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Economics: The Austrian School vs. The Chicago School

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No, it’s labor controls the means of production, vs the parasitic rentiers seeking parasitic rents from labor brKnow the difference
Comment from : @leifmag7

Good summary
Comment from : @jacksonfilm

Great video Fell in love with economics in undergrad after reading "Basic Economics" and "Economic Facts and Fallacies" by Thomas Sowell of the Chicago School and was introduced to the Austrian school when I read The Fatal Conceit, The Road to Serfdom, and "Human Action" when getting my MBA
Comment from : @ProductiveMindSolutions

You are confusing Marxism and Lennonism Marx advocated for Workers to own and control the means of production So much ignorance about Marxism
Comment from : @KevinPeterson506

Outstanding!!! Thank you
Comment from : @michaelm358

Honestly, Austrian school is just economics without the autism Humans have emotions and don't always make the theoretically perfect decision? Wow!brbrThis isn't to denigrate the Austrian school at all I love listening to their proponents: Tom Woods, Dave Smith, Robert Murray, Robert Breedlove, etcbrbrAnd of course, any school of economics advocating for fiat currency is inherently doomed to fail and unintentionally anti-human, anti-equality
Comment from : @VeritatisQ

the beauty of this is that you can take the best of both and have an extremely coherent ideology and philosofy of life
Comment from : @SaintBozothe3rd

Government and industry hire people just to lie with statistics The religious belief in the value of statistics always amazes me
Comment from : @erichstocker8358

Tuber sounds pretty ignorant of history
Comment from : @SigFigNewton

The Federal Reserve is the culprit behind the Boom and Bust cyclesbrEND THE FED
Comment from : @angusm9419

You can safely forget any statement after the phrase "A lot of people know instinctively"brBoth theories just serve as ideolohical justifications based on illusional and iften debunked unrealistic assumptions Neoliberalism failed and its application is destroying the west
Comment from : @opensky6580

How retarded I am a game theorist Not an ideologue like the idiots presented here These guys have been rendered obsolete by modern economists who win Nobel prizes here and now The economy is a big game of prisoner's dilemma with 7 billion participants Individuals pursuing their own interests do not necessarily produce the best outcomes That is called tragedy of the commons If you don't understand that, shut up about economics because you are an ignoramus Watch helplessly while the market destroys all of humanity
Comment from : @JohnWilliams-channel

In both cases: great equations but dystopian realities full of inequalities and dominant exploitation dynamics
Comment from : @FelipeFonsecaIchthys

Great contento but had to leave, the soundtrack is killing me
Comment from : @Chrisjavier2604

The West particularly GOVs&Central Banks choose Keynesian path for obv reasons thats why we got screwed over in 2008 & the incoming Sunami of fake FIAT debt/credit in 2025I mean everything in the inverted pyramid above Gold&Silver is a derative of debt/credit and they literally have comprehension of how many are out there and their valueIts like the Solar System endlessProblem is whilst a few have contrentated wealth at the beheist of QE Wealth Transfer theyve diversified the iou nothings instantaneously into Assets and now the Gilded Age is here again with an Asset Bubble beyond comprehensionAnd we know from history what happened in last GildedAge
Comment from : @Eptor7Gd

I hate mimes, when I saw the mime I decided this was not a serious financial video and stopped watching Also, I hate coffee but just dislike tea
Comment from : @mikepeterson6052

MAGA billionaires will be the American path to serfdom
Comment from : @tombeegeeeye5765

Oooh the phrenology vs astrology debate
Comment from : @jjgdenisrobert

I noticed that when Covid hit, suddenly we were all Keynsians Again brbrChicago and Austrian schools are justifications for greed and self-interest Neoliberalism is dying Finally
Comment from : @frequentlycynical642

Interesting presentation What would be the basis / bases for deciding with which "school" to favor or with which to ally oneself in practice?
Comment from : @BGTuyau

Marxism WAS a major school of economic thought, but that is no longer true 100 years of economic failure from Marxism and please do not be so foolish to declare China is a successful example of marxism CCP are all true capitalist, but sell to the people that they’re communist, what a joke!
Comment from : @jrodriguezquiros

Considering that Austria by that time was the most corrupt, over regulated and over taxed country in Europe with the biggest bureaucracy their "school of economics" is nothing but anti-Marxist utopia
Comment from : @KamilSkalny

Read the transcript! These images are so annoying 🫤
Comment from : @rubentishkoff6971

Marxist economics is about people's control of the economy, not the government
Comment from : @_ata_3

