• 00:00    |    
    Initial credits
  • 00:06    |    
  • 01:53    |    
    Observations of economic life
  • 02:49    |    
    Understanding economic schools of thought
    • Simple situation
    • Complex situation
    • Disorder situation
    • Order situation
  • 05:39    |    
    The Austrian School of Economics
  • Experimental economics
  • 08:30    |    
    Invisible hand explanation
  • Quote Francis M. Bator
  • 11:47    |    
    Implications of the use and misuse of equilibrium construct in economics
    • Equilibrium theory of the business cycle
    • Imaginary construction idea
    • Market failure
  • 17:30    |    
    The nature of economic argument
  • 20:54    |    
    The years of high theoryn
    • General competitive equilibrium
    • Welfare economics
  • 24:14    |    
    The relevant debate of economics
  • Paul Krugman versus the New Classicals
  • 27:53    |    
    The absence of Friedrich A. Hayek
  • Institutional analysis
  • 31:23    |    
    Maynard Keynes' postulations
  • 32:12    |    
    Modern economics
    • Tools of calibration to test economic theories
    • Economics of governance
  • 37:18    |    
    The wrong economic vision
    • Confusing formalism with rigor
    • Economics without institutions
    • The unholy alliance
  • 37:55    |    
    Question and answer period
    • What about the argument that any theory has to be confirmed in practice and verified with a model?
    • How is the relationship in the schools of thought between Austrian and New Classical economics?
    • What do you think about the role of behavioral economics in modern public choice?
    • What did you mean by pointing out entrepreneurial discovery in the market process?
  • 01:08:18    |    
    Final credits

Where Did Economics Go Wrong? Modern Economics as a Flight from Reality

New Media  | 07 de junio de 2011  | Vistas: 243

Peter Boettke lectures on the basis of economics, the rational choice and the invisible hand explanation, and he presents a matrix for understanding economic schools of thought. He points out Friedrich Hayek's theory to understand the behavior of free markets, tested with experimental economics, emphasizing that the intelligence of the experiment lays in its institutional framing. Furthermore, he talks about the use and misuse of the equilibrium construct. Boettke analyses where economics went wrong and mentions the relevant debate among the ideas of highly acknowledged economists.


Peter Boettke is professor of economics at George Mason University, where…


Nuestra misión es la enseñanza y difusión de los principios éticos, jurídicos y económicos de una sociedad de personas libres y responsables.

Universidad Francisco Marroquín