Austrian School

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Austrolibertarianism shortened to Austrobert is libertarian, economically laissez-faire, and culturally variable but usually leaning right. He is rather simple, Libertarianism which is based on 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...

It opposes basically all market regulations, believing that markets follow an auto-regulatory principle which leads to perfect competition and equilibrium prices. It also adds specific aim at monetary theory; opposing state influence in monetary policies; anti-empiricism on economic theory, economic cycles, etc...

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 based and on a priori knowledge.

This, however, does not mean that it completely rejects 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.

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 inform 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 Individualism

Methodological individualism is the principle that social phenomena are generally to be explained through the actions of individuals, instead of groups. 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 others.

Methodological Subjectivism

Methodological Subjectivism is the principle that economic phenomena are generally to be explained through the subjective judgements made by parties involved.

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 products and services changes as their relative significance as compared with the total decreases.

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.

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 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

How to Draw

Flag of Austrian School

Austrobert's design is a combination of the Austrian and Gadsden flags

  1. Draw a ball,
  2. Draw 3 bars, the top and bottom ones red (#EE2436), and the middle one white (#FFFFFF),
  3. Draw in black (#141414) a snake,
  4. (Optional) Below the snake draw some variation of the words "no step on snek" or "don't tread on me", you can also write "trete nicht" or simply "nein" (meaning "do not step" and "no" in German, respectively).
  5. Draw the eyes, and you're done!
Color Name HEX RGB
Red #EE2436 238, 36, 54
White #FFFFFF 255, 255, 255
Black #141414 20, 20, 20


Relationships

Austrobert's behavior is based on one of the stereotype of Mises, calling everyone a Socialist (Even Friedmanite-style Libertarians or even Hayekians.)

Friends

Frienemies

  • Paleoconservatism - He used to be a cool guy back in the day, but now he's a protectionist that doesn't value free trade, also too statist.
  • Dengism - I love your main personality, although you could get quite annoying sometimes.
  • Bleeding-Heart Libertarianism - He's okay, a bit too progressive and I disagree with some of his neoclassical economic views.
  • Fascism - "It cannot be denied that Fascism and similar movements aiming at the establishment of dictatorships are full of the best intentions and that their intervention has, for the moment, saved European civilization. The merit that Fascism has thereby won for itself will live on eternally in history. But though its policy has brought salvation for the moment, it is not of the kind which could promise continued success. Fascism was an emergency makeshift. To view it as something more would be a fatal error."
  • Austrofascism - My fash twin thanks for choosing me as your main economic advisor
  • Social Capitalism and Ordo-Liberalism- Freiburg school,capitalists but welfarists.
  • National Capitalism - My beloved son, loves laissez-faire economy. BUT WHY WOULD HATE THE JEWS? JEWS ARE THE BEST AUSTRIAN ECONOMIST!
  • Reactionary Liberalism - Erik Von Kuehnelt-Leddinh,Vilfredo Pareto and Roman Rybarski are based though you take too much steroids[2].

Enemies

  • Austromarxism - My evil commie twin.
  • Democratic Socialism - He is corrupting modern day politics with this socialist garbage.
  • Keynesianism - I cannot stand him, he doesn't understand simple economics! End the fed.
  • National Socialism - I hate this statist prick, the best Austrian economists are Jews, and he hates us!
  • Marxism–Leninism - ECP Commie!
  • Corporatocracy - Companies being dominant as an ideology is hell. Laissez-faire does not allow this to happen, they're smart and can regulate themselves. I swear, just trust me, guys.
  • File:Soc.png Socialism - Age old enemy. STOP CALLING ME A MISESTARD!!!
  • Cybercommunism - AI won't solve the ECP, commie!

Further Information

For overlapping political theory see:

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

Literature

Wikipedia

Videos

Online Communities

References

  1. ↑ Ludwig von Mises: A Scholar Who Would not Compromise by Fritz Machlup
  2. ↑ https://www.natlib.fr/

Gallery

Template:Libright Template:Libertarian Template:Caps <comments />

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