Austrian Economics – Introduction to the Market School

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Part of the book

A few years ago, Ron Paul, the Republican candidate for the US presidential election, declared in a televised speech that “we are all Austrians now!” Many people did not understand what he meant by this expression of interest in the Austrians, but those who were more familiar knew that he was talking about the Austrian economy. He wanted to make his economic vision clear, in the vein of Nixon, who once said, “We’re all Keynesians now.” Austrian economics (Austrian School of Economics or Austrian School economics) does not have rigid boundaries, like many other schools of social thought, and a great deal of diversity can be found among its proponents. Some trace the roots of Austrian thought back to the 15th century and the students of Thomas Aquinas, but the founding figures of this school include Menger, Weiser, and Bawerk, and later, Mises, Hayek (Nobel Prize winner), and Rothbard represented this school. Their living representative is Kerzner. Followers of the Austrian school (Austrians) can be considered some of the most radical supporters of the free market. What they criticize most is government intervention in the economy. In Austrian economics, there are serious criticisms of demand stimulation, interest rate regulation, monetary policy in the conventional sense, redistribution, and many other government interventions, and this of course makes it different from the mainstream economy. It is worth noting that the teachings of this school are not limited to economics in the common sense, but also extend to social and political fields. In particular, the Austrians have provided valuable insight into the critique of socialism and social justice. Hayek’s valuable book “The Road to Serfdom,” whose Persian translation is also available, well shows the contradictions and consequences of a state-socialist economic system. Austrians argue with strong arguments that the market is the best process for allocating resources in the economy and that interfering with it leads to reduced efficiency. Moving away from the market under seemingly legitimate excuses such as collective good and social justice means nothing more than surrendering to the authority of tyrannical governments and turning society into a garrison. Human freedom is lost, and the good people are at fault in this deal! In this case, society cannot benefit from the knowledge of all its members, loses its ability to adapt and adapt, and is prevented from growing. Although the Austrians share some similarities with other advocates of the market economy, such as neoliberals, their approach is completely different. The emphasis on the subjective nature of economic value and their individualistic and deductive approach, which often leaves no room for numbers in their analyses, have given Austrian economics interesting characteristics. In the Austrian argument, the role of opportunity cost (the potential lost benefits that are the consequence of every economic decision) and finalism (economic reasoning based on the last unit added to or subtracted from the whole) is particularly prominent.

About the author

Steven Horowitz is a professor of economics at St. Lawrence University in Canton, New York, and a senior fellow at the Mercatus Institute in Arlington, Virginia. He is the author of two books: “Fundamentals of Microeconomics and Macroeconomics: “An Austrian Perspective” and “Monetary Evolution, Free Banking, and Economic Order,” and he has also written other excellent works in the field of Austrian economics. He received his PhD in economics from George Mason University and his BA in economics and philosophy from the University of Michigan.

About the translator

Amir Hossein Khaleghi was born on October 7, 1970 in Isfahan. He continued his education in mathematics and physics until high school in Isfahan. He began his university education by being accepted into the Industrial Engineering major at Amirkabir University in 1998. After graduating from this course, due to his interest in humanities and management, he continued his studies at the Master’s degree in Business Administration at Shahid Beheshti University. In 2008, with his acceptance into the PhD program in public administration, with a focus on public policy, he changed the direction of his academic studies and became closer to his personal interests in the field of study. While studying for his PhD, he taught various courses at the Faculty of Management, University of Tehran, and presented his doctoral thesis entitled “Discourse Analysis of Morality in Iranian E-Government Policymaking.” Amir Hossein Khaleghi has published various articles in the fields of management, social sciences, etc., and has translated two books titled “Complexity and Management: Forget the Systemic Approach” and “Organizations, Identity, and Image.” He has also written two volumes of the Iranian Management Book Series, alongside management elites, explaining the basics of e-government. It is worth noting that, in addition to collaborating with numerous institutions and organizations in the fields of education and consulting, he is also teaching management courses at the Faculty of Management of the University of Tehran and is in the process of publishing other books in the field of organization and management.

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Description

Author: Steven Horowitz – Translator: Amir Hossein Khaleghi – Year of publication: 1400 – Printing time: First – Number of pages: 180 – Delivery time: 3 to 5 business days

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