How does Austrian economics work?

The history of the "Austrian School" of economics is complicated, and usually not well understood either by its contemporary advocates or by its detractors. read more

It does not work in the sense of reducing economics to a social engineering (which seems to be a popular trend in the academia, for obvious reason). Austrian school does not advocate specific, to tweak with some variable X to achieve another variable Y. read more

The reunion of natural-rights theory and the Austrian School came in his philosophical work, The Ethics of Liberty, all while he was writing a series of scholarly economic pieces gathered in the two-volume Logic of Action, published in Edward Elgar's "Economists of the Century" series. read more

“Austrian economics,” in this sense, goes beyond standard-issue free market thinking in a number of ways. Most notably, it seeks to build a strong ethical case for strict libertarianism without admitting that this would lead to any practical problems whatsoever. read more