Economics Matters

Because the world is ruled by little else

Austro what?

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Man’s first frown is the first touch of God upon his forehead – Ayn Rand

You must have had a lot of questions when you were young right? The most disturbing question of course is where do babies come from? I still do not remember how I found the answer to that question. We have a lot of harmless questions too.  Why is the sea blue while the water in our tank is not?  What are the stars doing in the sky up there. Well honestly I don’t remember if I had these questions. They just sound good. But there is one question I know I had for sure. People always complain about not having money. Why can’t we just print more money and give it to the poor people? I distinctly remember a friend asking me this question and me thinking about this for a few days. I tried asking a few adults. No one seemed to know the answer. The blank reply I got was not the same that one gets when you ask uncomfortable questions like those about sex. Here the adults were genuinely at a loss of words. Maybe they really didn’t have a good answer. Everyone seemed to talk about money. But no one actually understood what it was. Do you have an answer to that question? Do you understand money? Can you explain the prosperity and poverty around you without blabbering that rich get richer and poor get poorer?
Well not me either. But atleast I am trying. And the search for the answer has taken me to a variety of places. I was initially a mis-guided Communist, then mellowed down to a Socialist. Then one fine day I finally realised what a disgusting rat those left-wing ideas had made me. I was genuinely repulsed by anything ideological. I just convinced myself that the world cannot be explained, and the people who try to do so end up creating monstrous ideas like Socialism and destroy our happiness. Well I was partly right. It was then that I was introduced to the Austrian school of economics. Here was a school of thought that consistently explained all human actions. It did not attempt to predict the world or prescribe a one-size fits all solution like other doctrines did. Austrians believed in just one word – Freedom. They understood that liberty was the most essential need for a human being. And since their entire body of economics was based on this, they could easily explain all the events that have puzzled so many other schools of thought. Thus though Austrians formally say they don’t believe in predictions, the few predictions they made have always turned out to be right. Can you believe that they predicted the depression we are in now, as far back as in the forties?
Anyone who wishes to understand the world around him should familiarise himself with the Austrian school of economics. It is not just a school of economics, it is a way of life. A way that believes in freedom for oneself and for others. One that considers property rights as sacred. One that says no to coercion. In short it is a thought process that every civilized person should acquaint himself with. This blog is a small step in that direction. I will attempt to provide an Austrian explanation, in other words a common sense explanation of the events around us. I will try to be as civil as possible. Comments are welcome.

As a final note, the blog is serious in nature, I am not. I will never let a difference of opinion spoil a good friendship.  So do not judge me please.

Written by Surya

June 22, 2010 at 11:17 am

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