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.
Modern academics are relentless in trying to find any nuances they can from the works of Karl Marx, but they miss the larger issues with his work. Marx was alive and active when the marginalists logically took apart his value theory, but hope springs eternal for Marx‘s supporters.
The Austrian School of Economics represents a heterodox methodological approach to economics that significantly differs from the orthodox teachings
Contrary to anti-freedom myths, "greedy" business owners don't decide what prices will be for goods and services.
The iconic Hermès Birkin bag helps illustrate Carl Menger’s “Theory of the Good,” and Ludwig von Mises’s explanation of human action.
Bob discusses common talking points that pro-free-trade economists often use when making the case against tariffs.
One of the important points made by Carl Menger in his 1871 Principles is that people ordinally rank their preferences, valuing some things more than others. While this seems to be a common-sense principle, it actually has important implications for economic theory.
Contrary to anti-freedom myths, "greedy" business owners don't decide what prices will be for goods and services.
