The explanation of Austrian economics seemed half-baked to me, and I don't think Katie transmitted how ill-considered these guys are by most everyone else in economics -- even hardcore libertarians such as Bryan Caplan are not that much into them (https://econfaculty.gmu.edu/bcaplan/whyaust.htm). "People respond to incentives" is accepte…
The explanation of Austrian economics seemed half-baked to me, and I don't think Katie transmitted how ill-considered these guys are by most everyone else in economics -- even hardcore libertarians such as Bryan Caplan are not that much into them (https://econfaculty.gmu.edu/bcaplan/whyaust.htm). "People respond to incentives" is accepted by pretty much every serious economist I know of -- and, far from necessarily resulting in radical libertarianism, can be the basis for suggesting that government should align incentives in certain ways to improve both private and social outcomes (the whole "nudge" vibe of behavioral economists such as Richard Thaler).
The explanation of Austrian economics seemed half-baked to me, and I don't think Katie transmitted how ill-considered these guys are by most everyone else in economics -- even hardcore libertarians such as Bryan Caplan are not that much into them (https://econfaculty.gmu.edu/bcaplan/whyaust.htm). "People respond to incentives" is accepted by pretty much every serious economist I know of -- and, far from necessarily resulting in radical libertarianism, can be the basis for suggesting that government should align incentives in certain ways to improve both private and social outcomes (the whole "nudge" vibe of behavioral economists such as Richard Thaler).
If you are looking for a succinct description of the entire field of economics it is "individuals respond to incentives."
I was disappointed in J/Ks lack of prep in discussing the topic.