The Core of What Economics Teaches

Austrian economists do have a realistic way of looking at human action. A policy of getting further into debt when you are already deeply in debt just doesn’t make sense to them. They see the unintended consequences to not only increasing the money supply, but also policies like price controls, minimum wages, seat belt laws, and the Endangered Species Act. They see that whenever you commit to one course of action you have given up doing a different opportunity. They know that prices are all subjective, not based upon objective costs or labor.

Hosted at the Mises Institute on 30 April 2010. Sponsored by Jeremy S. Davis.