There’s no reading this week… just videos!

This week we take a brief step back from “practical” subjects and look at basic economics. Specifically, economics from the Austrian perspective.

For the unfamiliar, Austrian economics forms part of the foundation for Market Based Management. It is also the most free-market-oriented school of thought in the world. If you think “Chicago school” economics is free-market oriented, Austrians make them look like a bunch of interventionists.

Austrian economists also predicted the stock market bubble and the real estate bubble collapses long before anyone else did. Their theory of the business cycle, predicated upon central bank money manipulation, has been spot on with respect to macroeconomic cycles.

Rather than get into a lot of dry theory, here are some of the most entertaining videos on economics you will find that present the Austrian thought process.

From EconStories [YouTube]

• Fear the Boom and Bust: A Hayek vs. Keynes Rap Anthem
• Fight of the Century: Keynes vs. Hayek Round 2

From PraxGirl [YouTube]

Praxeology, the study of purposeful human action, is the focus of Ludwig von Mises’ tome Human Action. However, it will generally take years of study—a “black belt in Austrian economics”—to crack it. For those who prefer more immediate intellectual gratification, particularly members of the male demographic, this series of videos serves as a gentle introduction.

• Study Praxeology
• Episode 1: Introduction
• Episode 2: Methodology
• Episode 3: Purposeful Action
• Episode 4: Prerequisites of Action
• Episode 5: Rationality of Action
• Episode 6: Ends and Means
• Episode 7: Scale of Values
• Episode 8: Time
• Episode 9: Uncertainty
• Episode 10: Dimishing Marginal Utility
• Episode 11: Law of Returns
• Episode 12: Human Labor
• Episode 13: Capital

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