Tuesday, October 16, 2007

Austrian Economics

The link here points to a .pdf document that introduces the science of Austrian Economics. In some interviews, presidential contender Ron Paul has expressed preference for the Austrian economic model.

Here's the article: Understanding Austrian Economics

In a nutshell value is what two people agree upon at the moment of trade.

Another thing I found interesting is that no-one invented money. It began as a traded commodity and over time emerged as the medium of choice.

The language is somewhat academic, but not out of reach. It serves as a guide for understanding a model for free markets.

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