Mises and Austrian Economics: A Personal View

[RKAddict101]

@zombiefitnezz Inflation really is a tax on anyone who doesn't get the money first (hence the term "inflation tax"). Generally, prices go up before wages, so the poor, who generally spend their money on necessities, are forced to spend more and more as prices go up before their wage responds. You don't understand what inflation is and you're trying to correct someone about economics?

[daobagua]

@zombiefitnezz And what do you think inflation is?

[clownporn1]

Ludwig von Mises was a facist, XD irony lmao

[daobagua]

@clownporn1 Why do you say Mises was a facist?

[jbrack]

@clownporn1 FAIL!

[phroto13]

@zombiefitnezz well if a poor worker is paid 2 dollars a day and they can pay for their food and rent with those two dollars and stash 10 cents away for a rainy day, but inflation is 5%, then unbenounced to this worker what he once expected he could buy with his savings, he can no longer afford. this is the hidden tax that is inflation...

[iluminatr462]

@zombiefitnezz exactly. inflation hurts the people with negative net worth. right. these are the fantasies of market mystics. but what do you expect? they can't just come out and say how rich people are a higher race and we should all be concerned with serving and protecting them. no one would listen. so they couch their rhetoric with feigned concern for the poor.

[charronfamilyconnect]

No doubt Austrian economics looks very good on paper I agree.Unfortunately, the world is not flat but is 3 dimensional. Theories on paper dont always translate into real life practical uses.the human family shouldnt be fighting over who gets the bigger piece of the cake like brothers and sisters do regularly.If we could all produce together like they did back on the old family farm days but only use new technology we could have so much more abundance and no one would fight over scarcity anymore.

[coturnix19]

@charronfamilyconnect It would be possble if we all could fuck each other together, like bonobos, thus replacing naturally existing feelings of greed with sharing. But i think even giants like lemmy from motorhead can only fuck so much (fbout several thousend in his life) women, not to mention that not everyone is bicurious.

[charronfamilyconnect]

The community would decide what was worthy of pursuing based on the majority not based on some dictator or central control figure or some wealthy person holding more shiny metal than the average joe. Why should money decide what gets done. Its only a tool not a master. Isn't money suppose to be a substitute for barter that serves us not something that we have to serve and worship? That is where humanity has yet to evolve. Persuance of $ at all costs is why we continually have strife and wars!

[charronfamilyconnect]

Why do we even need to go so far as tieing money to a scarcity such as gold? What if we changed money into a representation of labour and time. For ex. We have projects in the community to build better bridges,roads, trains, etc.. We decide what needs to be done and agree on a price and we issue money to the people that produce these goods representing their time/labour resulting in abundance and inflation is not an issue. Abundance is wealth not scarcity!

[europa]

@charronfamilyconnect

Because you give a monopoly to the ones who decide who and what deems worthy, and life is more than bridges and roads, what about Apple I phones...?

Free markets are based on Private property rights and if the money supply is scarce and retains its value you have steady prices and a stable economy based on entrepreneurs and their innovation in technology raising the standard of living.

Than with stable money you pay what you feel the price is worth, money is just a tool

[charronfamilyconnect]

@europa Who said anything about a monopoly? I was advocating community money for community projects to improve infrusture for example. The system you advocate would lead to concentration of wealth into fewer hands, and this few would decide where resources would be allocated based on soley profit motive and greed and selfish endeavours. The majority that dont have enough shiny metal would be at their mercy. this would drive labour costs down no doubt which would be a slavery/feudalism system.

[europa]

@charronfamilyconnect

Community= power structure when dealing with resources, what will be money? who should determine the value for these labors, you give a monopoly to currency when you give power to manipulate it nothing is perfect but when someone makes a profit they giving a good or service to better you life, or why else would you purchase their good or service continually? When you buy something you are voting if its a good use of resources or not, if not the business will fail

[europa]

@charronfamilyconnect

Those who dont have shinny metals get employed by the ones who do, with low to no taxes and saving your shiny metals you start your own profit machine or just save resource based on stable currency protected from inflation and manipulation, besides supply and demand

Prices are determined by supply and demand even wage prices, prices are relative to how much you make and how much your money is worth, if wages go down and prices fall with them why would smaller wages mater

[wellingtonian]

Ron Paul is my President! c'mon 2012 time for some more change.

[TheJoeDuBois]

I wish I knew enough to support Ron Paul in the last election.

[fairman1952]

Ron is awe$om.

