Praxeology

Austrian economists have long emphasized the importance of time preference in determination of interest rates and the direction of the economy. Here is more evidence of why that is true.

Some economists have tried to apply psychology to economic analysis, but psychology is not what drives economic activity.

Some economists have tried to apply psychology to economic analysis, but psychology is not what drives economic activity.

Keynesians and fellow travelers hold the Phillips curve to be sacrosanct. But because the Phillips curve cannot establish causality, it is useless as economic theory.

Keynesians and fellow travelers hold the Phillips curve to be sacrosanct. But because the Phillips curve cannot establish causality, it is useless as economic theory.

One of the fundamental tenets of Austrian economics is the ordinal value scale. Augustine articulated the idea more than a thousand years before Carl Menger wrote his pathbreaking Principles of Economics.

While artificial intelligence has its merits, it still cannot perform the job of the Misesian entrepreneur. That is a good thing.

One of the fundamental tenets of Austrian economics is the ordinal value scale. Augustine articulated the idea more than a thousand years before Carl Menger wrote his pathbreaking Principles of Economics.

While artificial intelligence has its merits, it still cannot perform the job of the Misesian entrepreneur. That is a good thing.

Murray N. Rothbard slices his way through ten of the most common value-based calumnies against the market economy. An excerpt  from Man, Economy, and State, with Power and Market.