Austrian Economics Overview

Menger discovered much more than the principle of marginal utility—he created an entire system of economics based on subjective value and individual choice.

"The free market and the division of labor does not promote hyper-atomized individuals. It creates social harmony and community."

Presented at Mises University 2022.

As the US political landscape shifts rapidly and college economics departments become increasingly hostile, the way we teach free-market economics will change.

One of the most controversial areas in Austrian economics, and one where even long-established Austrian theorists differ sharply, is monopoly theory.

That man acts and that the future is uncertain are by no means two independent matters. They are only two different modes of establishing one thing.

In our time the most powerful theocratic parties are opposed to the world's great religions. Today's theocrats believe they alone can plan society and that they are enlightened.

Of course some of the private defense agencies will become criminal. But in a stateless society there would be no regular, legalized channel for crime and aggression.

Life lesson: Figure out what you love and do it and learn another language and get yourself a motorcycle and drive around the world.

The concept of capital is the fundamental concept of economic calculation, the foremost mental tool of the conduct of affairs in the market economy. Its correlative is the concept of income.