Here are Peter J. Boettke's, a professor at George Mason University, 10 main propositions about economics, which he divides into three categories, that so-called Austrians believe in:
The Science of Economics
Proposition 1: Only individuals choose
Proposition 2: The study of the market order is fundamentally about exchange behavior and the institutions within which exchanges take place
Proposition 3: The “facts” of the social sciences are what people believe and think
Microeconomics
Proposition 4: Utility and costs are subjective
Proposition 5: The price system economizes on the information that people need to process in making their decisions
Proposition 6: Private property in the means of production is a necessary condition for rational economic calculation
Proposition 7: The competitive market is a process of entrepreneurial discovery
Macroeconomics
Proposition 8: Money is nonneutral
Proposition 9: The capital structure consists of heterogeneous goods that have multispecific uses that must be aligned
Proposition 10: Social institutions often are the result of human action, but not of human design
For a description of each proposition read his article here.
The Science of Economics
Proposition 1: Only individuals choose
Proposition 2: The study of the market order is fundamentally about exchange behavior and the institutions within which exchanges take place
Proposition 3: The “facts” of the social sciences are what people believe and think
Microeconomics
Proposition 4: Utility and costs are subjective
Proposition 5: The price system economizes on the information that people need to process in making their decisions
Proposition 6: Private property in the means of production is a necessary condition for rational economic calculation
Proposition 7: The competitive market is a process of entrepreneurial discovery
Macroeconomics
Proposition 8: Money is nonneutral
Proposition 9: The capital structure consists of heterogeneous goods that have multispecific uses that must be aligned
Proposition 10: Social institutions often are the result of human action, but not of human design
For a description of each proposition read his article here.
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