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.

The Austrian School of Economics: An Introduction is a general podcast hosted by Mises Institute, with 4 episodes on record and a Required Pod Score of 80.

Mises Institute hosts The Austrian School of Economics: An Introduction, a general show with 4 episodes published.

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• The Austrian School of Economics: An Introduction

  Austrian Economics

  Mar 11, 2005—S0

  <p>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.</p><p>Hayek opposed this expansionist policy of Keynes. Inflation misdirects labor and distorts prices. Halting inflation produces unemployment.  </p><p>Hayek would prefer to have a better term than equilibrium. It is over simplified.</p><p>(Anecdote: Hayek was almost deaf in his left ear. Marx was deaf in his right. Hayek suggests this says something about their politics.)</p><p>Friedrich A. Hayek explains Austrian Economics at the Department of Economics o...

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• The Austrian School of Economics: An Introduction

  The Austrian Approach to Competition

  Mar 11, 2005—S0

  <p>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.</p><p>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 se...

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• The Austrian School of Economics: An Introduction

  History of the Austrian School of Economics

  Mar 11, 2005—S0

  <p>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).</p><p>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.</p><p>...

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• The Austrian School of Economics: An Introduction

  History of the Austrian School of Economics: Question and Answer Session

  Mar 11, 2005—S0

  <p> </p><p>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.</p><p>What policies do Austrians pursue? Those that favor the market.</p><p>Is Milton Friedman an Austrian? Austrians agree with whatever Friedman says about the market, but not his methodology.</p><p>The Austrian policy for macroeconomics follows from knowing that interference in the market prevents some knowledge being revealed.</p><p>Hayek’s proposals for denationalizing money? L is still not sure how i...

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