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- Mar 11, 2005
Austrian Economics
A full-employment policy produces unemployment. Keynesian economics became the dominant theory wherein inflation was endorsed as a method of increasing aggregate demand which should boost employment.Hayek opposed this expansionist policy of Keynes. Inflation misdirects labor and distorts prices. Halting inflation produces unemployment. Hayek would prefer to have a better term than equilibrium. It is over simplified.(Anecdote: Hayek was almost deaf in his left ear. Marx was deaf in his right. Hayek suggests this says something about their politics.)Friedrich A. Hayek explains Austrian Economics at the Department of Economics of the University of Colorado on April 28th, 1975. Special thanks to Mr. Fred Glahe for his generous donation of this lecture audio to the Ludwig von Mises Institute.
- Mar 11, 2005
The Austrian Approach to Competition
The term Austrian will include people like Shumpeter and Morgenstern. Competition is seen as a state of affairs of perfect knowledge and equilibrium by mainstream economists. This fails to provide explanations as to how those market prices have been achieved.Austrians do not rely on the theory of perfect competition. Each individual reacts to the price which evolves from each of our actions. Austrians endorse Stigler’s concept of continuous upward notion from earlier rivalrous competition. Individuals are free to do the best they can in the market process. Market process is distinct from market equilibrium. Austrians see that at all times there are powerful forces to be discovered and taken advantage of – entrepreneurial profit opportunities. The market process is one of discovery. No outcome is ever known. One learns by experience.This lecture was given to the Department of Economics of the University of Colorado on March 6th, 1978. Special thanks to Mr. Fred Glahe for his generous donation of this lecture audio to the Ludwig von Mises Institute.
- Mar 11, 2005
History of the Austrian School of Economics
Biographical remarks about Lachmann (1906-1990). Then, Lachmann describes Austrian economics as being subjectivism (individual human action), a certain attitude to time (the future is unknowable), and a distrust of macroeconomic entities (they exist, but Austrians look at macro as mechanistic).Lachmann recommends Menger, Jevons and Walras De-homogenized by William Jaffe for comparisons of these three Austrians. Weiser formulated the principle of opportunity cost. Lachmann says that Bohm-Bawerk’s chief question was what is the origin and nature of the rate of interest. Bohm-Bawerk kept working on the theory of capital. Menger did not like his theory.Hayek called 1904-1914 the Golden Decade of the Austrian School. Mises in 1912 wrote his book on the theory of money and credit. In the 1920s a new generation came forward. Around Mises were Hayek, Haberler, and Fritz Machlup. Lachmann was a student and later colleague of Hayek at the London School of Economics. Hayek was most critical of Keynes’ thesis.Lachmann speaks of the years in the wilderness, during which only Mises’ Human Action was a bright light. Lachmann, speaking in 1977, thinks Austrians are reviving.This lecture was given to the Department of Economics of the University of Colorado on October 25th, 1977. Special thanks to Mr. Fred Glahe for his generous donation of this lecture audio to the Ludwig von Mises Institute.
- Mar 11, 2005
History of the Austrian School of Economics: Question and Answer Session
Was George Stigler sympathetic to the Austrian school? Lachmann doesn’t think so because Stigler was a favorite student of Knight. Austrians should have dealt with Keynes, instead they quarreled with Knight.What policies do Austrians pursue? Those that favor the market.Is Milton Friedman an Austrian? Austrians agree with whatever Friedman says about the market, but not his methodology.The Austrian policy for macroeconomics follows from knowing that interference in the market prevents some knowledge being revealed.Hayek’s proposals for denationalizing money? L is still not sure how it would work.Role of gold in monetary system? L says Mises was a great defender of gold standard. L says Austrians do not have in principle any problem with a fixed rate of money.Austrians think that it is wrong in a market economy to speak of any distribution of wealth. The market is a distribution of wealth.Austrian economics is simply not a natural science. It is not that that Austrians hate statistics, but they do not assume an unchanging world. Prediction is not possible with human subjectivity.What is the proper role of government? Classical liberalism says there must be some state – a framework, but it should be confined to protecting property and contract. There is the problem of democracy where the markets distribute in one way and voters distribute in another.Is Austrian methodology consistent with Popper’s Theory of Scientific Discovery? Yes. Predeterminism is not enough. There is the world of our objective mind which is accessible to us. It was Keynes’ view also.Democracy vs the market? Do you believe that all men are rational? The future is unknowable but not unimaginable. This question and answer session followed a lecture given to the Department of Economics of the University of Colorado on October 25th, 1977. Special thanks to Mr. Fred Glahe for his generous donation of this lecture audio to the Ludwig von Mises Institute.
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About The Austrian School of Economics: An Introduction
These four lectures were delivered to the Department of Economics at the University of Colorado in the 1970s, and feature Friedrich Hayek, Israel Kirzner and Ludwig Lachmann. Special thanks to Mr. Fred Glahe for his generous donation of these recordings to the Mises Institute.Download the complete audio of this event (ZIP) here.
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