Economics Without Equations: The Austrian School
August 21, 2025
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10:10Now PlayingEconomics Without Equations: The Austrian School
YouTube Description
as posted by the channelIn Round 2 of Wrestling with Economics, Matt Kibbe and Knox County Mayor—and former WWE legend—Glenn Jacobs explore the origins of the Austrian School and the groundbreaking work of its founder, Carl Menger. Menger cracked a puzzle that had stumped thinkers from Adam Smith to Karl Marx: value isn’t intrinsic to objects, but subjective—shaped by individual perception. This insight explained why diamonds cost more than water, even though one is a frivolous luxury and the other a necessity to life. By understanding subjective value, the Austrian School places people and their choices as the primary drivers of any economy.
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