Austrian School of Economics

The Economic School You've Never Heard Of

Mainstream economics is under heavy pressure. Consistently wrong policies and forecasts have damaged the field dubbed “the dismal science.” Almost all alternative economists are calling for more government involvement to “fix” the free market and make it work better. But there is one school of economics, once prevalent in academia until it was pushed into obscurity, that places the power to fix the world’s problems in the hands of the people.

Creative Destruction Versus Government Fixes

"...in real capitalism, overcapacity and too much debt could have been prevented by periodic cleanups - what Austrian economist Joseph Schumpeter called “creative destruction." ...The problem is that, since the early 1930s, nobody ever tried to do this because the political and social impact of that scenario would have been devastating."

Doug Casey Has "Never Seen Anything Like This"

"What's going on in the US now is a culture clash. They don't just dislike each other and disagree on politics; they can no longer even have a conversation. They hate each other on a visceral gut level. They have totally different world views. I've never seen anything like this in my lifetime. There hasn't been anything like this since the War Between the States, which shouldn't be called "The Civil War," because it wasn't a civil war. "

What Is This "Neutral" Interest Rate Touted By The Fed?

To assume experts at the Fed could determine the proper, optimal interest rate, without a competitive discovery process, is to assume away the real-world information problems that we all can agree market prices solve. Indeed, perhaps this is why our economic problems persist?

'Austrians' At The Fed?

Most financial journalists are not good, and in fact are wedded to a pro-Fed, pro-state ideology that subconsciously permeates everything they write. They are hopelessly unobjective, the naive products of their education and training. The world needs real diversity of thought and opinion, not the fake kind being discussed at the Fed.