Last night, 9.30.09, over a hundred students met at Florida State University for a standing room only, “Introduction to Austrian Economics” lecture hosted by the College Libertarians, Young Americans for Liberty, and the Institute for Conservative Studies.
Speaking at the event was the Seminoles’ own Dr. Randall Holcombe, a DeVoe Moore Professor of Economics. Dr. Holcombe is an Adjunct Scholar at the Mises Institute; a Senior Fellow at the James Madison Institute; has authored twelve books; and has served as President of the Society for the Development of Austrian Economics.
His knowledge served him well as he answered skeptics and statists quickly and sufficiently on the principles of Austrian Economics, limited government, and freedom. Granted, a two hour lecture on the Austrian school is like eating a sample spoon from Baskin Robbins when you crave all 31 flavors, however students of various majors, ethnic groups, and political ideologies got a little taste of what Austrian Economics is all about, from the foundations of Ludwig von Mises and Friedrich Hayek to the practicality of privatized roads.
When asked why Austrian economics is relevant to today, Dr. Holcombe said that the Austrian School is the only theory that properly addresses the size of government and its ability to allocate resources. He also discussed Austrian theories’ application to macroeconomics, i.e. market signals, role of prices, manipulation of money supply, interest rates, and faulty signals, which directly relate to the economic crisis of today.
After all, it was the Austrians who predicted the worst economic crashes of our time.Published in