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{"id":411,"date":"2017-07-24T01:38:32","date_gmt":"2017-07-24T05:38:32","guid":{"rendered":"http:\/\/admin.patheos.com\/blogs\/pickledpencil\/?p=411"},"modified":"2023-01-10T18:45:53","modified_gmt":"2023-01-10T22:45:53","slug":"need-know-austrian-school-mises-u-2017","status":"publish","type":"post","link":"https:\/\/www.patheos.com\/blogs\/pickledpencil\/2017\/07\/need-know-austrian-school-mises-u-2017\/","title":{"rendered":"What You Need to Know About the Austrian School – Mises U 2017"},"content":{"rendered":"\n<\/head>

"austrians-statists" <\/p>\n

Lecture 1 \u2013 The Birth of the Austrian School by Joe Salerno
\nLecture 2 \u2013 Subjective Value and Market Prices by Jeff Herbener
\nLecture 3 \u2013 Praxeology: The Method of Economics by David Gordon
\nLecture 4 \u2013 The Division of Labor and Social Order by Carmen Elena Dorobat
\nLecture 5 \u2013 Money by Lucas Engelhardt
\nLecture 6 \u2013 Austrian Capital Theory by Roger Garrison
\nLecture 7 \u2013 Entrepreneurship by Peter Klein<\/p>\n

This is what amounts to a crash course in the basics of Austrian economics. In this post, I\u2019ve tried to capture the key ideas of each lecture in an easily digestible format. Some speakers are, of course, easier to follow than others, and some had visual aids where others did not. The arguments here aren\u2019t fully developed, but I hope that I did each speaker justice.<\/p>\n

Lecture 1 \u2013 The Birth of the Austrian School by Joe Salerno<\/strong><\/span><\/p>\n

The Austrian School was founded in the late 1800s, during the Marginal Revolution, when 3 economists working in different countries simultaneously developed the principle of\u00a0marginal utility. The economist associated with the Austrian School was Carl Menger.<\/strong> The other two were William Stanley Jevons and William Walras. Differences: Jevons and Walras viewed utility as a measurable quantity of satisfaction, Menger viewed utility as a kind of satisfaction, but not a\u00a0quantity<\/em> of satisfaction.<\/strong> In other words, there\u2019s no such thing as a \u201cutil.\u201d<\/p>\n

Menger\u2019s view of economics was centered on the idea that human beings act to satisfy wants and that all value is subjective.<\/strong> Menger\u2019s accomplishments were celebrated by Joseph Schumpeter, Ludwig von Mises, F. A. Hayek. No doubt about it, the Austrian School began with Carl Menger.<\/p>\n

Some Notes on the Classical School \u2013 the Ruling Economic Paradigm Before Carl Menger<\/span><\/p>\n

The Accurate Observations of the Classical School:
\n\u2192 Prices are not arbitrary \u2013 firms don\u2019t just set prices willy-nilly. Prices are set by supply and demand.
\n\u2192\u00a0Businesses uses prices to calculate profits and losses.
\n\u2192\u00a0Entrepreneurs uses prices to determine what goods to produce.<\/p>\n

The Errors of the Classical School:
\n\u2192\u00a0Cost of production determines value.
\n\u2192\u00a0The Classical School viewed goods in terms of \u201cclasses.\u201d So \u201cwater\u201d is more important than \u201cdiamonds\u201d because water sustains life and diamonds are a luxury. Why then are diamonds so much more expensive than diamonds? The paradox of value. They never solved it and instead latched on to a cost of production fallacy \u2013 \u201cdiamonds are more expensive than bread because it costs more to produce them.\u201d
\n\u2192\u00a0The Classical School lost sight of the consumer in focusing on the cost of production as determining market price.<\/p>\n

Menger\u2019s\u00a0Corrections and Big Ideas<\/span><\/p>\n

Menger searched for the causes of real <\/em>prices, wages and rents that are actually paid on markets at a given time.<\/p>\n

Some quotes:<\/p>\n

\u201cMan himself is the beginning and end of every economy.\u201d
\n\u201cOur science is the theory of a human being\u2019s ability to deal with his wants.\u201d
\n\u201cAll things are subject to the law of cause and effect.\u201d<\/p>\n

According to Menger, things have value because people put them to use in service of satisfying an end.\u00a0Menger replaced homoeconomicus (the business man of the Classical School) with homoeconomizer (the consumer who strives to satisfy wants).\u00a0These are Menger\u2019s trinities of causation, read left to right, which help to visualize his ideas about the consumer, value, and means and ends:<\/p>\n

ends \u2192 means \u2192 realization
\nman \u2192 external world \u2192 subsistence
\nwants \u2192 goods \u2192 satisfaction<\/p>\n

