The Austrian School is a heterodox school of economic thought that emphasizes the spontaneous organizing power of the price mechanism. Its name derives from the identity of its founders and early supporters, who were citizens of the old Austrian Habsburg Empire, including Carl Menger, Eugen von Bohm-Bawerk and Ludwig von Mises.
This music video is a great teaching tool and introduction to Austrian Economics. Enjoy.
Mark Thornton discusses the Austrian School on Business Cycles: 100 Years of Being Right
Murray Rothbard discusses The Future of Austrian Economics.
F.A. Hayek, the author of "The Road to Serfdom", discusses the differences between the Austrian School and Milton Friedman's view of Monetary Policy.
Peter Schiff delivers the Henry Hazlitt Memorial Lecture at the Austrian Scholoars Conference at the Ludwig von Mises Institute on March 13, 2009.
The Life of Mises.
Not many people realize that the oil companies have bought themselves the cheapest insurance possible when they lobbied the Federal Government to provide them with a liability cap on the liabilities for oil companies after a spill. As Timothy Carney of the Washington Examiner points out, there is a government-created slush fund to keep big oil from paying to clean up it's own oil spills.
WASHINGTON ó The president of the World Bank said on Monday that Americaís days as an unchallenged economic superpower might be numbered and that the dollar was likely to lose its favored position as the euro and the Chinese renminbi assume bigger roles.
The Reserve Bank of Zimbabwe routinely prints money to fund the budget deficit, causing the official annual inflation rate to rise from 32% in 1998, to 133% in 2004, 585% in 2005, past 1,000% in 2006, and 26,000% in November 2007, and to 11.2 million percent in 2008. Meanwhile, the official exchange rate fell from approximately 1 (revalued) Zimbabwean dollar per US dollar in 2003 to 30,000 per US dollar in September 2007.
Why is this important? It means that China wonít be buying any short-term or long-term US debt. If President Obama and the Congress donít show any signs of easing up on SPENDING, then the Federal Reserve will have to increase the amount of dollars it prints. If it keeps printing dollars at this rate, then very soon we will see the effects of inflation begin, followed by hyper-inflation. Prices will spiral up and out of control and most of the middle class will become poor and the already poor will suffer the most. The cost of milk and bread will be prohibitively high. Small farms will go out of business, driving prices even higher as competition is diminished.
...the tax code has brought about the employer-provided insurance system that has resulted in less competition and higher prices. The employer-provided insurance system creates yet another degree of separation between the patient, [Insurance Company, Employer] and doctor. This adds another administrative expense, gives less choice to employees and consumers and more control to big business owners, union bosses, bureaucrats and politicians."
"Over time the terms conservative and liberal have changed, and while this idea of labels changing is nothing new, it is important to acknowledge such change and to recognize the meaning to assess where we stand as individuals."
"...the crowd, made up of Obama's economic advisors, has already gathered insisting that they must break the window in order to save the glazier's business and all the merchants that depend on the glazier."
An Open Letter to Congress and the President
"When a business fails, the market (through consumers and investors) has decided that the business is not efficient enough or in high enough demand to exist, therefore, it should and must fail! To prop it up with taxpayer dollars is to take efficient money out of the economy and place it in the inefficient hands of bureaucrats where half of the money will be eaten up by the bureaucratic machine, and the other half will be wasted on a business that the market has already decided must fail."
Our Reaction: "HAHAHAHAHAHAHAHAHA"
"US fast-food giant McDonald's said Monday its 2008 net profit soared 80 percent from a year, lifted by growing demand from consumers seeking low-cost meals in a deepening global recession."
"Wall Street is losing faith in Washington's efforts to fix
the financial crisis."
"The size of the problem is growing faster than the banks' ability to handle it....We're halfway through the bailout money, and the banks are in worse shape than they were six months ago."
Not only are taxpayers experiencing ever-increasing direct
taxes such as gasoline tax, property tax, sales tax, cigarette tax,
alcohol tax, etc., but your standard of living is being taxed through
the devaluation of your dollars.
Every time the government creates a new program, your standard of living will get worse.