Austrian Economics – An Introduction. Steven Horwitz and Keith Knight

by | Jul 29, 2021

…the Austrian theory of the trade cycle reveals that only the inflationary bank credit expansion that enters the market through new business loans (or through purchase of business bonds) generates the over-investment in higher-order capital goods that leads to the boom-bust cycle.


Murray N. Rothbard
Economic Controversies, p. 737

0:00 – Rothbard Quote

0:51 – What is economics?

2:14 – What makes the Austrian School of economics unique?

3:14 – What is an accurate way of measuring wealth in a given society?

4:37 – Why are some countries poor and others wealthy?

7:16 – How can we increase access to products and services to those in lower income brackets while increasing quality – healthcare and housing?

13:20 – Why do Austrians oppose regulation?

15:46 – Do Austrians assume perfect knowledge?

18:04 – What about monopolies & cartels?

 23:45 – Subjective value

24:54 – Labor Theory of Value

26:45 – Centrally planning – difference between corporations and governments

29:19 – Competitive currencies – Spontaneous order

31:44 – Spontaneous order in law

33:18 – Do disastrous situations justify the existence of a state?

35:17 – A Priori reasoning vs. Empirical evidence

38:30 – Real world examples 

40:50 – Wealth vs. Dignity

42:54 – Why wages rise

46:04 – The “free” mindset

49:55 – Competition – the Austrian approach as a process

52:59 – Eugen von Bohm-Bawerk contributions

53:32 – Is employment and profit exploitation?





About Keith Knight

Keith Knight is the creator of the Don't Tread on Anyone podcast and Odysee channel. Having supported Barack Obama in 2008, and Mitt Romney in 2012, he became a Libertarian Anarchist after running out of arguments for when initiating violence is morally permissible. His goal in life is to spread knowledge of critical thinking, the non-aggression principle, self-ownership, natural law and the private property ethic.
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