Austrian School

This page covers the Austrian School in terms of politics. For a page on Austrian School from a philosophical perspective, see the File:Philosophyball icon.png Philosophyball Page

"If one rejects laissez faire on account of man's fallibility and moral weakness, one must for the same reason also reject every kind of government action."

File:Mises.png Ludwig von Mises

The Austrian School, though not an actual political ideology but rather a school of economic theory, has been greatly influential among libertarian circles. It may be taken as the political ideology usually adhered to by those who follow this school of economics, giving rise to the term Austrolibertarianism shortened to Austrobert. Thus, as a political ideology, it usually takes form as libertarian, economically laissez-faire, and culturally variable but usually leaning right.

Philosophically, it is important to note that Mises' concept of praxeology as his methodology for the study of economic theory, stems from the File:Kant.png kantian idea of the existence of synthetic a priori truths (that is, truths that can be deduced a priori but that require more than the use of formal logic), contrary to empiricism, which claims that the only synthetic truths that exist are discovered through a posteriori experience.

From this epistemological pre-supposition about the nature of knowledge, follows that economics studies can't be done by empirical methods due to it being a social science and not a hard science, making precise economic measurements completely impossible, and thus economics theory can only be studied a priori deducted from the "action axiom".

This, however, does not mean that it completely rejects File:Empiricism.png empiricism in the area of economics. It makes a distinction between economic theory and economic history, believing that it is perfectly possible to accurately back claims about economic history with empirical evidence, but rather that these claims are useless in order to prove or disprove any claim in the realm of economic theory, simply exemplifying it.

Tenets

The Austrian-American economist Fritz Machlup has distinguished six general principles that distinguish the methodology of the Austrian school of economics, as well as two additional principles which together with the methodological principles conform to the politics of Austrolibertarianism.

Methodological Individualism

Methodological individualism is the scientific principle that social phenomena are to be explained through the actions of individuals, instead of groups, as the latter can be explained by the former. According to methodological individualists, collectives may only exert influence through the actions of their individual members, and whether or not an action is attributed to the group or to an individual depends on the interpretation of the observer.

Methodological Subjectivism

Methodological Subjectivism is the principle that economic phenomena are generally to be explained through the subjective judgments made by different economic actors, taking into account that each one seeks to maximize their utility, usually through maximizing their monetary revenue.

Tastes and Preferences

Subjective valuations of goods and services determine the demand for them, so their prices are influenced by the current and potential scales of preference of consumers.

Opportunity Cost

Opportunity cost is the cost of any activity measured in terms of the value of the next best alternative foregone (that is not chosen). It is the sacrifice related to the second-best choice available to someone, or a group, who has picked among several mutually exclusive choices.
Opportunity cost is a key concept in mainstream economics and has been described as expressing "the basic relationship between scarcity and choice". The notion of opportunity cost plays a crucial part in ensuring that resources are used efficiently.

Marginalism

Marginalism is an economic theory that states that the value of a determined good is the value of its subjectively least valuable use. Thus, the marginal value (of the next unit of the good in question to be acquired) decreases as the most valuable uses for the good are satisfied, or the opposite happens as one's stock of a good decreases, as one forgoes the least valuable uses for a good firstly upon losing a certain amount of such good.
Consequently, in all economic designs, the values, costs, revenues, productivity, and so on are determined by the significance of the last unit added to or subtracted from the total stock.

Time Structure

Decisions to save (for future consumption) or spend reflect "time preferences" regarding consumption in the immediate, distant, or indefinite future and investments are made in view of larger outputs (interest) expected to be obtained if more time-taking production processes are undertaken.

Consumer Sovereignty

The influence consumers have on the effective demand for goods and services and through the prices which result in free competitive markets, on the production plans of producers and investors, is not merely a hard fact but also an important objective, attainable only by complete avoidance of governmental interference with the markets and of restrictions on the freedom of sellers and buyers to follow their own judgment regarding quantities, qualities and prices of products and services.

