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."
