Lecture 3 in Becoming an Economist at Kingston University

Summary:
This lec­ture intro­duce the Aus­trian school of thought, which is closely related to the Neo­clas­si­cal mainstream–in that it shares its util­i­tar­ian the­ory of value, accepts basic sup­ply and demand analy­sis, and sees cap­i­tal­ism as gen­er­ally tend­ing towards equi­lib­rium. But it is also highly crit­i­cal of the main­stream for the absurd assump­tions about indi­vid­ual knowl­edge that it is will­ing to make to pre­serve its equilibrium-oriented math­e­mat­i­cal approach. It sees capitalism’s strengths as how it encour­ages inno­va­tion, which is an equilibrium-disturbing process, and regards money as being both inte­gral to cap­i­tal­ism and the pri­mary source of eco­nomic cycles. [embedded content] Click here to down­load the PPT file.

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