Season 1 · Episode 139
Were Austrian economists wrong to have purpose?
Debunking Economics - the podcast · Steve Keen & Phil Dobbie
February 25, 201933m 49s
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Show Notes
The Austrian School of Economics has been around since the 1870s but was given a new lease of life in the 1970s by Frederich Hayek. In this week’s podcast Phil Dobbie asks Prof Steve Keen about some of the fundamental principles of the Austrian school, including the theory of marginal utility, opportunity cost and the often-touted principle that humans always act with purpose. They are also big proponents of less government intervention. Steve accepts some of the principles of the Austrian School – Phil asks if he could take away two, what would they be?
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