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Economics professor Peter Boettke discusses the origins of Austrian economics, focusing on marginalism, individual decision-making, subjective value, and the limitations of relying on objective facts. He contrasts the Austrian perspective with Keynesian principles, central banking strategies, and the importance of recognizing individual choices in shaping economic outcomes.
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- Austrian economics emphasizes marginal utility and subjective value, challenging classical views.
- Methodological individualism highlights the importance of individual decision-making in economic analysis.
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Origins of the Austrian School of Economics
The Austrian School of Economics emerged in the late 19th century, named not by its members, but by critics. The founder, Carl Menger, emphasized understanding prices and market movements driven by human behavior, contrasting the Ricardian tradition by focusing on human perceptions. The German historical school, in opposition, stressed cultural factors over universal laws of economics, leading to a methodological clash between Austrian deductivist and German inductive approaches.
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