What is "Austrian Economics"? Why the recent resurgence in popularity? A-equals-A.com explains in the article, 'Austrian Economics Booms in Popularity, Busts Mainstream Myths. Click here for a PDF of the complete article.
The following are excerpts from 'Austrian Economics' Booms in Popularity, Busts Mainstream Myths by A-equals-A.com:
"...Renewed popularity is primarily due to the Austrian Theory of the Business Trade Cycle explaining the causes of economic booms, busts, recessions, and depressions. Economists using the Austrian theory predicted the Great Depression, the recessions of the 1970s and 1980s, as well as the most recent financial collapse with precise accuracy..."
"...Despite winning a Noble Prize for Economics (F.A. Hayek, 1974), exploding Marx's Labor Theory of Value in the 1880's (Eugene von Bohm-Bawerk), developing the theory of marginal utility and explaining the historic origin of money (Carl Menger), and writing possibly the single greatest economic treatise in human history (Ludwig von Mises, Human Action), Austrian economists are largely unknown to the general public today and go unmentioned in our schools' history books..."
"...For the specific reason that Austrian economics provides a transparent view of reality, logically linked by a chain of reason – it is politically unpalatable. Austrian economics, because it presents an undistorted cause-effect relationship between public policy and economic impact, is a real threat to those in power..."
Read the entire article by following one of the links below:
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The following are excerpts from 'Austrian Economics' Booms in Popularity, Busts Mainstream Myths by A-equals-A.com:
"...Renewed popularity is primarily due to the Austrian Theory of the Business Trade Cycle explaining the causes of economic booms, busts, recessions, and depressions. Economists using the Austrian theory predicted the Great Depression, the recessions of the 1970s and 1980s, as well as the most recent financial collapse with precise accuracy..."
"...Despite winning a Noble Prize for Economics (F.A. Hayek, 1974), exploding Marx's Labor Theory of Value in the 1880's (Eugene von Bohm-Bawerk), developing the theory of marginal utility and explaining the historic origin of money (Carl Menger), and writing possibly the single greatest economic treatise in human history (Ludwig von Mises, Human Action), Austrian economists are largely unknown to the general public today and go unmentioned in our schools' history books..."
"...For the specific reason that Austrian economics provides a transparent view of reality, logically linked by a chain of reason – it is politically unpalatable. Austrian economics, because it presents an undistorted cause-effect relationship between public policy and economic impact, is a real threat to those in power..."
Read the entire article by following one of the links below:
PDF Download of the article: 'Austrian Economics Booms in Popularity, Busts Mainstream Myths
or
Click here to view the article as an embedded file
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