Unregistered 244: Per Bylund
Unregistered with Thaddeus Russell
00:00
What Does Austrian Economics Cannot Explain?
Austrian economics is based on the assumption that people value things and they act in order to attain certain values. They try to figure out a way to do that, but it's not easy because you're standard of living can't be measured. But if you're looking at doing empirical work as an Austrian, then you can definitely use gross domestic product (GDP), he says. "I think non-Austrian economists would agree with this too."
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