Austrian Economics

by Richard Heinberg

This article ran for our enrolled users last week and is one in a series from respected guest commentators. The original article has been amended by the author in response to input from the CM community.

Economies are the systems by which humans create and distribute wealth. Economics is a set of philosophies, ideas, equations, and assumptions that describe how all of this does, or should, work.

The first economists were ancient Greek and Indian philosophers, among them Aristotle (382-322 BC)—who discussed the “art” of wealth acquisition and questioned whether property should best be owned privately or by government acting on behalf of the people. Little of real substance was added to the discussion during the next two thousand years.  read more »

If you have been confused about the differences between the Keynesian and Austrian schools of economics, may I humbly propose an analogy that may help your understanding.  If you don’t think this is accurate or helpful then please let me know.  I’m new to this myself.

  Dr Philipp Bagus interviewed by  Stefan Molyneux.

- Interesting analysis of the current ECB / euro  / greece situation... from an Austrian School perspective.

More mentions of Chris martenson. 

http://www.kingworldnews.com/kingworldne...

George Reisman, Professor Emeritus of Economics at Pepperdine University, has posted an excellent article on his blog covering deflation vs. falling prices.  It is a bit academic and a little long but well worth struggling through for an Austrian viewpoint of the current economic mess.  The link is:

http://georgereisman.com/blog/2009/01/falling-prices-are-antidote-to.html

Jim