Economic theory and social policy

The methodology of natural science enables us, under defined conditions, to analyze, predict or describe the behavior of rockets, equilibrium conditions or the nature of stone. This is not, however, possible in the social sciences. Values, markets or competition are always the result of human action but not of human design. They are created by the spontaneous and voluntary interaction of numerous individuals having different sets of values, needs and intentions. On account of the constantly changing matrix of time and space, the variance of human action becomes unlimited, and therefore prevents us from making exact predictions or defining empirically verifiable laws.

Do our political ideologies take into account this interpretation of economic science? Is there a so-called “third way” between capitalism and socialism?

In this sequence we go beyond an insight into the contents and comprehension of established social institutions such as liberty, morality or private property; here we compare and contrast clear alternatives to the dominant system of economic theory and social policy. The participants are required to take up positions and defend them with logical arguments.

Find detailed information on our course in Austrian Economics here»