The "What is Money?" Show

Economic Science and the Austrian Method with Knut Svanholm (WiM390)

Nov 10, 2023

Author and former tall ship sailor Knut Svanholm joins the show to discuss the book 'Economic Science and the Austrian Method.' They explore topics such as the axiom of action, rationalism vs empiricism, and the relevance of empiricism in determining truth. They also delve into the concepts of value, money, and economic theory vs economic history.

01:12:32

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Episode guests

Knut Svanholm

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Quick takeaways

The axiom of action is the foundation for all economic theorems and understanding of human behavior.

Empiricism's claim to be the primary source of knowledge is self-defeating and lacks justification.

Observational data and theoretical frameworks complement each other, challenging the idea that empiricism alone is the sole source of knowledge.

Deep dives

Action is super substantive to all other categories

The axiom of action serves as the foundation for values, ends, means, choice, preference, cost, profit and loss, as well as time and causality. These categories are derived from our understanding and observation of human action, making the axiom of action irrefutable and forming the basis for all economic theorems.

Introduction

4min

Austrian Economics and the Philosophy of Methodology

16min

Misconceptions about Austrian Economics and Introduction of Sponsors

4min

Action as the Bridge between Subjective and Objective

19min

The Concept of Money

6min

The Concept of Value and Action

6min

Action as the Axiom in Economics

4min

The Relevance of Empiricism in the Theory of Truth

13min

Knut Svanholm joins me to explore the excellent book "Economic Science and the Austrian Method" by Hans-Hermann Hoppe. In this episode, we discuss why the axiom of action is irrefutable, and rationalism vs empiricism.

Knut Svanholm is an author, former tall ship sailor, singer, and crew manager at an offshore shipping company. He is the co-host of the Freedom Footprint Show.

// GUEST //
Twitter: https://twitter.com/knutsvanholm
Website: https://www.knutsvanholm.com/
Audiobook: https://youtube.com/playlist?list=PL4FDF8CB0C43583F1&si=QbCmM_QaNimakuYH

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// OUTLINE //
00:00:00 - Coming up
00:00:24 - Intro
00:01:57 - Helping Lightning Startups with In Wolf's Clothing
00:02:43 - Introduction to the Book
00:05:16 - Economic Theory vs. Economic History
00:08:57 - Theory and Logical Deduction
00:12:01 - Testing of Economic Propositions
00:15:03 - Empiricism and Absolute Truth
00:18:18 - Why Austrian Economics Don't Need Empirical Testing
00:20:07 - Run Your Business from Anywhere with NetSuite
00:21:12 - Secure Your Bitcoin Stash with the iCoin Hardware Wallet
00:22:09 - Action Bridges Subjective and the Objective
00:25:36 - The Domain of Transjectivity and Relevance
00:29:28 - Causality is a Category of Action
00:31:25 - The Axiom of Action
00:35:50 - Choosing a Primary Course of Action
00:37:58 - Profits of Consensual and Voluntary Exchange
00:42:18 - Action Based on Priority and Ordinal Value
00:44:16 - Money and Price
00:47:56 - Valuation, Price Prediction and Marginalism
00:50:30 - Enhance Your Brain Power with Mind Lab Pro
00:51:36 - Take Control of Your Healthcare with CrowdHealth
00:52:38 - A Bitcoin Wallet with Privacy Built-In: Wasabi Wallet
00:53:30 - Why Axiom of Action is Irrefutable
00:59:37 - Empirical Proposition vs. Analytical Knowledge
01:04:45 - The Sun and the Earth Example
01:08:46 - Self-contradiction of Empiricism
01:11:43 - Where to Find Knut on the Internet