Political Individualism

Only when individuals are given full economic freedom is it possible to secure political and moral freedom. Restrictions on economic freedom lead, sooner or later, to an extension of the coercive activities of the state into the political domain, undermining and eventually destroying the essential individual liberties which the capitalistic societies were able to acquire in the 19th century

Variants

File:Distlib.png Distributist Libertarianism

File:Distributist libert flag.svg

Flag of Distributist Libertarianism

Distributist Libertarianism (also known as Southern Distributism) is an economically center-right to right-wing, libertarian, and culturally center-right ideology, advocating for an economic system based on widely-spread property ownership and a society culturally based on Catholic social teachings. Distributist Libertarians do not believe that File:Lfree.png laissez-faire Austrian school economics results in an unfair concentration of power, but rather that the vast majority of concentration of power in capitalist economic systems occurs because of state intervention in the economy (for example; Intellectual "Property", Subsidies, Inconsistent Taxation, everything File:Keynes.png Keynes advocates for, and such).

How to Draw

Austrian School's design is a combination of Austria's and the Gadsden flags.

File:Austrobert flag.svg

Flag of Austrian School

1. Draw a ball
2. Separate the ball into 3 equal horizontal bars (a tricolor), with the top and bottom being pinkish-red, and the middle one being white
3. Draw a black rattlesnake in the middle of the ball
4. Add green grass below the snake
5. Lower below, add some variation of the quote "DON'T TREAD ON ME", like "no step on snek"
   1. Alternatively, you can write "TRITT NICHT AUF MICH" or simply "NEIN" (in German, meaning "DO NOT TREAD ON ME" and "NO" respectively)
6. Draw the eyes

You're done!

Color Name		HEX	RGB
	Pinkish Red	#EE2436	rgb(238, 36, 54)
	White	#FFFFFF	rgb(255, 255, 255)
	Black	#141414	rgb(20, 20, 20)
	Grass Green	#194619	rgb(25, 70, 25)

Personality and Behavior

Austrobert's behavior is based on one of the stereotype of Mises, calling everyone a socialist (Especially for "File:Lib.pngmodern liberal" in the Western sense and even File:Chilib.png Friedmanite-style Libertarians or File:Hayek.pngHayekians.)

Relationships

Wahre Kapitalisten (True Capitalists)

• File:Clib.png Classical Liberalism - My greatest influence and the best granddad I could ask for.
• File:Obj.png Objectivism - You have the courage to tell the masses what no politician told them: you are inferior and all the improvements in your conditions which you simply take for granted you owe to the effort of men who are better than you.
• File:Hayek.png Hayekism - My son and a fellow Austrian.
• File:Paleolib.png Paleolibertarianism - Similar views on the state, but a bit more traditional.
• Anarcho-Capitalism - My boy Rothbard, Man Economy and State is the best economics book.
• File:Minarchist.png Minarchism - Separation of state and business? Based!
• File:Hoppef.png Hoppeanism - Fellow Rothbardian, though some quotes of his are a little... odd...
• File:Libertarian.png Libertarianism - He's fun to hang out with, he needs to read some Mises.
• File:Nalib.png National Liberalism - 19th century patriotic liberal movements in Europe were a great advance on liberty.
• File:Natlib.png National Libertarianism - Improved contemporary version of above.
• File:Autarch.png Autarchy - Yes individuals are self-owners therefore have the right to self-government.
• File:MGTOW.png MGTOW & File:NeoMasculinity.png Neomasculinity - Manly!

Kommunisten Sympathisanten (Commie Sympathyzers)

