Tuesday, 7 February 2012

10 Propositions Austrian Economists Believe (by Peter Boettke)

My reading of Peter Boettke's Austrian Economics article at The Concise Encyclopedia of Economics.

10 Propositions Austrian Economists Believe:

Proposition 1: Only individuals choose.
Proposition 2: The study of the market order is fundamentally about exchange behavior and the institutions within which exchanges take place.
Proposition 3: The "facts" of the social sciences are what people believe and think.
Proposition 4: Utility and costs are subjective.
Proposition 5: The price system economizes on the information that people need to process in making their decisions.
Proposition 6: Private property in the means of production is a necessary condition for rational economic calculation.
Proposition 7: The competitive market is a process of entrepreneurial discovery.
Proposition 8: Money is nonneutral.
Proposition 9: The capital structure consists of heterogeneous goods that have multispecific uses that must be aligned.
Proposition 10: Social institutions often are the result of human action, but not of human design

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