[frankiegmh]

Hopefully enough people will begin to discuss the Austrian School and it will become more main stream so it will be taught in school. I took Micro and Macro at a Junior college anout a year and a half ago and I asked if we would be discussing it in class and the instructor just said we wouldnt have time to get to it. This just before or at the beging in of the down turn and wanted to talk about the business cycle.

[cobracarg]

@frankiegmh schools do teach Austrian economics... George Manson University... Loyola Univeristy

[frankiegmh]

@cobracarg I am sure there are some schools who teach it, I should have been more clear with what I was saying. I don't think that Colleges and Universities Teach it enough. If you have taken Micro and Marco in a College level credit course you should have atleast heard it mentioned. I am sure there are many colleges who do teach about austrian economics but I would guess more schools do not teach than there are school that do.

[kanechi100]

I saw another vid slaming AE but had ratings and comments disabled. This is typical of stuff coming from the AP and media outlets spreading propaganda.

[hoodoo961]

Dead right. No one could put it better.

[jhammer74]

Much like the realization that recessions are the necessary corrective consequences of the boom period, we must look at the destruction of the money as a market adjustment.

If all the dollars disappear, then those who have invested heavily in these dollars are going to lose a lot. Most of the wealth in this country is not on paper, it is in the real capital that exists in our society.

A dollar collapse would be tragic, but it cannot destroy wealth, because money is only symbolic.

[wiggledytoes]

Can some one sum the video up for me please

[rblevdawg]

Government intervention leads to loss of freedom and the deterioration of the collective human condition. Any more questions?

[DickeyRogers]

but you can't beat a government by force these days. its not like the american revolution.

[wiggledytoes]

Just one, what are we going to do about it

[rblevdawg]

Excellent. That is THE question, you win!!!

It is my hope that we are doing it by educating ourselves and spreading ideas that may be new to some people.

[wiggledytoes]

Ok keep up the good work, i shall divert youtube traffic this way.

[dandan8787]

If anyone knows where I can find some good material about Austrian Economics please link it to me, I'm having a hard time finding any, and I'd very much like to understand all the lingo that's being used and I'd like to get some more meat on my bones concerning economics.

peace out!

[mondi77]

I was in a similar position to yours a year ago..this is what worked for me..

1 - Read Basic Economics by Thomas Sowell to get a grounding in economics with a very practical perspective. However, it lacks any substantial monetary policy discussion.

2 - Goto the Mises Institute and read papers there..my recommendations would be

a) What has govenment done to our money (Murray Rothbard)

b) case of the 100% gold dollar (rothbard again).

Good Luck and happy learning!

[dandan8787]

Alright man, Thanks alot:)

Be well!

[jhammer74]

A gold dollar is still funamentally flawed. The theory, that money must be real capital or title to real capital is sound. However, setting any standard at all is detrimental to the market.

Creating a gold standard would be better, but abolishing the standards and requiring capital backing for any "money" is all that is truly necessary.

[Wraith23]

mises . org

They have tons of books in pdf and they are all FREE

[AFRIKTODAY]

It will takes a little while to get used to real economics, austrian. You will have to be dedicated and give yourself time. I used to spend 6 hrs a day trying to unveil real economics and I started by even studying Keynesianism. I will advise you to read Henry Hazlitt economics in one lesson, Libertarian philosophy and Frederic Bastiat are a good starts. 16 great austrians is a good start and the mises institute is valuable.

[11111011]

@AFRIKTODAY

Hazlitt's book is indeed a great read.

[JohnGaltSpeaking1981]

Austrian Vs. Keyensian ---- I'll take the Austrian School of Economics any day of the week. Mises, Hazlitt and many more like them have offered the alternative approach that defends the free market.

[BachGuitar3]

God Bless these great Minds.

Ron Paul

Ludwig Von Mises

[zsylvana]

Paul Samuelson (2009)"A few remembrances of Friedrich von Hayek Journal of Economic Behavior & Organization "The Hayek I met on various occasions University of Chicago,Stockholm,Lake Constance Lindau Nobel summer conferences definitely bemoaned progressive income taxation,state-provided medical care and retirement pensions,fiat currencies remote from gold and subject to discretionary policy decisions by central bank and treasury agents.Not only is this what constitutes his predicted serfdoms"

[jburke8491]

RP is my hero.

[000stryke3000]

☆☆☆☆☆

Awesome!

[nataher123]

Is there anywhere in North America that teaches austrian economics?

