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Episode 168: Why it is irrational to not even consider looking into Austrian Economics
In the science of economics, there are different schools of thought, they all give different answers to economic problems how is prosperity caused in a society, under conditions of scarcity.
Some schools will emphasize the role of government more than others, … Each school has a position on the relative importance of production versus consumptions to generate prosperity, .. also they have positions on how consumers behave (rational / contextual behavioural/ choosing means to satisfy ends, ….)
Now you can compare all the different positions of each school and then make up your mind what school to follow
But there is a more fundamental criterion if you want to figure out what schools are really relevant and which ones are less so, and that criterion is the methodology
Austrian Economics is different from all other schools in terms of methodology
Published on 8 months ago