Monday, October 17, 2011

Dorian Electra: Roll With The Flow



Dorian Electra has done a fantastic job of communicating the basic lessons of Austrian Economics in, well, a single song. She covers:
  • Subjective value - One person's trash is another's treasure.
  • Human action (in circumstances of time and place) - Your economic behavior is unique and perspectival.
  • Knowledge problem, as well as problems of quantification and measurement - Macroeconomic models are pretty much useless.
  • Unseen costs - Big digs and boondoggles mean foregone opportunities for growth.
  • Bottom up versus Top Down - The collective behaviors of individual actors on the ground make up the economy (not aggregate demand).


Via: Ideas Matter

1 comment:

  1. Recently I have heard the term austrian economics being used more and more. Most folks have not the slightest idea of what someone is talking about when the term austrian economics is being used. Its a horrible idea and a gross misrepresentation of free market economics to use such a term to describe it such as austrian economics when almost nodody out their knows what austrian economics is. If you were to ask 10 poople out on the street what is austrian economics not a sigle person would have the slighest idea of what austrian economics is or what your talking about worse yet some of the responses mignt be was that the economic system under adolf hitler. The folks on the far left love it because the more confused you make the public about your point of view the better it is form them.

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