[JessicaBelle81]

Ludwig Von Mises Institute in Auburn Alabama

[tpsu129]

George Mason University

[mikeyooh7]

at most universities you will find professors that tend to stay away from a particular theory or school of thought. You may be taught some important ideas of Keynesianism and Monetarism but for the most part you will learn about what monetary fiscal policy does and how it can be measured. Unless you take a theory class its very unlikely you will be taught one school of thought.

[jlailman]

Maybe if the USA would elect more educated economists and less dirty rotten lying lawyers whose profession is that of selling out to the highest bidder, we wouldnt be in the financial pickle we find ourselves in today.

[hotrodguitar1]

While some of the adjectives you used may be appropriate, I don't think George Bush was a lawyer.

[jlailman]

I was referring to Congress in general, not Bush specifically.

[Carlitos1010]

LIBERTY!

[brendanmcooney]

i found this video to be full of ideological assertions and to have very little theoretical content which is disappointing as I would like to know more about the "subjective theory of value", the theory of money, the business cycle, etc. that paul waxes on about but never explains. Perhaps this is meant as more of a "feel good" piece and not a theoretical explication of concepts. (sorry if this posts 2xs but i can't seem to see my original comment anywhere here.)

[GiveItOrLoseIt]

you can't really PROVE Austrian economics. BUT some of the most Biggest economist who were keynesian like milton friedman did change his views to that of ron pauls.

[stealthswimmer]

WEll Friedman switched to monetarist theory more but he definitely did favor the Austrian views in many regards, especially like being in favor of free markets and keeping government limited. He was in favor of central banking to determine money supply but everything else to be free market. Austrian economics holds that even what is to be used as money should be determined in the market...and that is of course the view I agree with. Still, Friedman was a very important contributor to economics

[SSSLLLAAYYEEERRRR]

There is a lot of writing from more educated(Paul is a medical not academic doctor) historians/economist/political philosophers etc who have written very complex books on the subject of free markets, commodity money, marginal utility(subjective theory of value) and even market anarchy. This is not the piece to read. It is definitely a puff piece to commemorate Mises.

[captaindiesalot]

I am just reading your comment regarding Mises...I just want to say that the last time things were falling apart this way, Von Mises had first predicted it, and second attempted to warn the people around him...

The Great Depression can happen again, and we are in danger of it occurring with this new Administration.

To think otherwise is to be arrogant.

If Ludwig Von Mises were alive today, his warnings would be as loud as they were in the 1920's, and ignored.

George Satayana was right.

[SSSLLLAAYYEEERRRR]

I know. In 1929 Ludwig von Mises refused a prominent position at the Kreditanstalt Bank warning that their was a disaster coming. My point was that this book does not delve into anything close to an academic examination of Mises and the Austrian School. What it does do is present one person's experiences and opinion about Mises and they just happen to be glowing. Just because Mises was right does not mean that Paul fawning over Mises counts as anything more than ass kissing.

[ngonea]

captaindiesalot -it'sworse that a great depression, it;s a Global Monetary breakdown Crisis, world wide collaspe.which I belieive is planned by the 6 central banks. the want fuedualism again!

[captaindiesalot]

ngones:

You may be right. This seems to be collective suicide, which the world goes through every so often.

[DemocrataLiberal]

Very nice, we need more imput. thanks

[DemocrataLiberal]

Very nice, we need more imput. thanks

[GreetingsEarthPeople]

I got rich by hard work.Other peoples of course.Invest in china lots of cheap labour to buy,they are obedient and you pay them peanuts.

[shanklinmike]

That is the thought process of most of our politicians and government oligopolizers! There is a reason China's government wanted to build big government! Because they knew it would enslave them! You think you can build up big economic government and keep civil liberties? They are not separated, the are positively correlated! China's people got poor because of oligopolization and government monopolies....can you really not see the government as the main system towards serfdom?

[horlacsd]

lol

''things wouldn't be as bad if they knew they were demagogues...''

[nibelungensohn]

"...because the political pressures to continue the tremendous deficits are so strong in Washington, and inevitably, the dollar will be destroyed."

you heard what Ron Paul said? Wake up, people.

[kidrosey]

I have a pdf of the entire "For a New Liberty: The Libertarian Manifesto" by Murray N. Rothbard. GREAT book!! Recommended reading for Libertarians as well as those wanting to look deeper into Austrian Economics!

[Harpakhrad11]

Except for Paul's belief in metaphysical none sense, this is Great stuff!

