Economics

Two Austrian Schools: The Mengerians and the Walrasians

Anyone who has spent a decent amount of time browsing overviews of Austrian School economics has no doubt come across the fact that Carl Menger was the Father of Austrian Economics. Mises once wrote that “until the end of the [eighteen] seventies there was no ‘Austrian School.’ There was only Carl Menger.” From this fact …

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Economic Coup D’etat and German Guilt at the Dawn of the Euro

When the West’s Bretton Woods monetary agreement (see Phase V here) fell to pieces in the late 1960s, the time was ripe for the European socialists to pursue their vision for a single European currency that would be used by as many countries as possible. Because governments love fiat money that can be printed up at …

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A Note on Capitalism and Laissez-Faire

At The Center for Gospel and Culture at Boyce College, David Kotter questions whether the Bible endorses “American Capitalism” or “Communist Central Planning.”  He begins as follows: The Bible does not endorse American-style Capitalism, nor did the early church practice Communist central planning in the early chapters of Acts. I suppose this can be agreeable, although Kotter …

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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 …

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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 …

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