Austrian School

Austrolibertarianism shortened to Austrobert is libertarian, economically laissez-faire, and culturally neutral but usually leaning right, ideology. He is rather simple, he is a form of Libertarianism which is based on Austrian School Economics. It is highly influenced by Menger's Marginal Utility Theory, Mises' Praxeology and Socialist Economic Calculation Problem, the Austrian Business Cycle, etc...

It opposes basically all market regulations, believing that markets follow an auto-regulatory principle which leads to perfect competition and equilibrium prices. It also adds specific aim at monetary theory; opposing state influence in monetary policies; anti-empiricism on economic theory, economic cycles, etc...

It believes that economics studies can't be done by empirical methods due to it being a social science and not a hard science, making precise economic measurements completely impossible and thus economics theory can only be studied based and on a priori knowledge.

This, however, does not mean that it completely rejects empiricism on the area of economics. It makes a distinction between economic theory and economic history, believing that it is perfectly possible to accurately back claims about economic history with empirical evidence.

Tenets
The Austrian-American economist Fritz Machlup has distinguished six general principles which distinguish the methodology of the Austrian school of economics, as well as two additional principles which together with the methodological principles inform the politics of Austrolibertarianism. With the former being: methodological individualism, methodological subjectivism, tastes and preferences, opportunity costs, marginalism and time structure of production and consumption; and the latter being consumer sovereignty and political individualism.

Methodological Individualism
Methodological individualism is the principle that social phenomena are generally to be explained through the actions of individuals instead of groups. According to methodological individualists collectives may only exert influence through the actions of their individual members.

Methodological Subjectivism
Methodological Subjectivism is the principle that economic phenomena are generally to be explained through the subjective judgements made by parties involved.

Tastes and Preferences
Subjective valuations of goods and services determine the demand for them so that their prices are influenced by (actual and potential) consumers.

Opportunity Cost
Opportunity cost is the cost of any activity measured in terms of the value of the next best alternative foregone (that is not chosen). It is the sacrifice related to the second best choice available to someone, or group, who has picked among several mutually exclusive choices.

Opportunity cost is a key concept in mainstream economics and has been described as expressing "the basic relationship between scarcity and choice". The notion of opportunity cost plays a crucial part in ensuring that resources are used efficiently.

Marginalism
Marginalism is an economic theory that states that the value of products and services changes as their relative significance as compared with the total decreases.

In all economic designs, the values, costs, revenues, productivity and so on are determined by the significance of the last unit added to or subtracted from the total.

Time Structure
Decisions to save reflect "time preferences" regarding consumption in the immediate, distant, or indefinite future and investments are made in view of larger outputs expected to be obtained if more time-taking production processes are undertaken.

Consumer Sovereignty
The influence consumers have on the effective demand for goods and services and through the prices which result in free competitive markets, on the production plans of producers and investors, is not merely a hard fact but also an important objective, attainable only by complete avoidance of governmental interference with the markets and of restrictions on the freedom of sellers and buyers to follow their own judgment regarding quantities, qualities and prices of products and services.

Political Individualism
Only when individuals are given full economic freedom will it be possible to secure political and moral freedom. Restrictions on economic freedom lead, sooner or later, to an extension of the coercive activities of the state into the political domain, undermining and eventually destroying the essential individual liberties which the capitalistic societies were able to attain in the 19th century.

How to Draw
Austrobert_flag.svg Austrobert's design is a combination of the Austrian and Gadsden flags
 * 1) Draw a ball,
 * 2) Draw 3 bars, the top and bottom ones red (#EE2436), and the middle one white (#FFFFFF),
 * 3) Draw in black (#141414) a snake,
 * 4) (Optional) Below the snake draw some variation of the words "no step on snek" or "don't tread on me", you can also write "trete nicht" or simply "nein" (meaning "do not step" and "no" in German, respectively).
 * 5) Draw the eyes, and you're done!

Relationships
Austrobert's behavior is based on one of the stereotype of Mises, calling everyone a Socialist (Even Friedmanite-style Libertarians or  even Hayekians.)

