Economics 101

The strength of Austrian based (Free Market) Economics

One could say that economics is the father of business, seeing as though economics is concerned with business efficiency. Unlike other social sciences, economics is concerned with axiomatic principles, specifically a priori principles.

An a priori principle is independent of experience, and hence the ability to arrive at a solution is pragmatic, and logical. For instance, an a priori principle or fact would be that all circles are round. This is a fact that does not need testing.

The power and strength of a priori principles is the fact that anyone can arrive at the solution or pinnacle, given correct logic and reason are used. This principle (a priori), which economics uses, separates it from all other social sciences.

As a result of a priori knowledge, subjectivism (which is sweeping our universities), is crushed and destroyed, since experience, and hence subjectivism has no basis and room in the economic equation. When there is only one door/ road to arrive at a given destination, all other paths seem and are illogical.


Nathaniel H.

Economics Instructor

10+ hours
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