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Peter Boettke: «Austrian Economics in the Real World»

Summary:
"Main line economics is a set of propositions, whereas main stream is a sociological characterization of what's currently fashionable within the economics profession. I want us to be more concerned not with fashion, but with the core propositions of what the science of economics teaches us." - Peter Boettke Peter Boettke (GMU) was interviewed about Austrian economics by Simon Sarevski (AEC). He explained his distinction between main stream and main line economics. He mentioned great economics thinkers like Adam Smith, Ludwig von Mises, Friedrich von Hayek. The proponents of the Austrian School developed Smith's ideas further. They were the founders of neoclassical economics and articulated the idea of decision making on the margin, choice against constraints in a world of uncertainty.

Topics:
Peter J. Boettke considers the following as important:

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"Main line economics is a set of propositions, whereas main stream is a sociological characterization of what's currently fashionable within the economics profession. I want us to be more concerned not with fashion, but with the core propositions of what the science of economics teaches us." - Peter Boettke



Peter Boettke (GMU) was interviewed about Austrian economics by Simon Sarevski (AEC). He explained his distinction between main stream and main line economics. He mentioned great economics thinkers like Adam Smith, Ludwig von Mises, Friedrich von Hayek. The proponents of the Austrian School developed Smith's ideas further. They were the founders of neoclassical economics and articulated the idea of decision making on the margin, choice against constraints in a world of uncertainty. They emphasized the idea of time in which production and exchanges takes place and they recognized the complex coordination involved in social cooperation in the division of labor.



The questions are asked by Simon Sarevski.



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