Friends

 * [[File:Clib.png]] Classical Liberalism - My greatest influence and the best dad I could ask for.
 * [[File:Hayek.png]] Hayekism - My son and a fellow Austrian.
 * [[File:Paleolib.png]] Paleolibertarianism - Like me, but a bit more traditional.
 * [[File:Ancapf.png]] Anarcho-Capitalism - Rothbardian Ancap, very based indeed.
 * [[File:Libertarian.png]] Libertarianism - He's fun to hang out with, he needs to read some Mises.
 * [[File:Chilib.png]] Chicagoan Libertarianism - We agree on most of the things and want to get to the almost the same results, but we disagree on the way to analyze the economy and some instances of monetary policies.

Frienemies

 * [[File:Hoppef.png]] Hoppeanism - While we agree economically, he is way too extreme on social issues and sometimes gives the school a bad name.
 * [[File:Plcn2.png]] Paleoconservatism - He used to be a cool guy back in the day, but now he's a protectionist that doesn't value free trade, also too statist.
 * [[File:Dengf.png]] Dengism - I love your main personality, although you could get quite annoying sometimes.
 * [[File:Bhl.png]] Bleeding-Heart Libertarianism - He's okay, a bit too progressive and I disagree with some of his neoclassical economic views.
 * [[File:Fash.png]] Fascism - "It cannot be denied that Fascism and similar movements aiming at the establishment of dictatorships are full of the best intentions and that their intervention has, for the moment, saved European civilization. The merit that Fascism has thereby won for itself will live on eternally in history. But though its policy has brought salvation for the moment, it is not of the kind which could promise continued success. Fascism was an emergency makeshift. To view it as something more would be a fatal error."
 * [[File:AusFash.png]] Austrofascism - My fash twin thanks for choosing me as your main economic advisor

Enemies

 * [[File:Austrmarx.png]] Austromarxism - My evil commie twin.
 * [[File:Dsa.png]] Democratic Socialism - He is corrupting modern day politics with this socialist garbage.
 * [[File:Keynes.png]] Keynesianism - I cannot stand him, he doesn't understand simple economics! End the fed.
 * [[File:Nazi.png]] National Socialism - I hate this statist prick, the best Austrian economists are Jews, and he hates us!
 * [[File:ML.png]] Marxism–Leninism - ECP Commie!
 * [[File:Corp.png]] Corporatocracy - Companies being dominant as an ideology is hell. Laissez-faire does not allow this to happen, they're smart and can regulate themselves. I swear, just trust me, guys.
 * [[File: Soc.png]] Socialism [[File: Soc-h.png]] - Age old enemy.
 * [[File:Cybercom.png]] Cybercommunism - AI won't solve the ECP, commie!

Further Information
For overlapping political theory see: Classical Liberalism • Capitalism •  Anarcho-Capitalism •  Libertarianism  •  Hoppeanism •  Paleolibertarianism

Literature

 * Human Action by [[File:Clib.png]] Ludwig Von Mises
 * Economic Calculation Problem in the Socialist Commonwealth by [[File:Clib.png]] Ludwig Von Mises
 * Individualism and the Economic Order by [[File:Hayek.png]] Friedrich August Von Hayek
 * What Has Government Done to Our Money? by [[File:Ancapf.png]] Murray N. Rothbard
 * Capital and Interest by Eugen Von Bohm-Bawerk
 * Principles of Economics by Carl Menger
 * The Forgotten Greatness of Rothbard's Preface to Theory and Historyby George Pickering

Wikipedia

 * Austrian School
 * Category: Austrian School
 * Right-Libertarianism
 * Methodological individualism
 * Austrian business cycle theory
 * Subjective theory of value

Videos

 * Masters of Austrian Economics by The Academic Agent
 * Austrian Econ Basics by Anglo Libertarian
 * Human Action by Fundacja Wolności i Przedsiębiorczości
 * https://youtu.be/lWw1JUQ_1qE

Online Communities

 * r/Austrian_Economics
 * r/NewAustrianSociety
 * Mises Wiki