Questions tagged [austrian]

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In Austrian economics, do producers have an ordering of preferences similar to consumers?

I watched a video from the Mises Institute where the lecturer mentioned that in Austrian economics, the consumer behavior that is observed is a result of their perception of the utility of the ...
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What are the primary differences between the Chicago and Austrian school of economics?

I've been reading some thinkers like Mengel, Mises, and others, who are all Austrian School theorists. But I have also been reading Milton Friedman and Thomas Sowell works, who are proponents of the ...
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How to calculate time preference?

Since I'm doing some research on interest rates and their determinants I've coming to read some "austrian" things about the rate of time preference. In order to investigate further about the ...
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How does the Austrian School view land rents?

I have come across these publications: The Spatial Market Process. Advances in Austrian Economics Vol. 16. In “An Austrian Theory of Spatial Land,” Fred E. Foldvary addresses the disregard of spatial ...
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Austrian business cycle

This video on the Austrian business cycle seems to state that when rates are low this signlas to investors that there is plenty of money to borrow and plenty of resourses to deploy. However I dont ...
4 votes
3 answers
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Do Keyensians believe that it's wrong for households to aggresively save money?

Many Austrian/Neoclassical websites argue that Keynes and Keynesians demonise saving and encourage individual people to spend rather than save. Someone (not an economist) recently told me that I need ...
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2 answers
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Inflation leads to loss of gold reserves

I am reading Murray's Rothbard "What has government done to our money?" and this is his reasoning for inflation leading to loss of gold reserves to other countries (assuming everyone is on ...
4 votes
1 answer
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Production choices in Hayek's theory of information-bearing prices

As I understand the work of Hayek, he asserts that prices encapsulate the true societal worth of the item being sold by integrating the compound need for all of the ingredients and work which go into ...
4 votes
3 answers
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Why is Mises "permitted" to define "Economics is an a priori science", if a priori is not trustworthy?

Why is Mises "permitted" to define "Economics is an a priori science", if a priori is not trustworthy? In philosophy of science and natural sciences a priori as a method of knowing ...
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Hayek's defense of competition regulation

This article claims Hayek endorsed competition regulation: As it evolved, neoliberalism became more strident. Hayek’s view that governments should regulate competition to prevent monopolies from ...
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Strong Austrian arguments against copyright

For many years, I held a strong position against the copyright based on the effects of enforcing copyright on freedom of speach in the internet. However, recently I read Rothbard's Man, Economy, ...
2 votes
2 answers
120 views

Why are prices considered the best information we could have?

We often talk about information as pricing being the best information or reflection of different aggregate pieces of information existing on markets. Why do we then also often hear that some prices do ...
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5 answers
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What are the known refutations of Mises' Axiom of Human Action?

From Mises' Human Action Human action is purposeful behavior. Or we may say: Action is will put into operation and transformed into an agency, is aiming at ends and goals, is the ego's meaningful ...
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Where does capital come from?

Sorry if this is a birds and the bees type question. Where does capital come from? And I am not talking human capital (which to my mind is skills basically). I suppose I'm taking about financial ...
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How to make sense of so many conflicting theories and ideas in the field with an open mind? Is every school of economic thought as valid as the rest?

'm a junior economics major and lately I've been in a sort of crisis because I feel like I'm not sure what economic ideas I believe in anymore. Don't get me wrong, I love reading anything that has to ...
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Literature on Private Countries

Amidst Anarchocapitalist authors such as Murray Rothbard, are there any who discuss the possibility of privately-owned countries, with their own set of private laws, police services and courts?
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How does Austrian Economics define Labour Productivity?

Is there a specific Austrian definition in accordance to the concept of Labour Productivity? If Labour Productivity is too broad of a term, then I will qualify to be speaking about it in context of ...
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In Austrian theory, does constant, predicted deflation distort credit markets?

Many leading Austrian thinkers propose a 100% reserve gold standard banking. They agree that such a system leads inevitably to monetary deflation if productivity continually improves. Austrians also ...
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Who first formulated the Political Business Cycle Theory?

The first time I saw it, was in Stephen Harper's Master's Thesis http://dspace.ucalgary.ca/bitstream/1880/24345/1/1991_Harper.pdf It comes across as being very similar to the Austrian Business Cycle ...
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Is Behavioural Economics Thymological, or does any branch or scholar concern itself with Thymology?

[Thymology] is what a man knows about the way in which people value different conditions, about their wishes and desires and their plans to realize these wishes and desires. It is the knowledge of ...
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What does Hayek mean at the end of the first paragraph of The Use of Knowledge?

I reproduce here the first paragraph of Hayek's well-known essay The Use of Knowledge in Society: What is the problem we wish to solve when we try to construct a rational economic order? On certain ...
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What is the difference between knowledge and information?

I believe this distinction may have been made by Hayek or some other Austrian.
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