Placing myself on this “self-imposed task” of studying about Austrian economics is not easily sustained due to unfamiliarity with the field. You will never know what kind of content you will encounter in your search. You also do not know whether your approach is effective or not. As I mentioned in “My First Article,” I intend to approach the subject by knowing first the existing trend of thought towards this economic school before I will proceed to its roots in the past. I expect to meet my first objective by studying first contemporary articles provided by Google Reader Feeds. And the second objective is best achieved by directly going into the primary books written by the pioneers of the Austrian school.

However, during the initial stage in my research, I encounter two difficulties. The first difficulty is related to misleading Feed from Google Reader. One Feed has a title related to Austrian economics, but its contents have nothing to do with the subject, but filled with irrelevant news and product promotion of all kinds. I consider it a waste of time so I unsubscribed from that Feed. I still do not know the number of such irrelevant Feeds among 28 selected Feeds.

The second obstacle I encounter is the difficulty in handling secondary materials. An example of this is the article I found from Liberty Classroom (This site advocates a fight for liberty with relevant knowledge. Its makers refused to accept the conventional history taught in existing academic institution about European and American history that attribute accomplishment to the government and wary about libertarian principles. They are calling for a better understanding of the world. LC is a website promoting the study of Austrian economics), “Killer Summary of Austrian Views of Money, Banking, and the Fed – Delivered in Congressional Testimony!”  At first, I thought the article is an easy read. Though it is very long, its six sub-headings provided me a way to appreciate the whole content and in fact, I was able to rearrange the lesson with three major parts (production test, three claims of fiat money, and the need for monetary reform) focusing on the central theme – Summary of Austrian Ideas of Money. That’s one benefit I received from reading the lesson. Another benefit is connected to the work of Gary North on Mises’ theory of money. This LC article helps me appreciate Dr. North’s work and caused me to consider his summary as my next writing task. Unfortunately, when I attempted to write my own understanding of this LC article, there are questions in my mind that a “Killer Summary” cannot provide sufficient answers. So I changed my mind about my approach in this study (also erased that next task) and instead decided to go directly to primary source.

Carl Menger is the considered reputable founder of the Austrian school of economics. His book, Principles of Economics (1871) is acknowledged as the primary source of the existing core ideas of the Austrian school. It was originally written in German language and was only translated into English after 80 years of existence (p.38).

The book has 330 pages, eight chapters, and a comprehensible outline. Surveying its content, you will easily see that the author is dealing with key economic theories: good, value, exchange, price, commodity, and money. I intend to focus first on “the general theory of the good.”

Grace and peace!

My First Article

Gary North is the Austrian economist and Reformed theologian who introduced to me the Austrian school of economics. He pioneered the idea about Christian economics solidly based on biblical exposition and sharing similar economic principles and practices with the Austrian school. He affirms that the Austrian school  is operating on the basis of what is given in nature.

After reading several books by Gary North, I decided to take a look at the pioneers of the Austrian school: Carl Menger, Ludwig von Mises, Murray Rothbard, and F.A. Hayek. This is an ambitious task for me for I am no economist.

The first thing I did was to proceed to Google Reader and search for articles. Initially, I find three, which I set aside for a while to read later and summarize their contents that I will share in this first article. Then I clicked Google Reader’s “browse for stuff,” clicked “search” and typed “Austrian economists” searching for available feeds. I found a total of 28 feeds with 141 articles. This will be a very exciting task for me to read and write about these existing articles for me “to have a feel” of how Austrian economics is perceived in our time. And after finishing this task, I intend to read the books written by the pioneers themselves.

By the grace of God, I hope to do this in the coming days and it is my prayer that God will grant me the strength to remain focused in this “self-imposed task.” The reason why I am doing this is that I want to really understand what is going on in the present global economy. I know that I can no longer trust the existing media, politics, and the academe. I have to think for myself for most people I know are still living in the “Matrix.”

After listening for several months from the messages of Alex Jones, Edward Griffin, Ron Paul, and Peter Schiff, I came to realize that the world I live in is not the only world. In fact, the real world is very far from the world that is imposed upon us. Unfortunately, those who see better were pushed into the sideline and many have never even heard of their names. But I firmly believe that the time is changing for the Austrian school of economics to gain a hearing. If the present economic crisis will not cause people to find answers for what is going on, things will get worse. But this is for our good, for us to wake up from the Matrix and see the real world. In that world, the Austrian school will be vindicated.

Prayer of Gratitude

Thank you Dear Lord that in your providence you allowed me to encounter Gary North. Thank you for his influence. Thank you also for and other Austrian economists who I came to know through their writings. Thank you also for your word, for the light that comes from it. I also thank you for your Spirit for guiding me, encouraging me, strengthening me, and giving me motivation to pursue this study.

I pray for my friends to forgive them for their pious excuses. I have nothing to boast. It is only by your grace that I now see. Just like you did to me, enable them to also see what is really going on and pursue what is supposed to be done. Let not fear hinder them. Cause us to continually trust in you. Amen!