The Austrian School of economics, the school of thought that includes Ludwig von Mises, F.A. Hayek, and Murray Rothbard — and which influenced Ron Paul, of course — is the subject of the Mises Institute’s week-long Mises University summer program, which I’m attending right now. In the course of taking notes on my computer to help my 14-year-old daughter understand the concepts better, I realized there were some foundational parts of Austrian economics that some listeners may enjoy hearing clarified.
So in this episode I actually show how we can derive economic laws from the apparently sterile axiom that “human beings act.” I also discuss where prices come from, and what the fundamental problem with socialism is. Subscribe to the Tom Woods Show: https://itunes.apple.com/us/podcast/the-tom-woods-sho/id716825890?mt=2