Time is a unique resource in economics because we cannot create more of it and are subject to its limitations. Ludwig von Mises and the Austrians understand the role of time in economic better than most other mainstream economists.
Dr. Per Bylund unpacks Rothbard's concept of the capitalist entrepreneur as the economy's true mover and shaker: the figure who not only forecasts future consumer demand but puts real capital behind those forecasts, bearing uncertainty and driving the structure of production.
Understanding economics is the key to preserving civilization. This is because civilization itself is a consequence of choices.
One of the Austrian arguments against using mathematics to model economic phenomena is that there are no constants in economics, as things always are changing.
Austrian economists have long criticized using mathematics to undergird economic analysis. It is time to apply that same criticism to using math to undergird analysis of financial markets.
Historical data is not enough for economists to make sense of it. Instead, that data must be viewed through a theoretical framework that explains what has happened.
Most economists subscribe to a belief in “positive economics,” which means that economic theory flows from economic data. Thus, all theory can be tested for falsification at any time. Austrian economics, however, begins with economic theory, which is used to interpret the real world.
Dr. Jeffrey Herbener explains why “Crusoe economics” isn’t a caricature but the indispensable starting point for economics and liberty—built from action, property, and exchange.
Isaac Newton is best known for his development of mathematics and physics, but he also took a keen interest in economics, especially the relationship of money to economic exchange. He also believed that economic laws, like gravity, were immutable.
