Saturday, September 13, 2008

Seminar on Austrian economics

Foundation for Economic Education has put up podcasts of its seminar on Austrian Economics. Sri Lankans might find the two podcasts on monetary equilibrium and costs of inflation interesting. You'd need some background in economics and at least some familiarity with the Austrian school to fully appreciate it. The cost of inflation lecture might still be useful for anyone given the current circumstances.

Austrian theory is certainly not mainstream econ, but it has informed the mainstream throughout the last century. Austrian monetary theory in particular, is probably more valid here, in developing countries where central banks truly do suck, like the Austrians like to think.

Non-economists, especially those not trained in the neoclassical mainstream would probably find Austrian econ easier to appreciate and understand. There's no hunt for the elusive equilibrium, there's no emphasis demand curves (austrians think it's more like a demand fog than a curve), no assumptions about perfect competition. It's logical and commonsensical, until your probably get a sense where the austrians are taking it. I wouldn't do away the Friedmanites just yet, but If you want to give it a go, have excellent resources on the subject. 

For daily doses of Austrian econ, both the Mises blog and even more so the Austrianeconomists blogs are highly recommended.  


No comments: