Austrian Economics is the most powerful explanation of why governments, no matter how well-intentioned, lack the knowledge, wisdom and ability to direct the lives of multitudes of people better than those people can do for themselves.

Video: An Introduction to Austrian Economics (Part 1 of 9): Menger, Mises and Hayek

by | Sep 2, 2016 | Economics

Austrian Economics is the most powerful explanation of why governments, no matter how well-intentioned, lack the knowledge, wisdom and ability to direct the lives of multitudes of people better than those people can do for themselves.

In this series of easy-to-understand lectures, economist Richard Ebeling introduces you to the central ideas in Austrian Economics, as well as their importance for us today. Richard is the BB&T Distinguished Professor of Ethics and Free Enterprise at The Citadel, former president of The Foundation for Economic Education, and the former Ludwig von Mises Professor of Economics at Hillsdale College where he also served as head of the economics department.

Launched in conjunction with a new ebook entitled Austrian Economics & Public Policy at Amazon.com , this lectures series why and how it is that all these attempts at government social engineering have failed and often with disastrous consequences.

Buy the book here.

Dr. Richard M. Ebeling is the recently appointed BB&T Distinguished Professor of Ethics and Free Enterprise Leadership at The Citadel. He was formerly professor of Economics at Northwood University, president of The Foundation for Economic Education (2003–2008), was the Ludwig von Mises Professor of Economics at Hillsdale College (1988–2003) in Hillsdale, Michigan, and served as vice president of academic affairs for The Future of Freedom Foundation (1989–2003).

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The views expressed represent those of the author and do not necessarily represent the views of the editors and publishers of Capitalism Magazine.

2 Comments

  1. “Austrian Economics is the most powerful explanation of why governments, no matter how well-intentioned, lack the knowledge, wisdom and ability to direct the lives of multitudes of people better than those people can do for themselves.”

    No entity can be able to direct the lives of multitudes of people. The individual entity (person) can’t, either. Only the individual person can direct his own life, and his relations with others. I’m sure that’s what you Mr. Ebeling, mean by the above statement.

    But to direct his relations with others without committing initiatory physical force, the individual needs written guidance. The function of law is to provide that guidance. Strictly within THAT guidance, government can, and must, direct the lives of everybody. If government steps outside that, it is, to that extent, not government but a crime organization. Outside that, the individual directs everything.

    I will now start watching and listening to your first part of your 9 part series. Mike Kevitt

  2. I’ve now watched and listened to part one of your 9 part series.

    Austrian economics smears law and government with criminal plan and crime, just like every other school of ‘economic’ thought. Like all other such schools, it smears economics with crime. They all smear politics with crime. They all smear society with crime, under the heading of human relations and human action. They all smear ethics, or morality (egoism), epistemology (reason) and reality as perceived by the five senses with their pseudos: altruism, faith or subjectivism and the supernatural or things in themselves (the noumenal). They smear existence with its mutual exclusive, the notion of non-existence.

    Economics works, always, to the betterment of human life, without interruption: no cycles, no inflation, no recession (depression), no boom or bust. All that ‘cyclical’ stuff is caused by crime posing as law and government under cover of the guise of law and government. The ‘cycles’ are actually crime waves under that cover. Austrian economics, like all the others, merely accepts all this as legitimate economics, and proposes its own way to make the best of it.

    We need to get the crime out of law and government (from where crime has been since the beginning of human existence) so we can get crime out of economics and out of the culture at large, then drive crime so many miles into the sewers and backwaters that it can never come back as anything significant in the whole picture. But to do that we need the conviction of reality, reason and egoism, all crucial to establish and keep, in perpetuity, individual rights, law, government, capitalism and all human relations of free mutual choice of all parties (society) to the exclusion of crime. Mike Kevitt

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