An introduction to Austrian economics, part 1

posted by
August 30, 2016
Future of Freedom Foundation
by Richard M Ebeling  
Posted in Commentary

"In this series of easy-to-understand lectures, economist Richard Ebeling introduces you to the central ideas in Austrian Economics, as well as their importance for us today." [Flash video] (08/30/16)

http://www.fff.org/explore-freedom/article/introduction-austrian-economics-part-1/  

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  • dL

    “Austrian Economics is the most powerful explanation of why governments, no matter how well-intentioned, lack the knowledge, wisdom and ability to direct the lives of multitudes of people better than those people can do for themselves.”

    Austrian economics is not libertarianism. It actually has two competing explanations(calculation problem vs knowledge problem), not one. While it is predictive re: state socialist governments, it wasn’t the first to make those predictions(and state socialist governments are by and large an anachronism). And it is not all that necessarily predictive of political economy of capitalist governments. Although AE is thought of as hetereodoxical, it is still throughly entwined in the neoclassical world. The 21st century digital political economy is a different world. The socialist calculation debates were a century ago.

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