Praxeology
Assumptions Matter Both in Economics and in the Real World
One of the standard doctrines of mainstream economics is that the assumptions of a model do not have to reflect reality. Austrian economics vociferously disagrees.
Time Preference and Success: Is There Any Link?
Austrian economists have long emphasized the importance of time preference in determination of interest rates and the direction of the economy. Here is more evidence of why that is true.
Understanding the Difference between Praxeology and Psychology
Some economists have tried to apply psychology to economic analysis, but psychology is not what drives economic activity.
Understanding the Difference between Praxeology and Psychology
Some economists have tried to apply psychology to economic analysis, but psychology is not what drives economic activity.
The Phillips Curve Is an Economic Fable
Keynesians and fellow travelers hold the Phillips curve to be sacrosanct. But because the Phillips curve cannot establish causality, it is useless as economic theory.
The Phillips Curve Is an Economic Fable
Keynesians and fellow travelers hold the Phillips curve to be sacrosanct. But because the Phillips curve cannot establish causality, it is useless as economic theory.
Saint Augustine, Proto-Austrian
One of the fundamental tenets of Austrian economics is the ordinal value scale. Augustine articulated the idea more than a thousand years before Carl Menger wrote his pathbreaking Principles of Economics.
Saint Augustine, Proto-Austrian
One of the fundamental tenets of Austrian economics is the ordinal value scale. Augustine articulated the idea more than a thousand years before Carl Menger wrote his pathbreaking Principles of Economics.
Will AI Learn to Become a Better Entrepreneur than You?
While artificial intelligence has its merits, it still cannot perform the job of the Misesian entrepreneur. That is a good thing.