History of the Austrian School of Economics — Charles Horton

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TND Liberty Rising Radio

TND Exclusive:  By Charles Horton, with podcast production by Eric Dubin

Austrian Economics was the vision of Carl Menger, who assembled what he knew to be economic truths into a cohesive, nonconflicting theory.  As time wore on, the truth became evident to others who were engaged in the study of economics, and piece by piece economists like Bohm-Bawerk, Fetter, Mises, Hayek, and Rothbard supplied additional material to the Austrian Economics platform, always in perfect synchronization with original concepts.

In this sense Austrian Economics is a cumulation of 500 years of economic thinking — not all of the thinking during that time, just the correct, reasoned, logical thinking that did not conflict.  In this speech, I tried to show this accumulated wisdom, how it grew, and why it is important to know today.

Covering 500 years of economic thought means some important portions had to be covered superficially and others not covered at all. I tried to include those portions of Austrian Economics which I have found to be most useful in explaining the failures of Marx, Keynes and most modern economists who are pre-occupied with mathematical models than attempt to do the impossible —  that is, to attempt to predict the outcome of 7 billion individuals each acting on unique subjective wants and needs.

If you would like to read works by Austrian economists, I highly recommend the following books:

• Economics in One Lesson, by Henry Hazlitt;  click here for information and free PDF available from the Mises.org website
• The Law, by Frederick Bastiat;  click here for information and free PDF available from the Mises.org website
• Bastiat Collection, by Frederick Bastiat;  click here for information and free PDF available from the Mises.org website
• Socialism, by Ludwig von Mises;  click here for description or right click and save as here for a free PDF available from the Mises.org website
• Economic Calculation In The Socialist Commonwealth, by Ludwig von Mises (Right click and save as here for free PDF available from the Mises.org website)
• The Ethics of Liberty, by Murray Rothbard;  click here
• America’s Great Depression, by Murray Rothbard;  click here
• Anatomy of the State, by Murray Rothbard;  click here
• The Case Against the Fed, by Murray Rothbard;  click here
• Man, Economy & State – with Power and Market, by Murray Rothbard;  click here
• What Has Government Done to Our Money, by Murray Rothbard;  click here
• The Free Market Reader, by Llewellyn H. Rockwell;  click here
• End The Fed, By Dr. Ron Paul; click here
• Choice in Currency, by F.A. Hayek;  click here
• Great Austrian Economists, by Randall G. Holcombe;  click here

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Charles (Chuck) Horton is a semi-retired entrepreneur, liberty activist and co-host of Double Crossed Radio on UCY.TV/XX airing every Thursday evening 7 p.m. to 8 p.m. PST – 10 p.m. to 11 p.m. EST. He owned and operated a retail jewelry business for 21 years in Medford, Oregon, where he learned economics the hard way.  He can be contacted through his Facebook page by clicking here.

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