PETER SCHIFF

PETER SCHIFF

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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Peter Schiff is a well-known commentator appearing regularly on CNBC, TechTicker and FoxNews. He is often referred to as "Doctor Doom" because of his bearish outlook on the economy and the U.S. Dollar in particular. Peter was one of the first from within the professional investment field to call the housing market a bubble. Peter has written a book called "Crash Proof" and a follow-on called "The Little Book of Bull Moves in Bear Markets". He is the President of EuroPacific Capital, which is a brokerage specializing in finding dividend-yielding, value-based foreign stocks.