How The Law of Marginal Utility Solves the Paradox of Value<\/span><\/p>\n

The value of a good is determined by its \u201cmarginal utility,\u201d that is, the satisfaction from the least important or lowest ranked end served by the available supply of the good. Therefore the value of any given good\u00a0decreases as supply increases.<\/p>\n

An Example: Crusoe\u2019s Value Scale for Sacks of Wheat<\/p>\n

1st to sustain life
\n2nd to sustain vitality and energy
\n3rd seed for next harvest
\n4th feed for goats (milk, cheese, meat, etc.)
\n5th to make whiskey
\n6th feed for pet parrot<\/p>\n

If a rodent breaks into Crusoe\u2019s\u00a0storehouse and eats a bag, which end will Crusoe forgo? According to Menger, you\u2019d give up the lowest valued end and each remaining bags becomes a little more precious. However, if a rodent were to eat 5 bags, the last remaining bag would be of the utmost value, as that bag is now set aside for Crusoe\u2019s most important end \u2013 sustenance. The utility here is choice-based and established by ever-changing subjective values. This resolves the paradox of value. In a normal situation, a diamond has a higher marginal utility than a loaf of bread because bread is so abundant. However, if a person is stranded in the dessert and dying of thirst, they would trade a diamond for a gallon of water.<\/strong> Marginal utility explains why this is.<\/p>\n

What This Means for Understanding Prices \u2013 Menger\u2019s Law of Imputation<\/span><\/p>\n

The value of the means reflect the value of the ends or wants they serve.\u00a0Value is imputed backwards \u2013 from consumer value judgments all the way down the structure of production. Consumers \u2013 not the cost of production \u2013 determine price. Menger\u2019s theoretical work was largely concerned with unpacking this process. Example: if we all took on the values of the Amish, what would happen to the value of diamonds as jewelry? They would fall to zero. What happens to the highly paid jewelers? Their wages fall to zero. What happens to the diamond mines? Their value falls to zero. Demand drives\/causes supply.<\/strong><\/p>\n

This sheds light on the economics of exchange, as well. Contrary to Adam Smith, exchange isn\u2019t a result of the \u201cpropensity to truck, barter, and exchange.\u201d Nor does exchange occur because two goods are of some objective equal value. Rather, exchange occurs when there\u2019s a \u201cdouble inequality,\u201d that is, two actors\u00a0place different valuations on goods.<\/p>\n

Lecture 2 \u2013 Subjective Value and Market Prices by Jeff Herbener<\/strong><\/span><\/p>\n

This was a very complex, technical, and detailed lecture. I was able to capture about half of what Herbener had to say. The main task is to show the relationship between subjective valuations and prices in the market.<\/p>\n

A Brief Exposition on the Logical Structure of Economics<\/span><\/p>\n

Human action is purposeful behavior to attain an end. Having an end does not constitute action. We must act with the use of means. We must perceive the objects in the world, discover their cause and effect connection in action to attain our ends. It involves organizing the elements of the external world. There is, of course, a scarcity of means. We are finite creatures living on a finite planet. The central organizing principle of human action: economizing.<\/strong> All human action is economizing.<\/strong> Means are scarce, ends are unlimited, and ends can be achieved through a variety of different combinations of means. We must choose between ends which we value more highly and ends which we value less highly. We must evaluate in our own minds the satisfaction we expect to receive from alternative ends. We have a preference, or a value ranking. We know preferences based on action. This is called demonstrated preference. Value is a judgement of the human mind and therefore has no extensive property. We can\u2019t define a unit of subjective value. We can\u2019t make interpersonal comparisons of our subjective valuations.<\/strong> We can\u2019t say, scientifically, that one person values X more than another values Y.<\/strong> This presents a problem. How do we determine, as it relates to social organization, what to produce?<\/p>\n

Note: our subjective valuations are not constant. There\u2019s no fixed relationship between means and ends. They\u2019re in flux. The implication is that we can\u2019t make a mathematical formula<\/p>\n

Value Imputation<\/span><\/p>\n

Objects have value to individuals. Where does that value come from? Value is given to consumer goods by the actor and this imputation travels down the chain of production to capital goods which are very far from the consumer.<\/strong> I value my iPhone subjectively because I get satisfaction from employing it to serve my ends. The is a part of the cause and effect relationship of the structure of economic thinking.<\/p>\n

mind \u2192\u00a0consumer goods \u2192 producer goods.<\/p>\n

A more detailed look at imputation:<\/p>\n

<\/p>\n

This graphic depicts the relationship between consumer preferences, the prices of consumer goods, the prices of producer goods, and finally, the income and costs for producers and entrepreneurs.<\/p>\n

