Austrian Economics Overview

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.

This week Jeff is solo with very special guest Jimmy Rogers, the famed investor, Alabama native, and fan of Austrian economics.

Austrian economics begins with logical deductions made from what we know about human action, not data sets that are subject to change.

"Let's celebrate the prodigious life of Lu Mises, a life in which he fused crowning insight on how the world tackles the law of scarcity, with lifelong moral courage."

Modern economics claims that quantitative methods are central to understanding economic analysis. Mises demonstrated why this belief is untrue.

Mainstream academic economists believe that we advance economics by "testing" theories. Austrian economists believe economics is about understanding human action and does not have to be subjected to constant tests.

Sometimes people—even other economists—are incredulous that the Austrians deny the possibility of interpersonal utility comparisons.

Menger's was an analytical method that began with the smallest empirical phenomena and proceeded logically from there. He called this the "empirical method."