Austrian Economics Overview

Better J. Boettke talks about Rothbard on Socialism in the U.S. and in the Soviet Union at the 2003 Austrian Scholars Conference.

Recorded at Mises University 2001.

Recorded at Mises University 2001.

Recorded at Mises University 2001.

Recorded at the 2003 Supporters Summit: Prosperty, War, and Depression.

(25:00)

Recorded at Mises University 2003.

Austrian economics has nothing to do with the economics of Austria. Austrian Economics (AE) began with Carl Menger in 1871. It is based on an analysis of individual action, not aggregates or groups.

Economic theory is essential for understanding history. It is difficult to interpret data without economic theory. Theory cannot come from data. All states are aggressive. All wars require economic resources. More liberal states will pursue more aggressive policies. The biggest bullies will get away with murder.

Recorded at Mises University 2003.

Profit is total revenue minus total costs. Ours is not just a profit system, it is a profit and loss system. Losses are a sign that you wasted land, labor, or capital, yet those who make profits are criticized.