Lesson #069 - Austrian Economics In Pictures – Corollary
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In the previous lesson, we have described the goal of Austrian Economics. To achieve this objective we first showed you how other Political Theories work and why they fail. We have also showed you why Austrian Economics is superior to all of them. Now, we are going to substantiate its corollary: any Political Theory that attempts to force an economic distribution into a different shape or position will fail.
The…
Lesson #068 - Austrian Economics In Pictures - Part 5
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A NEW BEGINNING
This is the end…for political theories
In previous parts, we have described the theoretical intentions of the entire range of political theories: the left, the centre and the right.
Using statistics we have shown how the standards of living are supposed to change (for the better), under those theories.
We have also shown the real-life consequences of applying those theories. The consequences are invariable negative; much less…
Lesson #067 - Austrian Economics In Pictures - Part 4
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Right Politics
This type of politics is quite difficult to summarize because there are so many different types of “right”. Some are so right that they are actually left.
For example, Hitler’s National Socialism was actually… well… economic socialism. All enterprises (with the exception of the ultra-rich) were under state control. Towards the beginning of WWII, there was total freeze of prices and wages coupled with rampant inflation. As such,…
Lesson #066 - Austrian Economics In Pictures - Part 3
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Left Politics
We are all vaguely familiar with the concept of “social” governments or “left” governments or “communist” governments. We all have some idea that they increase taxes and spending. However, beyond that, we don’t really understand their economic view. Never fear. We are here to give you a taste of it.
Left-Politics Intended Effect
In general terms, the most extreme left political theory (communism) dictates that the “capital”…
Lesson #065 - Austrian Economics In Pictures - Part 2
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POLITICAL THEORIES TO THE RESCUE
It’s only natural
In the previous part, we have seen how the shape of the bell curve remains more or less unchanged when we move from Poor to Average to Rich countries.
This fact did not escape political theorists; humans as they are, they decided to do something about it. It is only natural.
What politicians decided to do is to change the shape of…
Lesson #064 - Austrian Economics In Pictures - Part 1
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We are Absolute Austro-Libertarians, but so far, we have been focusing on the Libertarian part of our beliefs. Now it is time to focus on the Austrian part of things.
Your regular questions about Austrian Economics can be answered in Wikipedia Austrian School. This is not why we are here.
In future lessons we will expand on the principles of Austrian economics in more detail. However, for now, we would…
Lesson #063 - We All Began As Something Else
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Many of our detractors instantaneously believe that we have always been like this: sell-outs. They have faith in our irrevocable belief in a twisted and enslaving system. Because of this, we have no redeeming qualities. We should be destroyed. Period. Or so they say.
The problem with this point of view, is that it is pathetically incorrect. Almost every Austro-Libertarian and all Absolute Austro-Libertarians that we know of, began as…
Lesson #062 - Contracts Are The Key To Coexistence - Part 8
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CONTRACT THEORY
There are many theories about contracts. They try to answer many questions, from logistical (how should they work) to critical (why should they work). However, the most important one is this: why should contracts be enforced?
There are several answers depending of which theory you ask. Namely:
- Because there are economic benefits in enforcing bargains.
- Because promises must be enforced.
- Because you must pay damages if you do…
Lesson #061- Contracts Are The Key To Coexistence - Part 7
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REMEDIES
In this section, we are going to take a look at what kind of remedies can be applied in the event of a contract breach. We are also going to take a look at how would this be done from an Absolute Austro-Libertarian point of view.
Restitution and Compensation
In legal terms, restitution is the law of gains-based recovery. Compensation is the law of loss-based recovery.
There are many…
