proutdoors
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Posts : 1069
Join date : 2010-05-29
Age : 57
Location : Gunnison Valley
 | | Subject: A Primer on Austrian Economics Fri Jun 04, 2010 10:15 am | |
| Most libertarians adhere to Austrian Economics: http://mises.org/daily/4390 - Quote :
- The jurisdiction of economics extends far beyond the study of production and consumption of goods and services. The science of economics consists of the study of human action, interaction, and cooperation. Even if you accept the mainstream division of micro- and macroeconomics, at the most basic levels economics deals with how market agents make decisions and how these decisions affect interactions between individuals. Even the broadest of market trends, usually condemned to the realm of "macroeconomics," boils down to interactions between individual market agents.
- Quote :
- Believing in the non-neutrality of money is an important step towards understanding the Austrian business-cycle theory. The Austrian theory of the trade cycle is perhaps their most well-known contribution to economics, at least for the mainstream. This is especially true when considering that the principal reason for the rise in popularity of Austrian economics after the recession of 2007 was their explanation of the causes of the recession — and their predictions of the recession prior to the crash.
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