• File:Plcn2.png Paleoconservatism - He used to be a cool guy back in the day, but now he's a protectionist that doesn't value free trade, also too statist.
• File:Dengf.png Dengism - Some of us think you're allowing markets to flourish, while others think you're still imposing a lot of controls that stifle economic growth. In short, housing bubbles and post-Keynesianism are dangerous.
• File:Fash.png Fascism - "It cannot be denied that Fascism and similar movements aiming at the establishment of dictatorships are full of the best intentions and that their intervention has, for the moment, saved European civilization. The merit that Fascism has thereby won for itself will live on eternally in history. But though its policy has brought salvation for the moment, it is not of the kind which could promise continued success. Fascism was an emergency makeshift. To view it as something more would be a fatal error."
• File:AusFash.png Austrofascism - My fascist twin. Thanks for choosing me as your main economic advisor.
• File:Nazcap-Hat.png National Capitalism - My beloved son, loves laissez-faire economy. BUT WHY WOULD HATE THE JEWS? JEWS ARE THE BEST AUSTRIAN ECONOMISTS!
• File:Chilib.png Chicago School - We agree on most of the things and want to get to the almost the same results, but we disagree on the way to analyze the economy and some instances of monetary policies.
• File:Reactlib.png Reactionary Liberalism - File:EvKL.png Erik Von Kuehnelt-Leddinh and File:Pareto.png Vilfredo Pareto are based though you take too many steroids File:Natlib-steroids.png.
• File:PNL(France).png Clock Crossroad - That's what I'm talking about, besides we have a Frenemieship: he calls me utopic and essentially cosmopolitist but I'm also a great inspiration for him in the economic field.
• File:EndecjaPix.png National Democracy - Paleocon, but Polish. Roman Rybarski and Adam Heydel are pretty based at least.
• File:Neoliberal-icon.png Neoliberalism & File:Orlib.png Ordo-Liberalism - Stop granting legitimization to socialism.
• File:Altl.png Alt-Lite - Some of you are based, specially File:Seibt.png Naomi, but File:SteveBannon.png Bannon hates me.
• File:Neobert.png Neo-Libertarianism - Why are you an imperialist?
  • File:Neobert.png File:LBubble.png Russia's actions have caused imported inflation in Europe. Isn't this an economic problem that needs to be solved?File:RBubble.png
• File:Distributist.png Distributism - Doesn't realise that File:Lfree.png laissez-faire economics don't lead to unfair concentration. At least he's critical of socialists. Also, apparently we have File:Distlib.png a son? Huh...

SOZIALISTEN!!!!! (SOCIALISTS!!!!!)

• File:Austrmarx.png Austromarxism - My evil commie twin.
• File:Demsocstar.png Democratic Socialism - He is corrupting modern-day politics with this socialist garbage.
• File:Keynes.png Keynesian School - I cannot stand him, he doesn't understand simple economics! End the Fed.
• File:Nazi.png Nazism - I hate this statist prick. The best Austrian economists are Jews, and he hates them for that!
• File:Ormarxf.png Marxism - Von Böhm-Bawerk debunked you thoroughly. How people still support you after the fact will always boggle me.
• Marxism–Leninism - ECP, commie!
• File:Corp Secretly Soc.png Corporatocracy - ECP applies to you, too, moron. Ironically, socialists think that you working demonstrates how the ECP is wrong, but you don’t. Without subsidies and regulations, you’d be destroyed by smaller, more efficient competition.
• Anyone I Don’t Like Socialism - You will never solve the ECP.
• File:Marketsoc.png Market Socialism - So this is how they're trying to save socialism, huh? Too bad it still won't work.
  • File:Marketsoc.png File:LBubble.pngWouldn’t it be ironic if my tactics are the only thing that can save capitalism?File:RBubble.png
  • File:Austrobert.pngFile:LBubble.pngWouldn’t it be more ironic that it isn't?File:RBubble.png
  • File:Rothbard.png File:LBubble.pngWouldn't it be more ironic that Lange became Misesian at the end of his career?File:RBubble.png
• File:Cybercom.png Cybercommunism - AI won't solve the ECP, commie!
• File:Regulationism.png Regulationism - Don't tread on me, statist trash!
• File:Soccap.png Social Capitalism, File:Soclib.png Social Liberalism & Social Democracy - All socialists wearing capitalist masks!
  • File:Welf.png - File:LBubble.pngDo I just not exist or…?File:RBubble.png
  • File:Mises.png - File:LBubble.png No ordered community has callously allowed the poor and incapacitated to starve. There has always been some sort of institution designed to save from destitution people unable to sustain themselves. File:RBubble.png
• File:Ottoman.png Neo-Ottomanism - Your interest rate policy is an absolute disaster.
• File:3way.png Third Way - Your policy will never provide a "third way" between capitalism and socialism.
• File:Libsoc.png Libertarian Socialism - Common ownership requires the state to have control of the economy, dumbass.
• File:Postindusnewicon.png Post-Industrialism - The fundamental reason for promoting economic growth is production, not consumption.
• File:ChinaCyberLeft.png Chinese Cyber-Leftism - Damn it, stop mocking Hayek. It's useless. This only shows that you don't understand economics at all.
• File:RationalWiki.png RationalWiki - Another idiot who doesn't understand economics.
• File:Monet.png Monetarism -Central banking is monetary central planning. The United States and, indeed, virtually the entire world operate under a regime of monetary socialism
• File:Schwab.png Schwabism - In short, we risk returning to the pre-industrial era of drudgery and intermittent starvation if the planners of the Great Reset have their way. They must not have their way.
• File:Capcom.png Capitalist Communism - You are crazy to combine a free market and a planned economy.
• File:Envi.png Environmentalism - ENVIRONMENTALISM IS RECYCLED COMMUNISM AND NAZISM
• Literally anyone to the left of Mises

