Tag Archives: austrian_school_economics

Gasoline Rationing: Another Economic Fallacy Rears Its Ugly Head

On the free market, the price of a particular economic good is set by the subjective valuations of the marginal (least eager) buyer and the marginal (least eager) seller. The market price will be a price that is low enough … Continue reading

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Andy Duncan Interviews Professor Jorg Guido Hülsmann

Andy Duncan of The God That Failed blog recently posted a link to an interview that he did with Professor Jorg Guido Hülsmann. Hülsmann is an Austrian School economics professor at the University of Angers in France and a Senior … Continue reading

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Economics:Physics::Work:Productive Economic Activity

On this blog I have commented extensively about the broken window fallacy and Bastiat’s wonderful essay that was the origin of the phrase. I have also noted that the broken window fallacy is more properly called the principle of opportunity … Continue reading

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Inflation and Unemployment

One of the more exasperating aspects of mainstream economics is how it justifies using inflation to combat unemployment. Before getting into this, let us examine the curious modern phenomenon of mass unemployment. Since human wants are insatiable, the demand for … Continue reading

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A Brief History of Austrian Economics

Daniel Sanchez of the von Mises Institute recently wrote an excellent article titled “The Odyssey of Sound Economics” about the history of the Austrian School of Economics from its founding by Carl Menger in 1871 to today. The Austrian School … Continue reading

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The Ethics of Fractional Reserve Banking

One of the great failures of economics, mostly mainstream but also some who identify themselves as Austrians, is myopia. This myopia takes two forms, the first is the ethics of utilitarianism, the second is over specialization. Let us analyze this … Continue reading

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Brief Comment on Detlev Schlichter’s Latest Post: U.S. Republicans introduce gold standard debate – mainstream media go mental

Detlev Schlichter of Paper Money Collapse has consistently generated insightful articles about the contemporary economic scene through the lens of the Austrian school of economics. His article from yesterday, “U.S. Republicans introduce gold standard debate – mainstream media go mental“, … Continue reading

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