A school of economics advocating free markets. It was founded by
Austrians who were called Austrians as a pejorative by Germans, who considered themselves more civilized because of their modern, socialist state (via
Bismark). Later, the Austrian economists left Austria, some not before the civilized Germans took over Austria (via Hitler). They came to America, and were still called Austrians, Probably because of their funny mustaches and names.
Austrian Economists include Mises,
Hayek, and
Rothbard. Say those with a straight face.
Not to be confused with Chicago School economists Knight,
Friedman, and
Sowell. These names are more sober.
Arch enemies inside academia and out include Keynesians, politicians, and corporatists. Doing the right thing tends to put these people out of a job.
The economic theory warrants the end of
the Fed and a return to
sound money. A general lack of government intervention, which would allow individuals to make their own choices and organize from the bottom-up. Austrian Econ entails everything the motivational speakers at your high school say (individualism, making choices for yourself, making sure to choose good friends), but applied everywhere. How could both groups be wrong?
"
Krugman has a bad case of
apoplithorismosphobia."
"Well
Bernanke is the one who won't stop debasing the dollar."
"If only they understood Austrian Economics. Then they would appreciate time preference and the history of failure for all fiat currencies."
