https://www.youtube.com/watch?v=SLfnpwHu4Hw#t=14
Pete Boettke’s entry on “Austrian Economics” at the Concise Encyclopedia of Economics, also offered 10 propositions that define Austrian economics:
- Only individuals choose.
- The study of the market order is fundamentally about exchange behaviour and the institutions within which exchanges take place.
- The “facts” of the social sciences are what people believe and think.
- Utility and costs are subjective.
- The price system economizes on the information that people need to process in making their decisions.
- Private property in the means of production is a necessary condition for rational economic calculation.
- The competitive market is a process of entrepreneurial discovery.
- Money is non-natural.
- The capital structure consists of heterogeneous goods that have multispecific uses that must be aligned.
- Social institutions often are the result of human action, but not of human design.
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