Schools of Thought in Classical Liberalism, Part 4: The Austrian School

What is the "Austrian School" of economics? When people refer to the Austrians, they are usually referring to the ideas of Friedrich Hayek and Ludwig von Mises. In this video, Professor Nigel Ashford outlines the basic beliefs of these two prominent economists. While the two agree that government should be limited, they also disagree on many points.

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[dawgg981]

I agree, I was merely showing that Mises was not an anarchist: that the State is the only institution "entitled" to use coercion, not that it should apply it against non-violent citizens as it does today. In fact straight after that he says:

"This tremendous power cannot be abandoned to the discretion of some men, however competent and clever they may deem themselves. It is necessary to restrict its application. This is the task of the laws." -Ludwig Von Mises (Bureaucracy, pg. 76)

[sceva13]

Go buy "The Road to Serfdom" by Hayek right now and read it.

[Robert O]

That disability access law fiasco is a disgrace

[Ron Paul]

Great videos man

[MrBipBipp]

I loved the way he said "I think rap is crap" xD

[Dominic Pollere]

I love these videos, but disagree that Hayek and Mises truly had different perspectives. I think they were just making the same argument, but to different people in different time periods.

[PrivateAckbar]

This is a misrepresentation of the difference between Hayek and Mises. Mises' deductive reasoning is economic science. if you really want to get to the bottom of Hayek I think the book to read is his Constitution of liberty. Plenty of statist rubbish in that.

[VTaylo]

Hayek > Mises

[billcosby6000]

Can anyone find exactly where the ADA makes an exemption for congress? Would it be under historical buildings?

[KnowledgeableBucket]

"This statement is true"...love axioms :)

[thermalCat]

belly laugh at 3:40. Great example of subjective value.

[Ken Pruitt]

He meant that the government should protect people against violent coercion. He wouldn't ever support any sort of government role in healthcare.