Friday Video: Peter Klein on the Practicality of #AustrianEconomics

Things that came to mind –

  1. Klein addresses the “practicality” issue so common among critics of the Austrian school. The lives of the early Austrian economists show that they weren’t academics locked up in ivory towers, but business men trying to understand the problems of their day.
  2. His contrast between the push for a “more relevant” curriculum with engaging the actual economists. If I remember correctly, the first charter school I went to used living books (point 13) to engage us. At the second charter school, all but one of my classes used textbooks – which always water down the genius and enthusiasm of the great minds.
  3. The importance of theory. As Immanuel Kant wrote in The Critique of Pure Reason, “Thoughts without content are empty, intuitions without concepts are blind” (A51/B75).
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