Austrian Economics Overview / Joseph T. Salerno

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7. The Political Economy of the Chicago School: Libertarian or Jacobin?

Austrian Economics OverviewOther Schools of ThoughtPhilosophy and MethodologyPolitical Theory

06/10/2005Audio/Video
The founder of the Chicago School, Frank Knight, was an avowed egalitarian. Rousseau was his influence. Jacobins believed in mass democracy and politics as the only way to implement their ideas. They hated aristocrats and religious leaders. Knight believed in progressive taxation. He wanted neocon...
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6. Keynes and the 'New Economics' of Fascism

BiographiesAustrian Economics OverviewOther Schools of ThoughtPolitical Theory

06/09/2005Audio/Video
Monetary inflation is the key way to bring about economic fascism. Fascism was a spending, borrowing government, militarism, imperialism, and a planned economy. Keynes’ followers came to power in the 60s with the Kennedy administration. Nixon went on to impose wage and price controls.
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5. Modern Monetary Theory: The Austrian Contribution

Booms and BustsMoney and BanksAustrian Economics OverviewBusiness CyclesMoney and BankingOther Schools of Thought

06/08/2005Audio/Video
Monetary theory is where Austrians diverge the most from mainstream. Mises built a new taxonomy of money. He said money included any checking account deposits. The marginal utility of gold on the last day of barter was determined by the uses of gold. People then demanded gold as money because there...
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4. The Theory of Monopoly Price: From Menger to Rothbard

BiographiesAustrian Economics OverviewMonopoly and CompetitionOther Schools of ThoughtPrices

06/08/2005Audio/Video
Prior to Mises there had been nothing written on the theory of monopoly price. Mises felt there could be some limited times of monopoly on the free market, e.g. diamond mines, but Rothbard felt that there could not be monopolies. Both theories developed out of Menger’s original thoughts.
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3. The Revival of the Austrian School: Mises and Rothbard

BiographiesAustrian Economics OverviewHistory of the Austrian School of EconomicsOther Schools of Thought

06/07/2005Audio/Video
There were reasons for the decline of the Austrian School before its revival and rebirth by Mises and Rothbard. There was an Israel Kirzner view in the 1970s that the Keynesian avalanche had buried Austrian economics in 1936. Then there is a big bang theory of its rebirth in 1974 due to the South...
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2. The Origin and Decline of the Austrian School: Menger, Böhm-Bawerk, and Wieser

BiographiesAustrian Economics OverviewHistory of the Austrian School of EconomicsOther Schools of Thought

06/07/2005Audio/Video
Where the classical economists had gone wrong was to speak of goods as if they were abstract classes. The Austrians noted that their value theory did not talk about concrete units and could not explain how individuals valued goods.
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Destructive Myths About Money, Interest Rates and Business Cycles

Money and BanksAustrian Economics OverviewBusiness CyclesCapital and Interest Theory

02/23/2005Audio/Video
Recorded at the Austrian Economics and Financial Markets conference at The Venetian Hotel Resort Casino, Las Vegas, 02-18-2005 [21:15]
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