The Austrian school recognizes that economic analysis is timeless and the ancient story of “The Poor Man of Nippur” provides an excellent example. From time preference to the structure of production, many of the lessons are contained in this story.
Many people were puzzled why so many WNBA players were hostile to the arrival of superstar Caitlin Clark. After all, they reasoned, Clark would make the league more popular, bringing more money and publicity. Austrian economics, however, shows a logical explanation for the hostility to her.
One important difference between the Austrian and other schools of thought is the emphasis Austrians place upon purposeful human behavior. Consumption by individuals is not random, but rather purposeful action driven by subjective individual preferences.
The Austrian School of Economics represents a heterodox methodological approach to economics that significantly differs from the orthodox teachings
One of the fallacies of modern academic neoclassical economics is that we can take cardinal measures of value. Austrian economists, beginning with Carl Menger, know better.
A few years ago, I bought a unique item.
John Tamny and Jack Ryan get heretical about housing. They argue, in part, that owning a home comes with significant costs and may not be "worth it," however, individual consumers decide what costs they are willing to undergo and what is "worth it" for them.
"Price theory is the cornerstone of the foundation of economic calculation."
F.A. Hayek coined the term spontaneous order to point out that the prosperous societies are also societies where people are free to pursue their own goals. The result is, ironically, harmony that cannot come about through central state planning.
