Austrian School of Economics

The Coronavirus Crisis Shines Light on the Debt Spiral

The coronavirus crisis has exposed once again the fragility of our debt-based economic system. There are alternatives to this artificial system of the last 70 years. There are ways that we can better incentivize saving, which will create not only more productivity but more robustness.

“Stimulating the economy”—the destructive standard remedy promoted by the statist economists

Should the State enhance the “aggregate demand” through stimulation? Followers of Hayek still have very good arguments against that proposal, but the politicians love Keynes . . .

How the French state eats up the well-being of its people

The billions spent by the European Central Bank are not going to save the labor markets of Italy and France. This is proven by figures from the everyday business world. 

The Entrepreneur’s Responsibility Is to Succeed as an Entrepreneur

From a “man of the church” one usually expects (besides friendly praise for the work of the entrepreneur) the admonition that entrepreneurs should not merely strive for profit, but always

Bank Regulation—More Harm than Good

For years there has been growth in the regulation of the financial market, especially of banks. The high regulatory burden is ill-suited for the complex nature of reality. In the end, it is the taxpayer who pays the bill.

“All Initial Fears about the Euro Have Come True” – Interview with Jörg Guido Hülsmann

An interview with the economist Jörg Guido Hülsmann in which he discusses the European monetary union, the state’s monopoly on money, and other economic and political matters

Elon Musk’s Reach for the Stars: Why Eccentric Entrepreneurs Also Benefit the Rest of Us

Elon Musk might rub some people the wrong way, but this eccentric entrepreneur has accomplished some things that many believed were unlikely or even impossible. And ultimately society has benefited.

On the Abuse of Monetary Policy

The euro has been a political project since its inception. That is why the independence of the European Central Bank was also in danger from the outset. In the end, it always came down to the alternative “Cambridge or Vienna” or, rather, “Keynes or Hayek.” The option for Keynes led to an increasing politicization of monetary policy in the European Monetary Union.

The Ethics of the Market Economy: A Critical Appraisal of Ludwig von Mises’ Utilitarian Interpretation (Academic paper)

Mises’ interpretation of market capitalism is flawed. In truth, Mises is best interpreted in a non-utilitarian way.

The True Meaning of ‘Social Justice’: A Catholic View of Hayek (Academic paper)

Hayek’s dismissal of the concept of “social justice” is well-known. While we can basically agree with Hayek’s critique, we should not entirely reject this concept. There exists a true meaning of social justice.

On Our Own Behalf: The Austrian Institute introduces itself

In 1949, Friedrich August von Hayek—one of the most important representatives of the Austrian School of Economics—said in an essay entitled “The Intellectuals and Socialism”: “What we lack is a liberal utopia…a truly liberal radicalism which does not spare the susceptibilities of the mighty…

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