Posts Tagged ‘Austrian economics’

Economic Threat LevelI see many articles in the news lately, especially with the US election, talking about the challenges facing Barack Obama’s second term in regards economic threats from abroad. But how is that possible?

This is only possible if one country having a better economy than yours is bad for your own economy. The best way to see the absurdity of this is to think in terms of your neighbor  or maybe a friend. Better yet, since it’s usually countries that we don’t like which are considered economic threats, think of that co-worker you can’t stand, or the guy you really don’t think should be marrying your daughter.

Ron PaulIt’s not often that you find someone in politics that has the character to do what’s right, and stand by what he believes regardless of the consequences to his career. It takes courage to stand up for what you believe in and never waver, even when you know that you can get ahead by going along with the majority.

In Orrin Woodward’s book ‘Resolved: 13 Resolutions for Life‘ he devotes a chapter to having character; Choosing character over reputation anytime they conflict. He gave a great example of a man who displayed character using Ludwig Von Mises, and how he promoted the Austrian theory of economics knowing it to be correct. He did this when everyone else around him was getting ahead and accepted by the establishment by saying what people wanted them to say. Ludwig Von Mises stood by his beliefs at great personal cost, because it was the right thing to do. That is character.


If you are new to the subject, this article will be for you. You will find no complicated formulas or theories here, just a few basic concepts. There will be some in depth explanations and examples through the embedded links for those who want to pursue the concepts further.

What is Economics?

Contrary to popular belief, you need no understanding of math to understand economics; logic and reason on the other hand can be of vital importance.

Economics is about choices. It is looking at the choices of what you or someone else does with your time and money. It also involves who is best to make these choices. It is about how people act and interact, which leads to how wealth is created and maintained. It is about incentives.