ECONOMICS IS NOT LIBERTARIANISM In my modest opinion, Austrian economics is a great school of economic thought which needs to reform itself by breaking from their libertarian ideas. There is no doubt that markets work best under a free environment, but I think the term "free" and "wild" are very different. I think Austrian Economics favors a "wild" society and markets. In real life, in real logic, in real human action, the far right and the far left are just two horns from the same cow. Both are equally destructive for society. WHAT SHOULD BE DONE 1-I believe Austrian's expansion is held back by their extremists views. They lose credibility. Avoid "libertarianism" 2- Their literature is far too old. 19th Century writings are awful and boring. Textbooks should be made in order to remedy this problem and maybe they will gain more acceptance.
i am not a huge fan of the austrian school of economics. it makes more sense than monetarism but i think people are turning it into the next be all and end all because monetarism is failing. the things that really need to change are the mechanisms or tools used to control the economy rather than the opinions on what to do. for example if inflation was not controlled by interest rates the amount of debt would be far less.
i made no reference to austrian economics other than i don't completely agree with it. in response to your question. rothbard, mises and also thomas aquinas who by the way the school of thought is mainly based on, yes believe it or not like most schools of thought it started off as a religious based movement.
Well, it is an extreme view. Real Austrian economics is essentially anarcho-capitalism. How long do you think a system like that would actually last before either a republic type government is formed or corporations take control?
Human Action and the other work Mises did on money and credit. NOTE: I have been kicked out of the mises forums for posting posts like this ones. I thought libertarianism was also based on tolerance and democracy. Instead Praxeology clouded everything.