Great post, many thanks
Comment from : @johnward5102

Economists are who we praise when things are doing well When things are not doing well economists blame government leaders
Comment from : @megsman4749

Good video Austrians found and recognised that the pioneers of their fundamentals were in the Salamanca school, Spain, much earlier than Adam Smith theory Centuries earliear (which is not a joke) Mises Institute recognise that in their website though Anglo-Saxon interests usually omitted, like if they invented all the wheels
Comment from : @ivivivir

Austrian here
Comment from : @peterponcedeleon3368

Nice, juxtaposing schools makes it easier to understand👍
Comment from : @1aninterpreter1

Hmmmmmby giving the Good Kid $20 & The Bully $0, his incentive to bully has been doubledbr😮
Comment from : @MartinUToob

Irritating repetitive music couldn't watch halfway
Comment from : @anchorweight957

“Who’s here in 2024?”
Comment from : @Bhiles92

Great explanation! Thank you
Comment from : @Brommear

I don't know which is better but I am sure Keynesian is the worst
Comment from : @noobmaster5434

Austrians really piss me off >:|brbrYou cannot escape them
Comment from : @justjoking5841

When you study Austrian Economics you realize that the Chicago School is full of shit, just by them defending the increase of the M2 you already know they are wrong
Comment from : @superpacocaalado7215

Thanks
Comment from : @Clownlife432

Now do one on Ropke!
Comment from : @movielove

The inclusion of Thomas Sowell as a source should worry everyone
Comment from : @BrickGriff

Damn, you killed this You summarized the basic ideas and concepts and presented them clearly
Comment from : @vahyalakwaga5428

Marxism is Absolute Government Control, the term absolute must be adreessed in order to have a good understanding of Marxism
Comment from : @theblindowl3828

the both sides are from the same region grow little kids
Comment from : @humpreydavy8009

I think that the Chicago School is correct that the money supply can cause inflation but that the Austrian School is correct that expansionary credit can cause recession I think Rationalism is the best approach on theorem but that Empiricism gets the best policy results I'm much more Laize Faire than the Chicago School is and Love Hoppe However Sowell is a great economist in his own right
Comment from : @TatteredBiblePodcast

This path of LIBERAL IDIOCY with no CONTRIBUTION brbrRESEMBLE THE GRASP OF ELITES ON ACADEMY PROGRAMMES
Comment from : @sebastianbalbo1906

Watching the socialists debate the laze fair, when every modern economy i know of has gov intervention Because it works 🍿
Comment from : @coffeemakir1977

Marxism is NOT government control Its workers control Christ anti commies will believe anything except the truth
Comment from : @JohnKobaRuddy

Just like the political schools they are puff and fluffbrbrNone of the "state approved" models will help us
Comment from : @gratefulguy4130

I enjoyed the climate modelling in 1971 in Newsweek proving Paris would be under a Glacier by 2000 I enjoyed the cerveza models proving 500m -1b dead of cervezaa sickness Decide your conclusion twist a few variables and time frames Here's your model Thats why the Austrians are skeptics of modelling
Comment from : @lawLess-fs1qx

Mises the goat
Comment from : @lolmenx4

Also, Karl Marx stated that value is subjective and had a causal realist view of the economy
Comment from : @smallpeople172

3:22
Comment from : @corruptedcalculator703

A significant proportion of those economists activate my early life radar So I would be careful with trusting them
Comment from : @eggsistentialdread

Marxian economics (which is a more correct term for it) is not about "government control" It is simply a critique of capitalism and it shows how it is inherently exploitative It's not necessarily how the economy should run (in my view, the economy must be crushed in its entirety), it's an explanation of how it works under capitalism It should be noted too that Karl Marx was against the state, as all communists have been (I do not care if the stalinist scum weren't, they're irrelevant) According to him, the dictatorship of the proletariat would require a state, or semi-state, as a transitional period between capitalism and communism, but under communism there would exist no state
Comment from : @Aurora-oe2qp

This was an amazing video You managed to keep it very simple to understand Absolutely nailed it
Comment from : @GasLightyear69

One note: Austrians don’t necessarily posit that all value is subjective, just that all economic value is subjective Also, subjective in this sense carries dual connotations of being located in the mind as well as being relative and thus not a hard fact people must obey That being said, Austrians could still posit that some objective value exists in God’s mind (subjective in being localized in a mind but objective in terms of being a hard fact one must obey) To reiterate, the idea is that economic value, which is not applicable to unlimited Being(s) since They don’t have the problem of scarcity, is subjective
Comment from : @danielboone8256

