Austrian Economics Part One – Action

Matthew John Hayden

Economics rather sucks. Not because of some deficiency of the impulse to understand human action, but rather because the vast majority of economists have little time for any real human actions at all amidst their vast anonymous modelling of group behaviours without reference to the actual people in those herds. This might be why the economics establishment stared at their feet when the Queen asked them why they didn’t see the late crisis and recession coming. As to the great work at hand, and the struggle it represents, it behoves one to remember the basis for our worldview, to remember that it is something that has been arrived at through philosophical rationalism, that is mental deduction. This makes us a tribe of rationalists rather than empiricists. The positivism of the economic mainstream and of Post-Keynesianism can seem very scientific – it is the method of natural science after all – but for social science it is utterly inadequate for one simple reason. It hasn’t proved or disproved anything. Verification and falsification are not enough when there is no laboratory in which to repeat experiments. We will have to turn elsewhere. Continue reading

F A Hayek: the 1978 UCLA interviews….

David Davis

….with main portal to them on the Ludwig von Mises Institute blog.

Here is the archive in pdf.

For newer readers who may not have swum in libertarian, or in Austrian-School-economic waters for very long, you can find out about Friedrich Hayek here, and why he was a key classical liberal/libertarian philosopher.

Here also is stuff which some of you might like about Ludwig von Mises.