Ep. 962 Austrian Economics: The Basics You Secretly Crave

The Tom Woods Show

Tom Woods

Politics, Economics, Libertarian, Government, News

4.8 • 3.3K Ratings

🗓️ 27 July 2017

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

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.

Show notes for Ep. 962

Transcript

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0:00.0	The Tom Woods Show, episode 962.
0:03.4	Prepare to set fire to the index card of allowable opinion.
0:08.2	Your daily dose of liberty education starts here, the Tom Woods Show.
0:14.4	Folks, if you're like me, you were a victim of educational malpractice when you were in school.
0:20.4	Well, learn the history and economics
0:22.1	they didn't teach you at my Liberty Classroom.com.
0:25.8	And save yourself some smackers by checking out my coupon page, libertyclassroom.com slash
0:33.0	coupons.
0:34.9	Hey everybody, Tom Woods here with what I think will be a short episode, at least by
0:40.2	my show's standards. I'm here at the Mezes Institute for the Mezes University week-long
0:46.0	program in Austrian economics, and I've really been absorbing the whole thing, and I've been
0:51.3	with my 14-year-old Regina through virtually all of the presentations.
0:56.1	So I had thought I would sneak away and record some episodes, but I decided I'd rather
1:00.6	absorb the program with her. So that's what I've been doing. And I thought maybe today I would
1:06.7	say a little something about Austrian economics and go into a little bit of detail about
1:11.4	some of the ideas that people may have heard but not really heard fleshed out all that well.
1:18.5	Now, I've talked about Austrian economics on the show before, so of course you all know,
1:22.5	obviously I'm not talking about the economy of Austria, which is of no interest to anyone
1:26.3	other than Austrians, but of course it's a school of no interest to anyone other than Austrians.
1:28.1	But, of course, it's a school of thought that just happened to have Austrians as its original
1:33.4	members dating back to 1871. So on the show notes page, which of course you know is tomwoods.com
1:40.7	slash 962, I will link to episodes in which we've given the background and basic ideas of the Austrian school.
	...

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