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Featuring Joseph Calandro, Kevin Duffy, Marc Faber, Robert Murphy, Thorsten Polleit, Lew Rockwell and Frederick Sheehan. Emceed by Jeff Scott. Recorded at The Mises Circle in Manhattan, on May 22nd, 2010. [36:40]

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Ron Paul deserves a high place in the history of liberty for being the only seriously principled statesman to serve in the U.S. House of Representatives in the last quarter of the twentieth century. It should ne no surprise to discover that Ludwig von Mises had a huge impact on Congressman Paul's view of statesmanship. This essay is a moving tribut…

The term Austrian will include people like Shumpeter and Morgenstern. Competition is seen as a state of affairs of perfect knowledge and equilibrium by mainstream economists. This fails to provide explanations as to how those market prices have been achieved. Austrians do not rely on the theory of perfect competition. Each individual reacts to the …

Biographical remarks about Lachmann (1906-1990). Then, Lachmann describes Austrian economics as being subjectivism (individual human action), a certain attitude to time (the future is unknowable), and a distrust of macroeconomic entities (they exist, but Austrians look at macro as mechanistic). Lachmann recommends Menger, Jevons and Walras De-homog…

Was George Stigler sympathetic to the Austrian school? Lachmann doesn’t think so because Stigler was a favorite student of Knight. Austrians should have dealt with Keynes, instead they quarreled with Knight. What policies do Austrians pursue? Those that favor the market. Is Milton Friedman an Austrian? Austrians agree with whatever Friedman says ab…

A full-employment policy produces unemployment. Keynesian economics became the dominant theory wherein inflation was endorsed as a method of increasing aggregate demand which should boost employment. Hayek opposed this expansionist policy of Keynes. Inflation misdirects labor and distorts prices. Halting inflation produces unemployment. Hayek would…