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Austrian Economy (E-book)

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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 Austrians, but those who knew him knew that he was talking about Austrian economics. He wanted to make his economic perspective clear, in the vein of Nixon, who once said, “we are all Keynesians now.” Austrian economics (Austrian school of economics or Austrian economics) does not have rigid boundaries, like many other schools of social thought, and there is a great deal of diversity among its supporters. 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 Baumbawerk, and later, Mises, Hayek (Nobel Prize winner), and Rothbard. Their living representative is Kerzner. The followers of the Austrian school (Austrians) can be considered more or less the most radical supporters of the free market, what they criticize most of all is government intervention in the economy. In Austrian economics, there are serious criticisms of stimulating demand, the mandatory determination of interest rates, monetary policy in the conventional sense, redistribution and many other government interventions, and this, of course, makes it different from the mainstream of economics. It is worth mentioning that the teachings of this school are not limited to economics in the conventional sense and also extend to social and political fields. In particular, the Austrians have provided valuable insight into the criticism 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. The Austrians argue with solid reasons that the market is the best process for distributing resources in the economy and that intervention in it leads to a decrease in efficiency. Moving away from the market under seemingly justified pretexts such as the 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 transaction! In this case, society cannot benefit from the knowledge of all its members, loses the ability to adapt and adapt, and is prevented from growing. Although the Austrians have similarities with other supporters 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 has no place in their analyses, have given Austrian economics interesting features. In the Austrians’ reasoning, the role of opportunity cost (the potential benefits lost that are the consequence of every economic decision) and finalism (economic reasoning based on the last unit added 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 Foundations of Microeconomics and Macroeconomics: An Austrian Perspective and Monetary Evolution, Free Banking, and Economic Order, among other distinguished works on 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 field of industrial engineering in 1998 at Amir Kabir University, and 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, he was accepted into the doctoral program in public administration, focusing on public policy, and by changing the direction of his university education, he became closer to his personal interests in the field of studies. While studying for his doctoral degree, he taught various courses at the Faculty of Management of Tehran University and presented his doctoral thesis entitled “Discourse Analysis of Morality in Iranian Electronic Government Policymaking”. Amir Hossein Khaleghi has published various articles in the fields of management, social sciences, etc., and has translated two books entitled “Complexity and Management; “Forget the Systemic Approach” and “Organizations, Identity, and Image” have been written in two volumes of the Iranian Management Book Series, along with management elites, to explain the basics of e-government. It is worth mentioning that, in addition to collaborating with numerous institutions and organizations in the fields of education and consulting, he is engaged in teaching management courses at the Faculty of Management, University of Tehran, and is also 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: First – Number of pages: 180

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