Other Schools of Thought

Austrian economists differ with the economic mainstream in many ways, but the break on utility theory is especially critical in understanding the split between the two schools of economic thought.

Greg Kaza reviews Brian Domitrovic's The Emergence of Arthur Laffer. Alienated from academia during the stagflation era, Laffer was able to reach policymakers by presenting his ideas in a simple way, such as with his famous napkin Laffer curve.

Economics, at its core, is the study of cause-and-effect relationships—analyzing how scarce resources, which have alternative uses, are allocated.

Mainstream economists claim that they can use econometric models to emulate human action and, thus, create an economic laboratory. These models, however, cannot tell us about cause-and-effect, which is vital to understanding praxeology and economic behavior.

Mainstream economists claim that they can use econometric models to emulate human action and, thus, create an economic laboratory. These models, however, cannot tell us about cause-and-effect, which is vital to understanding praxeology and economic behavior.

Economist Joseph Salerno,  an expert on the Austrian School, money, and methodology, joins us to talk about what makes the Austrian School of economics different. 

In examining the Austrian regression theorem of money, Joshua Mawhorter takes on the chartalist/MMT claim that government gives money its value. The chartalist/MMT advocates lack a necessary cause-and-effect mechanism to prove their claims.

In examining the Austrian Regression Theorem of Money, Joshua Mawhorter takes on the Chartalist/MMT claim that government gives money its value. The Chartalist/MMT advocates lack a necessary cause-and-effect mechanism to prove their claims.

Bob Murphy and Jonathan Newman offer a comprehensive Austrian response to Richard Werner’s claims on the Tucker Carlson Show about banks, money creation, and credit theory.

Many "social justice" advocates claim to appeal to a “higher law,” but they usually refuse to acknowledge economic laws because those laws stand in their way of creating the "just" society.