Discover and read the best of Twitter Threads about #AustrianEconomics

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On the #bitcoin standard: Pt 1

- 21 million bitcoins.
There's no economic relevance of the number "21 million".

This is because money supply is an irrelevant metric as long as the monetary medium is infinitely divisible. What really counts is its purchasing power.
If your economics textbook says otherwise, you should burn it at the stake or give "mai suya".

- When Keynesian economists ask how the world would have gotten past the great depression, they fail to accept the fact that not all years are gonna look alike and charts are not ...
going to be green on all days. There willl be "market corrections" and new "suppprt lines" but such retracement is only a charge for a new all time high.

The Austrian school explains that the lower price levels was because of the economic boom but with a fixed supply of money.
Read 14 tweets
Today, we're remembering our friend, economics editor, and a true champion of liberalism, Steve Horwitz, who passed away this weekend.

This thread will gather tributes as well as highlights of Steve's work with us.
"Steve was a teacher, a father, a husband, a communicator, a mentor, a Rush fan, a scholar, a writer, a pontificator, and much more."

Thoughts from @TCBurrus:…
"The issues are too important and the opportunity is too great to let the weight of our historical concerns about the term “social justice” stop us from doing the work that needs to be done." - Steve Horwitz…
Read 25 tweets
Let's clear up some misconceptions about #AustrianEconomics. If people want to dismiss this school of thought, which many seem inclined to do for political (not theoretical) reasons, at least they should do so based on facts and knowledge, not on falsehoods. Here are corrections:
"Austrian economics is not empirical."
Empirical studies ("history") are important in AE and have larger scope than in mainstream economics. Mises worked with applied research in the Vienna Chamber of Commerce and founded the Austrian Institute for Business Cycle Research,
for which he appointed Hayek as the first director. This is where Hayek did much of the business cycle research that later won him the Nobel Prize. What critics fail to understand is Austrians' narrower definition of theory, which is not a collection of hypotheses but true,
Read 25 tweets
Last week on episode 85 of the #E4Epod with @PerBylund, we urged entrepreneurs to consider the insights of the Austrian school of economics versus those of Business School. Here are some of the #austrianschool vs. #businessschool highlights: Austrian School vs. Business School - Comparative Considerat
The Austrian school of #economics helps #entrepreneurs understand how #markets really work, enabling them to think better about running their businesses. B-schools train managers for management positions and tasks in large corporations.
Austrian school thinking and analysis is original, deduced via rigorous cause-and-effect realism. Business schools borrowed from other disciplines in the university, like sociology, psychology, and economics.
Read 10 tweets
Quotes from "What has government done to our money?" by Murray N. #Rothbard #Thread #AustrianEconomics
1. (...) man discovered, in the process of trial and error, the route that permits a greatly-expanding economy: indirect exchange.
2. If one good is more marketable than another—if everyone is confident that it will be more readily sold—then it will come into greater demand because it will be used as a medium of exchange.
Read 32 tweets
My 116 favorite quotes from Money: Sound and Unsound, by Joseph.T. Salerno (2015)
@jtsale @mises #AustrianEconomics #SoundMoney
1. “The idea of sound #money was present from the very beginning of modern monetary theory in the works of the 16th-century Spanish #Scholastics who argued against debasement of the coinage by the king on ethical and economic grounds”
2. “It was #Fisher and not #Keynes who was the true founder of modern macroeconomics with its aggregative reasoning and its central notion of politically managed fiat money”
Read 118 tweets

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