[thinkdifferent]

Everybody is suggesting some Austrian Economics books. I don't think it's a good idea to start with something which is not mainstream in the academic world.

I've read something about austrian economic, and it sounded good to me, but I know it's so easy to foolish a layman in any field with almost anything.

If most academics today at top univesities and most nobel prize are not followers of the austrian school there may be good reasons.

Better to start with the current state of the art and then read about less popular schools.

[hga]

Popular in academia doesn't mean right, and at least one Austrian (Hayek) won the Nobel Memorial Prize in Economics; note that it's not a real Nobel and the committee's notorious practice of giving the award to so many people with radically and incompatibly different theories shows it's poor guidance about the truth (see http://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economi... for a start).

The Austrians deserve respect if for no other reason being one of the "last men standing". The stagflation of the '70s should have put a stake in the heart of the neo-Keynesians, but the lure of "borrow, spend (and then get reelected)" is obviously too strong for most politicians (Keynes' advice that you pay back the borrowing in good items was at best naive, although upon rare occasion it has been followed).

Paying much attention to the officially popular in academia after watching the last 3 years of failure of their nostrums (and two decades in Japan) just doesn't strike me as a good use of the time of a beginner. Better to study a school like the Austrians that hasn't been falsified by the real world multiple times.

[amh]

I find your comment ironic given your username.

At one time, bloodletting was mainstream in the medical world.

[thinkdifferent]

:)

Yes, it's quite ironic. I'm not saying Austrian Economics is wrong, I don't know enough to make such a claim.

I'm just saying that for a complete beginner it's better to start with what is believed to be correct by most professionals in the field.

Then of course it's great to study Austrian Economics.

I think that starting with the general consensus among professionals is the way to go in any subject. I know economics is heavily politcs influenced and politics can trump over truth, but still...

To think different first you have to know mainstream and if you see something wrong in it you can criticize.

Otherwise is just ignorance.