Will Austrian Economics Just Be Called Economics?

Austrian economics is the name that emphasizes the time and place when subjectivism regained focus and classical liberalism regained recognition.

Within subjectivism there is only one kind of economics and within classical liberalism there is only one kind of economics in the sense that there is recognition that all human action is subjective and there is no moral authority for any intervention into the economy.

In this sense I agree wholeheartedly with you and with Peter Schiff. Where I differ is because of the difference between carrying old baggage forward versus discarding the old bags. For instance, are we to assume that these marvelously intelligent and spiritually perceptive creatures (humans) will merely accept carrying forward a obsolete understanding of the concept of equilibrium, as if it exists but no one is allowed to try to understand it further? The answer is no!

Whether the name used in the future is "economics" or "divine economy theory" is not important (because both are ancient concepts and have parallel origins) but the concepts elucidated in the divine economy theory will definitely be a part of this scientific discipline.


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