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The Foundational Difference Between Austrian Economics and the Mainstream

NOVEMBER 14, 2012 by PAUL CWIK

Filed Under : Austrian Economics

ABOUT

PAUL CWIK

Paul Cwik is a professor of economics at Mount Olive College. He earned a B.A from Hillsdale College, Michigan, an M.A. from Tulane University in Louisiana, and a Ph.D. from Auburn University in Alabama.

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Unfortunately, educating people about phenomena that are counterintuitive, not-so-easy to remember, and suggest our individual lack of human control (for starters) can seem like an uphill battle in the war of ideas. So we sally forth into a kind of wilderness, an economic fairyland. We are myth busters in a world where people crave myths more than reality. Why do they so readily embrace untruth? Primarily because the immediate costs of doing so are so low and the psychic benefits are so high.
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