{"id":11809,"date":"2015-09-04T07:59:52","date_gmt":"2015-09-04T12:59:52","guid":{"rendered":"http:\/\/olduvai.ca\/?p=11809"},"modified":"2015-09-04T07:59:52","modified_gmt":"2015-09-04T12:59:52","slug":"why-economics-matters","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=11809","title":{"rendered":"Why Economics Matters"},"content":{"rendered":"

Why Economics Matters<\/a><\/h3>\n

This article is a selection from\u00a0a June 19 presentation<\/a>\u00a0at a lunchtime meeting of the Grassroot Institute in Honolulu at the Pacific Club. The talk was part of the\u00a0Mises\u00a0Institute\u2019s Private Seminar series for lay audiences.\u00a0To schedule your own Private Seminar with a\u00a0Mises\u00a0Institute speaker,\u00a0please\u00a0contact Kristy Holmes<\/a>\u00a0at\u00a0the\u00a0Mises\u00a0Institute.
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First let me say that what we today call \u201cAustrian economics\u201d flows from the great legacy of classical economics, with the very important modification economists now call the \u201cmarginal revolution.\u201d Austrian economics\u00a0is also a term that describes a healthy and vibrant (though often\u00a0oppositional) modern school of economic thought. It originated with intellectual giants like Carl Menger and Ludwig von\u00a0Mises,\u00a0names I\u2019m sure many of you are familiar with. These economists were from Austria, hence the term.<\/p>\n

There was a landmark\u00a0conference at South\u00a0Royalton, Vermont in 1974, attended by the likes of Murray\u00a0Rothbard\u00a0and Milton Friedman, that revitalized the Austrian movement and helped it regain prominence in the latter part of the twentieth\u00a0century.\u00a0Milton Friedman was in attendance, and that\u2019s when\u00a0he\u00a0famously remarked that \u201cThere is only good economics and bad economics.\u201d<\/p>\n

And of course that\u2019s true. Schools of thought should not be rigid, or dogmatic, or too narrowly defined. But classifying various economists and theories into groups or family trees does indeed help us make sense of economics. It helps us understand how we arrived at a time and place where Ben Bernanke, Paul\u00a0Krugman, Thomas\u00a0Piketty, and Christine\u00a0Lagarde\u00a0are viewed as modern mainstream thinkers rather than the radicals they are when compared to the whole history of the field.<\/p>\n

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Image courtesy of Peter Cresswell<\/a>.<\/h6>\n

…click on the above link to read the rest of the article…<\/p>\n

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Why Economics Matters This article is a selection from\u00a0a June 19 presentation\u00a0at a lunchtime meeting of the Grassroot Institute in Honolulu at the Pacific Club. The talk was part of the\u00a0Mises\u00a0Institute\u2019s Private Seminar series for lay audiences.\u00a0To schedule your own Private Seminar with a\u00a0Mises\u00a0Institute speaker,\u00a0please\u00a0contact Kristy Holmes\u00a0at\u00a0the\u00a0Mises\u00a0Institute. First let me say that what we today […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[2125,8668,1876,8667,8669,8666,7617],"class_list":["post-11809","post","type-post","status-publish","format-standard","hentry","category-economics","tag-austrian-economics","tag-austrian-economics-overview","tag-booms-and-busts","tag-classical-economics","tag-history-of-the-austrian-school-of-economics","tag-mainstream-economics","tag-mises-institute"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11809","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11809"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11809\/revisions"}],"predecessor-version":[{"id":11810,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11809\/revisions\/11810"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}