Lecture 3 \u2013 Praxeology: The Method of Economics by David Gordon<\/strong><\/span><\/p>\n

Praxeology is the science of human action. Ludwig von Mises and Murray Rothbard believed that economics was part of a larger science, the science of human of action, of which economics is the most developed branch. The method used in praxeology differs from the method used in mainstream economics.<\/p>\n

Praxeology begins from the concept of human action, or more precisely, from the axiom that <\/strong>man acts.<\/strong>\u00a0<\/em>From the proposition that man acts, the rest of praxeology is deduced. This is deduction is material, not formal. You have to understand the meaning of each step.<\/p>\n

An example of praxeological reasoning, or a praxeological claim, is the following: action involves the use of a means to achieve an end.<\/em> The means, of course, is\u00a0subjective. A sick person who consults a witch doctor may not get better, but the sick person nevertheless believes it will help and is using a means to achieve an end. When Mises says \u201call action is rational,\u201d he has a weak notion of rationality. Not much is required. All that\u2019s needed is that someone think<\/em> a particular means will help them achieve a particular end. The fact that people make mistakes or commit fallacies in their thinking makes no difference to Mises\u2019s point.<\/p>\n

Praxeology isn\u2019t a normative discipline. It\u2019s not interested in what you should or shouldn\u2019t do. Praxeology investigates means and ends. Praxeology could say that a particular means is inadequate to achieving a particular end, but as it regards ultimate ends, it is silent. Note: ethical relativism or subjectivism or emotivism are not necessarily connected to praxeology. Praxeological economic statements are non-quantitative and true by deduction from the concept of action. The distinction here involves the form of an action versus the particular historical details about an action.<\/p>\n

A key principle in praxeology is the principle of methodological individualism.<\/strong> Only individuals act. Nations and classes and such exist, but they can act<\/em> only through individuals. This principle might sound obvious, but at the time Mises was writing\u00a0Human Action\u00a0<\/em>the idea that groups had a separate consciousness and existence and acted apart from individuals was not uncommon. Some thinkers, in fact, held that individuals were abstractions from the group.<\/p>\n

Most economists today follow a method like that which is used in the physical sciences. The Austrians argue that economics isn\u2019t like the physical sciences. In the physical sciences, you deal with non-rational physical objects. In economics, you deal with acting and purposeful man, using means to achieve ends, mapping his subjective valuations onto the world.<\/strong><\/p>\n

They key question: how do we know that the principles of praxeology are true? Gordon\u00a0considers praxeological principles to be \u201cobviously true,\u201d Moorean facts<\/a>, he called them, named after the philosopher G. E. Moore. Further, Gordon argues that these principles cannot be overturned. They are immune to refutation.\u00a0Suppose that you claim, \u201cI do not exist.\u201d This claim presupposes that you do exist, otherwise you wouldn\u2019t be able to say it. Likewise, performing an experiment to demonstrate that human beings don\u2019t act would be self-refuting. Economic principles are of this kind. The Austrians disagree with Popper\u2019s falsification principle and with Quine\u2019s empiricism.<\/p>\n

I wish Gordon had dealt with this last question in more detail. He spent some time on it, but it\u2019s important.<\/p>\n

Lecture 4 \u2013 The Division of Labor and Social Order by Carmen Elena Dorobat<\/strong><\/span><\/p>\n

Dorobat\u2019s lecture included all the standard points about comparative and absolute advantage and how the division of labor materially enriches all nations, both in terms of internal production and international trade. It doesn\u2019t matter if a city X sits\u00a0on a barren island of volcanic rock and city Y has fertile fields, clean rivers, and warm weather. Both cities will benefit from trade. The benefits of the division of labor:\u00a0human labor within the division of labor is more productive than among individuals in isolation.<\/strong>\u00a0The division of labor isn\u2019t \u201cteamwork\u201d so much as it is separating tasks according to efficiency.<\/p>\n

\u2192The division of labor began to be studied in the 13th and 14th centuries by Catholic scholastics, though this involved a number of moral and philosophical questions.*
\n\u2192In the 18th century, the discussion became more \u201ceconomic\u201d in tone with Adam Smith\u2019s Wealth of Nations<\/em>.
\n\u2192In the 19th century, the French Liberal School of Turgot, Say, and Bastiat embraced Smith\u2019s analysis, expanded, and corrected it.
*\n\u2192In\u00a0Human Action<\/em>, Mises called the division of labor (and its counterpart, human cooperation) the \u201cfundamental social phenomenon\u201d and the \u201cessence of society.\u201d The basic lesson of the division of labor and of Ricardo\u2019s ideas on absolute and comparative advantage is, as Mises writes, that the \u201ccollaboration of the more talented, more able, and more industrious with the less talented, less able, and less industrious results in benefits for both.\u201d\u00a0<\/strong><\/p>\n

