Ep 173: Building an Audience of SUPERFANS (with Tom Woods)
Work Less, Earn More
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The Principles of Austrian Economics
Austrian economics begins with the observation that human beings act, which simply means they have goals. It boils down to this: When you have an economy where people are just free to buy and sell things on whatever terms they choose as long as there's no force or fraud involved, then this gives rise to prices of goods. The price system tells people what's most urgently needed. And if they make too much of something, the price falls to a point where they can't make a profit. So they stop doing it. Price goes back up a little bit. People want to make profits. They create more of that thing. And the abundance of that good pushes the price back down. This
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