By Luis Rivera III
Here, Dr. Walter Block goes over the pillars of Austrian Economics and shows how it’s different from other theories. He explains that Austrian Economics is actually a branch of logic while other schools believe in logical positivism – the other schools believe that theories can be tested using empirical research. This is not so for Austrians.
Block also attacks Karl Marx and Adam Smith. Block talks about how Karl Marx and even Adam smith believed in the Labor Theory of Value. He explains that Austrians refute this view. Austrians believe that value is subjective, thus not everyone buys into the theory that the more labor you put into something the more it will be worth to them. Finally, Dr. Block enters the normative studies and touches on intellectual property laws and why they are bogus laws.