Specialization of this kind is important, but it must be complemented by free trade and market signals. These additional conditions are necessary for the members of society to enjoy the fruits of the division of labor \u2013 free trade so that people can have access to the results of specialized production and money prices which provide signals and incentives for individuals to choose their most efficient task. This is vital, as it is precisely these signals which ensure that the division of labor serves human ends. This applies to households, communities, national economies, and the global market.<\/p>\n

Lecture 5 \u2013 Money by Lucas Engelhardt<\/strong><\/span><\/p>\n

Lucas Engelhardt is a gifted and extemporaneous speaker, which made him enjoyable to listen to and learn from but difficult to take notes on.<\/p>\n

The Barter System<\/span><\/p>\n

The double coincidence of wants. \u201cIn order for me to trade, someone else has to have what I want and I have to have what someone else wants.\u201d Unfortunately for Engelhardt, he\u2019s only got economics knowledge\u00a0to offer, and if he wants food, he\u2019d have to find a farmer that wants to learn economics. That\u2019s the barter system. Money solves this problem. Engelhardt doesn\u2019t have to search for a farmer who\u2019s looking for an economics lecture. He can pay for food in a commonly accepted medium of exchange, which the farmer can then in turn buy something other than a course in economics.<\/p>\n

The Characteristics of Money
\n<\/span><\/p>\n

\u2192 Store of value \u2013 it keeps its value reasonably well
\n\u2192 Unit of account \u2013 we use money to calculate profit and loss
\n\u2192 Portability \u2013 this means having a high value for its weight and bulk
\n\u2192 Divisible \u2013 a cat would make a very poor medium of exchange
\n\u2192\u00a0Fungibility \u2013 the individual money units are capable of substitution \u2013 an ounce of gold is equal to any other ounce of gold<\/p>\n

Big Idea: Money Isn\u2019t Different From Other Goods<\/span><\/p>\n

\u2192 The value of money is determined by supply and demand. Increasing the supply of money will lower the value. Decreasing the supply of money will increase its value. Basic supply and demand reasoning is useful in understanding money.
\n\u2192 Money emerged on the market not simply because people were willing to accept it\u00a0in exhange but because it had a use value which others found desirable. In other words, gold has an outside use other than as a medium of exchange. Paper money lacks this characteristic.
\n\u2192 Increasing the general supply of money in an economy does not benefit the economy as a whole. This creates additional demand, inflated prices, and erodes savings. However, increasing the amount of money in an economy does benefit the institutions at the entry point of that new money over and against everyone else.<\/p>\n

Lecture 6 \u2013 Austrian Capital Theory by Roger Garrison<\/strong><\/span><\/p>\n

Roger Garrison\u2019s lectures on capital theory and the Austrian Business Cycle are second to none \u2013 they\u2019re also deeply dependent on his PowerPoint graphics. If you want to understand the Austrian-Hayekian critique of Keynes\u2019s macroeconomics, there\u2019s no one better than Garrison and his brilliant PowerPoints. Here\u2019s\u00a0a post<\/a> from last year about Garrison and his \u201ccapital-based macro,\u201d complete with a link to one of his presentations. It\u2019s especially helpful in understanding what causes economic booms and busts like the Roaring 20s and the Crash of 1929. Today\u2019s\u00a0lecture, however, wasn\u2019t quite what I expected. He was critical of Frank Knight and Milton Friedman and their writings on capital theory, but he didn\u2019t get into the Austrian theory until about half-way through the session. I did get a chuckle at how Garrison took Knight to task on his incessant use of quotation marks around words like \u201cpermanent\u201d and \u201conly,\u201d which Garrison interpreted as, \u201cI\u2019m going to go ahead and say this and I hope you\u2019ll let me get away with it.\u201d<\/p>\n

The Hayekian Triangle*
\n<\/span>
*\n<\/p>\n

\u2192These are the bare bones essentials to Austrian Capital Theory.*
\n\u2192 Consumable output is produced by a sequence of stages of production over time. Of course, the actual economy is infinitely more complex than this.
\n\u2192 The shape of the structure of production is determined by the rate of savings.
\n\u2192 More savings means less consumer consumption and more resources committed to the left side of the triangle which brings production plans into alignment with consumer preferences.
*\n\u2192 Less savings means more consumer consumption and more resources committed to the right side of the triangle, which means fewer resources for long-term production plans. This brings production plans\u00a0into alignment with consumer preferences. Garrison illustrates this in an wonderfully animated display, which is available in the link above.<\/p>\n

\u00a0<\/p>\n<\/body><\/html>\n","protected":false},"excerpt":{"rendered":"

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