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Revision as of 18:58, 30 April 2023 by imported>EugeneTLT

Austrian School, also known as Austrolibertarianism shortened to Austrobert, is libertarian, economically laissez-faire, and culturally variable but usually leaning right. He is rather simply Error creating thumbnail: Unable to save thumbnail to destination Libertarianism based on the Error creating thumbnail: Unable to save thumbnail to destination Austrian School Economics. It is highly influenced by Menger's Marginal Utility Theory, Mises' Praxeology and Socialist Economic Calculation Problem, the Austrian Business Cycle, etc...

While as economic theory, the Austrian School of Economics neither supports nor opposes regulations (merely stating what their effects are), as a political ideology which encompasses economic thought, it opposes market intervention from the state, from either a "value-free approach" (taken by Mises) or an ethical-juridical approach (taken by Rothbard, who criticized the former), believing that markets follow tendencies of auto-regulation, always moving towards equilibrium, though never fully reaching it as the point of equilibrium moves.
Many followers of it especially stress the damage done by state influence in monetary policies, believing this (manipulation of money supply and interest rates) to be the cause of many economic cycles.

It believes that economics studies can't be done by empirical methods due to it being a social science and not a hard science, making precise economic measurements completely impossible and thus economics theory can only be studied a priori deducted from the "action axiom".

This, however, does not mean that it completely rejects Error creating thumbnail: Unable to save thumbnail to destination empiricism on the area of economics. It makes a distinction between economic theory and economic history, believing that it is perfectly possible to accurately back claims about economic history with empirical evidence, but rather that these claims are useless in order to prove or disprove any claim in the realm of economic theory.

History

Tenets

The Austrian-American economist Fritz Machlup has distinguished six general principles which distinguish the methodology of the Austrian school of economics, as well as two additional principles which together with the methodological principles conform the politics of Austrolibertarianism. With the former being: methodological individualism, methodological subjectivism, tastes and preferences, opportunity costs, marginalism and time structure of production and consumption; and the latter being consumer sovereignty and political individualism.[1]

Methodological Error creating thumbnail: Unable to save thumbnail to destination Individualism

Methodological individualism is the scientific principle that social phenomena are to be explained through the actions of individuals, instead of groups, as the latter can be explained by the former. According to methodological individualists, collectives may only exert influence through the actions of their individual members, and whether or not an action is attributed to the group or to an individual depends on the interpretation of the observer.

Methodological Subjectivism

Methodological Subjectivism is the principle that economic phenomena are generally to be explained through the subjective judgements made by different economic actors, taking into account that each one seeks to maximize their utility, usually through maximizing their monetary revenue.

Tastes and Preferences

Subjective valuations of goods and services determine the demand for them so that their prices are influenced by (actual and potential) consumers.

Opportunity Cost

Opportunity cost is the cost of any activity measured in terms of the value of the next best alternative foregone (that is not chosen). It is the sacrifice related to the second best choice available to someone, or group, who has picked among several mutually exclusive choices.
Opportunity cost is a key concept in mainstream economics and has been described as expressing "the basic relationship between scarcity and choice". The notion of opportunity cost plays a crucial part in ensuring that resources are used efficiently.

Marginalism

Marginalism is an economic theory that states that the value of a determined good is the value of its subjectively least valuable use. Thus, the marginal value (of the next unit of the good in question to be acquired) decreases as most valuable uses for the good are satisfied, or the opposite happens as one's stock of a good decreases.
Consequently, in all economic designs, the values, costs, revenues, productivity and so on are determined by the significance of the last unit added to or subtracted from the total stock.

Time Structure

Decisions to save reflect "time preferences" regarding consumption in the immediate, distant, or indefinite future and investments are made in view of larger outputs (interest) expected to be obtained if more time-taking production processes are undertaken.

Consumer Sovereignty

The influence consumers have on the effective demand for goods and services and through the prices which result in free competitive markets, on the production plans of producers and investors, is not merely a hard fact but also an important objective, attainable only by complete avoidance of governmental interference with the markets and of restrictions on the freedom of sellers and buyers to follow their own judgment regarding quantities, qualities and prices of products and services.

Political Individualism

Only when individuals are given full economic freedom will it be possible to secure political and moral freedom. Restrictions on economic freedom lead, sooner or later, to an extension of the coercive activities of the state into the political domain, undermining and eventually destroying the essential individual liberties which the capitalistic societies were able to attain in the 19th century

Conclusions

Variants

Error creating thumbnail: Unable to save thumbnail to destination Distributist Libertarianism

Flag of Distributist Libertarianism

Distributist Libertarianism (also known as Southern Distributism) is an economically center-right to right-wing, libertarian and culturally centre-right ideology, advocating for an economic system based on widely-spread property ownership and a society culturally based on Catholic social teachings. Distributist Libertarians do not believe that Error creating thumbnail: Unable to save thumbnail to destination laissez-faire Austrian school economics result in an unfair concentration of power, but rather that the vast majority of concentration of power in capitalist economic systems occurs because of state intervention in the economy (for example; Intellectual "Property", Subsidies, Inconsistent Taxation, everything Error creating thumbnail: Unable to save thumbnail to destination Keynes advocates for and such).

How to Draw

Austrian School's design is a combination of Austria's and the Gadsden flags.

Flag of Austrian School
  1. Draw a ball
  2. Separate the ball into 3 equal horizontal bars (a tricolor), with the top and bottom being pinkish-red, and the middle one being white
  3. Draw in black rattlesnake in the middle of the ball
  4. Add green grass below the snake
  5. Lower below, add some variation of the quote "DON'T TREAD ON ME", like "no step on snek"
    1. Alternatively, you can write "TRITT NICHT AUF MICH" or simply "NEIN" (in German, meaning "DO NOT TREAD ON ME" and "NO" respectively)
  6. Draw the eyes

You're done!

Color Name HEX RGB
Pinkish Red #EE2436 238, 36, 54
White #FFFFFF 255, 255, 255
Black #141414 20, 20, 20
Grass Green #194619 25, 70, 25


Relationships

Austrobert's behavior is based on one of the stereotype of Mises, calling everyone a socialist (Even Error creating thumbnail: Unable to save thumbnail to destination Friedmanite-style Libertarians or Error creating thumbnail: Unable to save thumbnail to destination even Hayekians.)

True Capitalists

Commie Sympathyzers

SOCIALISTS!!!!!

Further Information

For overlapping political theory see:

Classical Liberalism • Capitalism • Anarcho-Capitalism • Libertarianism • Hoppeanism • Paleolibertarianism

Literature

Wikipedia

Videos

Channels

Online Communities

References

  1. ↑ Ludwig von Mises: A Scholar Who Would not Compromise by Fritz Machlup

Gallery

Comics

Portraits and Artwork

Alternative designs

  • Distributist Libertarianism

    Distributist Libertarianism

  • Distributist Libertarianism 2

    Distributist Libertarianism 2

Navigation

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