The Division of Labor and Society | Jörg Guido Hülsmann

Presented by Jörg Guido Hülsmann at the 2009 Mises University. Recorded 27 July 2009 at the Ludwig von Mises Institute; Auburn, Alabama.

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[AFRIKTODAY]

great

[DarthKazi]

It's reasonable that if enough people are exposed to Austrian Economics, it will grow and more universities and even high schools would begin to embrace the basic ideas.

The math is always what turns off students to economics and they actually associate the two. Obviously the Austrian view is non-mathematical, so not only is REAL economics (basic human action endeavoring in exchange for livelihood and comfort) non-mathematical, it's therefore more appealing.

[Nintendomanwill]

I know this comments page should be relegated for economics, but I can't resist pointing out that in British English Z is pronounced Zed, I used to flinch hearing people refer to 'zee' on American television programmes!

Like Sesame Street...maybe they altered the pronunciation of 'z' for a localised British alphabet song or something!

[Nintendomanwill]

Another way of putting it is that mathematics, apart from axiomatic mathematical equations and graphs to represent phenomena, can only be positively used when they refer to cardinal values and cardinal values only occur with the collusion of ordinal values in contractual exchange in forming a PRICE, thus Macro economics in that it is aggregative should ignore the use of data which in the case of Friedman and Keynes has led to false, positivist conclusions in the past.

[constablekohler]

England, Australia are two that pronounce z as zed

[thomaserossi]

Math is useful in microeconomics because the values are controlled and known (as pricing mechanisms etc). But in macro economics they're pretty much useless. Macro economics must deal with non-prices. A non-price cannot produce sound mathematics. Wheat = apples?  Only price will determine this. What about barter? And so on.

Mathematics isn't a turn off, it's the teachers and professor that turn math into the most hated subject required.

[pro404]

Excellent stuff, i laughed when he pronounced the letter z 'zed'.

i think that it is interesting that when i learned this at 'normal college', they conveniently left out the importance of savings in promoting long-term production.

[capitalist4life]

I wish they would teach this at normal college. If I want this knowledge, I have to watch youtube or go to Auburn, AL