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Posts Tagged: “human action“
The Distinctive Principles of Austrian Economics
When analyzing the errors of policymakers, politicians, and pundits, it’s useful to trace their misunderstandings to the source– debunked and fallacious economic theories, such as Keynesianism and Protectionism. The antidote to these mistakes is sound theory– such as that espoused by the Austrian School of Economics– that correctly understands money, entrepreneurship, and the nature of […]
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Why Prices Don’t Measure Value
In a perpetually inflationary economy, politicians and policymakers love to spread fallacies related to market prices. Whether they’re blaming business for inflation or downplaying the costs of tariffs, they frequently rely on the false premise that prices are somehow “measurements of value.” The following article was originally published by the Mises Institute. The opinions expressed […]
Central Banks Are Messing With Your Mind – Literally
In the March 8 episode of the SchiffGold Friday Gold Wrap podcast, Mike Maharrey emphasized the importance of understanding sound economic theory. And as economist Frank Shostak explained, facts and figures aren’t enough to digest what’s going on in the economy. In order to really make sense of the data one must have a theory, […]
Economics Needs the Context of Sound Theory: Facts and Figures Aren’t Enough
Context is key. During last week’s Friday Gold Wrap podcast, Mike Maharrey emphasized the importance of understanding sound economic theory. Without a firm grasp of basic economic principles, it becomes impossible to properly evaluate any observations you make and to properly interpret economic data. As economist Frank Shostak put it in a recent article published […]