how prices are determined by supply and demand on the free market. All long shortages are caused by government interventions. Forecasting is not possible. Economics is not an objective science.

From The Failure of the “New Economics”. Narrated by Josiah Schmidt.