The Austrian School...

Welcome visitors from NRO and others. Unfortunately, as Brian stated this blog has just been started, and we are still trying to get up to speed. As Ramesh Ponnuru mentioned, one of the perspectives that we take at Catallarchy is the Austrian-school approach to economics. So I am going to make a couple of posts as a basic introduction to one aspect of the Austrian approach - the study of human action at its most basic level.

As some background, I think economics is very poorly taught in school and in college, and can be much more interesting as it applies not only to everyday life, but to politics as well. I think that economics should be able to answer basic questions like - Why are newspapers dispensed in large metal boxes that allows the buyer access to more than one newspaper but cans of soda are dispensed singly one at a time? (keep this question in mind for the future)

I used to wonder why although I did well in college and in my post-graduate studies, I could never really understand what the people on CNBC were saying. A few years ago, I started reading on my own, and discovered that the Austrian approach made much more sense than anything else I had heard before. Keep in mind that I have never taken an economics course in my life (other than in 8th grade) and I am still learning. I am very much a student. What I like about the Austrian approach is that it allows a person like me, with no formal education in economics, to grasp meaningful concepts and form my own opinions about policy matters. This approach is for the most part not taught in either high schools or colleges and is largely ignored by mainstream economists. Yet, from my own evaluation of its merits, it has a much higher potential to explain the truths of human civilization in comparison to other schools of economics.

More to come...

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