Austrian School is literally sophistic It was true there's be predictable outcomes from specifically policy And that doesn't exist brbrThere is interesting theoretical stuff, like the knowledge problem But it's not really useful for policy, other than don't go far left
Comment from : @msdm83

Nina wit da ninaa
Comment from : @theoheber-percy256

I like to combine both and call myself a classical liberal
Comment from : @Gbizz

why do you have irritating music playing! It could have been a worthwhile video if you can just present facts without manipulating the mood with music
Comment from : @robertgraham5619

For Karl Marx, the State was a problem Marxism is different from what Karl Marx wrote
Comment from : @diogofarias1822

Chicago logicalbrAustrian postmodern brLeft emotional
Comment from : @Tavsan123

Thatcher followed Hayek and Friedman and ruined Britain and destroyed the industrial base of Britain
Comment from : @DipakBose-bq1vv

We put so much focus on systems, and almost no focus on culture A degenerate population will destroy any and all systems
Comment from : @Tonyrg1988

For clarification: Rothbard rejected a priori reasoning, saying once he thinks the human action axiom is a law of reality, not a law of thought, as Mises believed it was the latter But their methodology is the same nevertheless, which is deductive reasoning It's just that Rothbard and Mises disagreed how they gained their knowledge of the methodology and of human actionbrbrMe personally, I'm on team Rothbard Human Action is a posteriori
Comment from : @The_Schizoid_Man

6:34 I never thought I'd hear Mobb Deep during a video essay about the history of economics, but here we are lol
Comment from : @OhRaez

I want an economy that works for people not capital and their wars
Comment from : @waynesmith-h5f

we have corporatism and a war machine this vid is usless
Comment from : @waynesmith-h5f

I know a chap who graduated from the University of Sheffield with a Degree in EconomicsbrI asked him if he had heard of the Austrian School nobrI asked him if he had heard of the Chicago School nobrNot bad for 3 years of university education !!!
Comment from : @zx9mel

Austrian’s don’t enagage empirical analysis? You might want to check out Rothbard’s “America’s Great Depression”
Comment from : @hatter1290

I think the debate on whether or not production value affects price It clesrly does, if something is expensive to make, it will likely be priced highpy Of course if there is little demand, it will pull the price down Doesn't mean production value has no affect It is only ine factor over pricebrI also think empericism is still essential, I would say I agree with a lot of Austrian School thought, but emperical data is very important How can you make claims without such evidence, especially if it's claimed to be right Yes humans are unpredictable, but there are always trends, commonalities among decisions and influences While it may not be relaiable to use to predict, it can be relaiable to certify a claim and theory
Comment from : @silverstar8868

I like Chicago school 😇
Comment from : @ninny65

Empiricism is more convincing to less intelligent people because not very smart people don't understand numbers well (low numeracy), so they can be stymied and flummoxed with people showing charts and numbers and just want line to go up Meanwhile, to understand the strength of a priori reasoning, one also has to have a clear mind capable of logical sequencing, which again, is more difficult the less intelligent you are So the Chicago school will always be better able to convince normies than the Austrian schoolbrbrThe Austrian school isn't for convincing normies The Austrian school is for convincing elites
Comment from : @MidlifeCrisisJoe

Bomb 💣 Bawerk
Comment from : @MateiGruber

Definitely Austrian
Comment from : @skyless7304

If you think Marx supported “full government control” of the economy you should just stop
Comment from : @gg3675

damn this vid is great, seen so manx bad vids that just suck but this is informative and entertaining
Comment from : @schneeengel8292

All economics dont even matter until we get rud of usury
Comment from : @trawsoza2926

There should just be a theory that says gov will act however dominant interests wish it to act based on given circumstances
Comment from : @Analwreckage

For some reason I was recommended this old video of yours, AA
Comment from : @RedactedBrainwaves

🙌🏾 Mobb Deep instrumental brbrDr Sowell 🙌🏾
Comment from : @wordsworth41

Autrian why do these psychos even get a seat at the table
Comment from : @TheLastOilMan

Putting Keynes right next to Marx is very sly manipulation
Comment from : @borginburkes1819

This is probably a great video, but the stretched aspect ratio bothers me so much that I think I'll just listen
Comment from : @LatteLobster

Bitcoin is going to change the world
Comment from : @mchappster3790

If you're watching this video, both schools are worth studying in detail Together they provide more than enough backing to counter any collective ideals
Comment from : @YourBestFriendforToday