TIP OF THE WEEK - There ain't no thing such as a free lunch. My tip will still cost you a small amount of time.

There ain’t no thing such as a free lunch.  My tip will still cost you a small amount of time.

Jason Brizic

November 4^th, 2011

The Austrian school of economics offers a unified theory of economics.  You probably learned in high school or college the concept of “micro” and “macro” economics.  I’m here to tell you that there is no “micro” and “macro” economics.  There is only one economics based on various economic laws that can’t be overcome by politicians or central banks actions.  The price system, supply and demand, and marginal utility are few examples of economic laws that can be escaped.  There ain’t no thing as a free lunch.  In other words, resources are scarce and will be allocated by individuals who own them.  The dominant economics taught in schools is Keynesian economics.  It teaches that there is such as thing as a free lunch.  Their economics can be distilled down to the slogan, “Federal deficits overcome recessions.”

This video explains the battle between the Austrians and the Keynesians with clarity and humor.  It stars F.A. Hayek (Austrian) vs. John Maynard Keynes (Keynes himself):

Governments and central banks are everywhere in this world interfering with the markets.  Austrian economics offers a causal explanation of how these groups will effect capital and human actions.  Your investments are capital, so you have a vested interest in seeing that it is protected from the harmful actions of governments and central bankers.

You can’t beat something with nothing.  The ideas of Austrian economics can defeat the crackpot theories of Keynesian economics and the Ludwig von Mises institute is determined to do just that.

The Ludwig von Mises Institute offers for these for no money (it will cost you time):

1. Daily articles
2. An excellent and enlightening blog
3. Full length books on economics and liberty (most books are in several formats: PDF, e-pubs, and HTML, etc.) Some must read books include the following:

·         Ludwig von Mises – The Theory of Money and Credit; Human Action (read Rothbard first)

·         F.A. Hayek – The Road to Serfdom

·         Murray Rothbard – Man, Economy, and State with Power and Markets

1. Audio of articles, lectures, and full length audio books
2. Videos of lectures, interviews, and audio books with supporting pictures

www.mises.org

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