Saturday, April 9, 2016

How Is Austrian School Economics Different From Mainstream Economics ?

Dr. Israel M. Kirzner, Professor Emeritus of Economics at New York University, recently delivered a lecture, “The History and Importance of the Austrian Theory of the Market Process.”

It is an extremely important lecture where Prof. Kirzner identifies some of the contributions that Austrian school economists Ludwig von Mises and Friedrich Hayek made in differentiating between the Austrian school and other schools of economics, and the history of how they came about to focus on the differences.


(ht Walter Block)

1 comment:

  1. This is basically another version of my perpetual rant that nobody but us understands (or wants to understand) even basic Austrian School and/or NAP concepts. If you refuse to learn the basics, how can you follow the logical implications? However, in the olden days, "progressives" actually attempted to engage Hayek and Mises. I've been challenging "progressives" online stating that they know nothing about basic Austrian concepts since 2009 and NO ONE (except perhaps "Lord Keynes") has even taken a shot at it. Crank crank crank.

    Speaking of "Lord Keynes", he's been reading Menger and seems to have inadvertently destroyed the "State Theory of Money". He still seems to insist that Menger based his theories upon the existence of barter "spot trades" as opposed to barter/credit transactions. You don't know how many MMTers have insisted that the entire Austrian School analysis depends upon historical barter "spot trades" leading to the invention of money as opposed to the actual historical barter/credit transactions leading to money. Seriously.

    LK has been exchanging pleasantries with George Selgin who has finally buried David Graeber. Graeber got pissy. Surprise.