Sunday, June 26, 2011

The Austrian School of Economics by Max Keiser & Sandeep Jaitly

Max Keiser discusses the Austrian School of Economics with Sandeep Jaitly, an investment adviser and lecturer in Mengerian economics.
" The Austrian School is the school of Carl Menger , now Ludwig von Mises we all heard of he was a second generation student of Carl Menger , but Carl Menger was the founder of the Austrian school , and he founded it on only one axiom , and that axiom is that value does not exist outside of mankind consciousness , so basically all other form of economics classical neo classical ascribe value to something else other than the human mind , this concept gave birth to marginal utility which I am sure many people are familiar with it's the border use of something that determines its value , the economics of border use is the Austrian school " says Sandeep Jaitly "
"Max I am a mathematician and it has taken me quite a while to realize that all of the equations in neoclassical economics are rubbish , the differential equations describe nothing , Economics is not about mathematics, it is about the human being , Math is just a language if you have no philosophy it is useless and they have no philosophy " he added

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