[filmzo]

This is technically spam but it shouldn't be labelled as such because it's relevant

[VoteYourConsience]

oh I almost forgot about this comment lolol. this was when I first uploaded the kristol video.

anyways I listened to this audio book and it was good inroductory to Mises. I really need to do more Austrian economics reading. busy with college. Lew Rockwell is doing a marvelous job. keep it up free marketeers.

[CdnNix]

Amazing!

Ron Paul is now my political idol and I'm ecstatic about learning more about the Austrian School of Economics.

[Elhan2005]

Nowhere better to start than Mises dot org.

[psikeyhackr]

It's 38 years after the moon landing. We are free to buy cars designed to become obsolete and economists are FREE to not talk about the DEPRECIATION of that garbage.

The politicians talk about education but they don't suggest mandatory accounting in the schools, do they?

Cars wear out because of physics but physics doesn't care if we don't do our math correctly.

discussions. pbs. org/viewtopic. pbs?t=28529

[joslin01]

@CdnNix Same here. I've been into the Austrian School of Economics for a small amount of time, and when I hear Ron Paul speak, it only ignites the fire stronger. I will run a political life when I get older, but first I, we, need to educate ourselves so that we may be the beacons of light when the waters get colder and the night darker.

[europa]

@CdnNix yeah I found Ron Paul in 2007-2008 I voted for him as President you will love Tom woods meltdown watch?v=541bajR4k8g Ludwig von mises F.A. Hayek Nobel prize winner Murray Rothbard Peter Schiff was right watch?v=2I0QN-FYkpw RON PAUL 2012

[bluedonkeyman]

great video

[CE174269]

Ron Paul is in a class of his own.

[Aryaba]

@CE174269 Hell, he isn't even in the same school, let alone class. :-)

[FredFredrik]

Ron Paul is unreal, that's all I can say!

I hope America wakes up......NOW!!

[mynamewastakentoo]

You'd think the Good Dr had just written this in 2007.

[sanarkhos]

PS: There is a PDF available, but it's better to buy a hard copy so Ron can sign it ;)

[CPman72]

There is also an mp3 version available on mises-dot-org's media page

[sanarkhos]

Holy crap, is this an official Mises Institute channel? I love it regardless!

[SEMPNMT]

Wow! Give the Man some time and....He is the ONLY choice in this day and age. I always knew he had the views and beliefs of the Founding Fathers. But to hear this makes me feel like we have a Founder among us. The wisdom in this language...Wow!

P.S. How can such a Man be relegated to 30 second sound bites?

[ufamizm]

How can ANYONE listen to this and not see plainly that Ron Paul is easily the most qualified candidate for the Presidency EVER?

[jwbjerk]

Wow. Ron Paul can write like a scholar on Economics. Does anyone still care about the other candidate's sound-bites?

[va1ha11a]

interesting stuff. thanks. have to find an hour time to listen to it soon!

[vonPeterhof]

What strikes me in the countries where I reside, Russia and the UK, (and I doubt that the situation in the US is very different) is just how many economists are convinced that the Austrian School is dead. If Ron Paul succeeds in convincing a substantial number of people that the rumours of the AS's death are greatly exaggerated then his presidential campaign will not have been in vain. And I certainly want him to succeed. Too bad I cannot become a US citizen before the primaries start...

[Elhan2005]

Yes. Praxeology is making a return in Europe as well though.

[Macno76]

Yeah! I`m from Germany and I want to be governed by Ron Paul too!

[mynamewastakentoo]

The death of the Austrian School has been greatly exagerated. Via Karen De Coster:

Social-Democrat Keynesian Brad DeLong has this to say:

delong.typepad com/sdj/2007/10/james-scott-an­d.html

"Heaven knows that I am no Austrian--I am a liberal Keynesian and a social democrat--but within economics even liberal Keynesian social democrats acknowledge that the Austrians won victory in their intellectual debate with the central planners long ago."

[Elhan2005]

The Keynesians have also long been thrashed by the Austrians, but they are far more inventive than Marxists and the like.

[mynamewastakentoo]

The magical ability to write blank checks does have that inventive effect. :-)

[1tinsoldier]

that was enjoyable if not completely encouraging. thank you.

[palmer045]

As a student of applied economics at Cornell with a passion for advocacy of the free-market, Ron Paul and his movement give me hope for a more free and prosperous America. But of course where would we capitalist humanitarians be without the great Mises, Friedman, and Hayek...Great Video!

[Shadyhunter04]

Sweet.