Game of Theories: The Austrians
Acton Institute Powerblog

Game of Theories: The Austrians

Note: This is post #116 in a weekly video series on basic economics.

The Austrian school of economic thought emphasizes market price signals and how they communicate decentralized information in an economy, says economist Tyler Cowen. The Austrian business cycle theory focuses on how central banks can distort those price signals.

In this video by Marginal Revolution University, Cowen notes that while Austrians can helpfully explain some features of booms and busts, it remains to be seen whether it can be a more fundamental explanation.

(If you find the pace of the videos too slow, I’d recommend watching them at 1.5 to 2 times the speed. You can adjust the speed at which the video plays by clicking on “Settings” (the gear symbol) and changing “Speed” from normal to 1.25, 1.5 or 2.)

Click here to see other videos in the Introduction to Economics series.

Joe Carter

Joe Carter is a Senior Editor at the Acton Institute. Joe also serves as an editor at the The Gospel Coalition, a communications specialist for the Ethics and Religious Liberty Commission of the Southern Baptist Convention, and as an adjunct professor of journalism at Patrick Henry College. He is the editor of the NIV Lifehacks Bible and co-author of How to Argue like Jesus: Learning Persuasion from History's Greatest Communicator (Crossway).