Economics

Money: A Taxonomy

What is money? Most people have only a vague idea. It has something to do with the green pieces of paper in one’s wallet; but then again such paper is rarely used in our digital age. The intention of the present article is to give an overview of the different financial instruments that people often […]

Democratic Socialism and the End of Interventionism

A second group seems to be less radical. They reject socialism no less than capitalism. They recommend a third system, which, as they say, is as far from capitalism as it is from socialism, which as a third system of society’s economic organization, stands midway between the two other systems, and while retaining the advantages […]

The Expansion of the Money Supply and the Stock Market Boom

Originally published at The Mises Institute. There are many critics of the Fed’s recent money supply expansion, especially since 2008, whose chief criticism is that it will result in consumer price inflation. While proponents of the Austrian School agree that high consumer price inflation is one possible result of an expansionary monetary policy, we neither […]

Economics and Human Action: Praxeology as a Chosen Methodology

It is well known in Austrian circles that the methodology of economics is praxeology; that is, one can discover economic laws by discovering the implications of the fact that individuals act purposefully. Praxeology is the study of purposeful behavior, it is therefore not concerned with those motions and movements of the body without volitional engagement. These […]

What is Austrian Economics?

While the phrase “Austrian Economics” has become remarkably more well-known since the turn of the millennium, most people are still perplexed when they hear it.  What exactly does it refer to?  The first thing to clarify is that Austrian Economics has nothing to do with the economic policy of the country of Austria.  As one […]

Adam Smith's Invisible Hand is No Longer Invisible

Those who seek to defend the free market against government interventionism or socialism often refer to Adam Smith’s mystical “invisible hand” which somehow and miraculously helps to coordinate the wants and needs of people in society. The critics of unfettered free markets mock the idea, that we simply must “have faith” in the invisible hand, that […]

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