Wednesday, August 7, 2013

Austrian Economics - A Primer

Courtesy of EcPoFi

By Dr Eamonn Butler

Austrian School economists gave us the ideas of marginal utility, opportunity cost, and the importance of time and ignorance in shaping human choices and the markets, prices and production systems that stem from them. 'Austrian' economics has revolutionized our understanding of what money is, why economic booms invariably turn to damaging busts, why government intervention in the economy is a mistake, the importance of time and information in economic decision-making, the crucial role of entrepreneurship, and how much economic policy is just plain wrong. Eamonn Butler explains these ideas in straightforward, non-technical language, making this Primer is the ideal introduction for anyone who wants to understand the key insights of the Austrian School and their relevance and importance to our economic situation today.

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