Further Information

For overlapping political theory see:

File:Clib.png Classical Liberalism • Capitalism • Anarcho-Capitalism • File:Libertarian.png Libertarianism • File:Hoppef.png Hoppeanism • File:Paleolib.png Paleolibertarianism

File:Book.png Literature

• Human Action by File:Mises.png Ludwig Von Mises | Audiobook
• Economic Calculation Problem in the Socialist Commonwealth by File:Mises.png Ludwig Von Mises
• Individualism and the Economic Order by File:FriedrichHayek.png Friedrich August Von Hayek
• What Has Government Done to Our Money? by File:Murray N Rothbard.png Murray N. Rothbard
• Man, Economy, and State with Power and Market by File:Murray N Rothbard.png Murray N. Rothbard
• Capital and Interest by File:Bawerk.png Eugen Von Bohm-Bawerk
• Principles of Economics by File:Menger.png Carl Menger
• The Forgotten Greatness of Rothbard's Preface to Theory and History by George Pickering
• Capital in Disequilibrium by File:Lewin.png Peter Lewin
• Capital and Finance by File:Lewin.png Peter Lewin
• Austrian Capital Theory by File:Lewin.png Peter Lewin

Critiques

• Debunking Austrian Economics 101 (Updated)

File:Wikipedia.png Wikipedia

• File:AustrianSchool.png Austrian School
• File:AustrianSchool.png Category: Austrian School
• File:Libertarian Market "Socialism".png Right-Libertarianism
• Methodological individualism
• Austrian business cycle theory
• Subjective theory of value
• Party of Reason

File:YouTube.png Videos

• Masters of Austrian Economics by The Academic Agent
• Austrian Econ Basics by Anglo Libertarian
• Human Action by Fundacja Wolności i Przedsiębiorczości
• Interview With An Austrian Voluntaryist by IdeoLogs
• Austrian vs. Chicago economics by File:Reason.png ReasonTV

Channels

• jorge antonio soler sanz

Online Communities

• File:AustrianSchool.png r/Austrian_Economics File:Reddit.png
• File:AustrianSchool.png r/NewAustrianSociety File:Reddit.png
• File:Mises.png Mises Wiki

Gallery

Comics

• Credit: u/K-Tech2 Source
  Credit: u/K-Tech2 Source

Portraits and Artwork

• Original Portrait
  Original Portrait
• Another old portrait
  Another old portrait
• File:AustrianLibertarianism2.png
• Credit: File:Colmin.pngTheLegend2T, Source
  Credit: File:Colmin.pngTheLegend2T, Source
• File:RandomRetard2137-9x9 Characters.png
• By u/Summarizer2024
  By u/Summarizer2024

Alternative designs

• Distributist Libertarianism
  Distributist Libertarianism
• Distributist Libertarianism 2
  Distributist Libertarianism 2