Friday, October 21, 2016

The Importance Of 
The Austrian School Economics
Free market economist Richard Ebeling discussion on the relevance of Austrian Economics for understanding economic policy issues & for appreciating the workings of the market economy, in general .. "For the Austrian Economists, one of the most essential attributes and characteristics of man is his creative and innovative intentionality, which is the source of all the transformative improvements in the human condition that supplies the standards of living that we so too frequently take for granted. The heart of the Austrian analysis of the market order is that it is the only social system that recognizes and secures the individual’s rights to his life, liberty, and property, and requires all human relationships to be based on voluntary exchange. The importance of this, as Austrian economists such as Ludwig von Mises and Friedrich A. Hayek have highlighted, is that is provides the institutional setting that facilitates the emergence of a market-based price system for economic calculation of profit and loss for the consumer-oriented guidance of production, and leaves individuals at liberty to use their own unique and distinctive knowledge in their own corner of the division of labor, so all may benefit from what some know that others do not. The fundamental flaws in all forms of socialism, interventionism and welfare statism is that they not only deny individuals the liberty to live their own lives as they choose, but undermine the free social order that enables people to effectively and successfully interact and coordinate their diverse actions and activities for the material and cultural betterment of all."

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