‘How Can I Have a Career in Austrian Economics?’

I get a very substantial number of inquiries like this:

I’m just finishing my last semester of junior college and as it stands now, I will receive my undergrad in economics. I’m a passionate austro-libertarian but as I have never actually met another like myself, I’m at a loss as to how one would make a career as an Austrian or libertarian. With that being said I’m not sure how committed I am to my degree and I’m looking for advice on possible schools I could look into or career paths I may consider that would put my passion to work.

I never quite know what to say. In general I think it’s a mistake to try to make a career our of being a libertarian. Ah, but Woods, isn’t that what you do? Sort of, yes, but that was never my intention. My own circumstances are extremely unusual and not easy to replicate. If you’re really interested in Austrian economics, then go ahead and become an economist. If you are interested in libertarianism, maybe a better thing to do is make some contribution to society and pursue your libertarian passion as your calling.

I strongly recommend watching this video. It’s too long, you say. Watch it over lunch. You will enjoy it, and you’ll learn something from it.

Anonymous

Ironically, according to Rothbard, economics (the business of professional economists rather than any theory) is increasingly valuable in an increasingly regulated economy but not so valuable in a free market economy. A free market economist understands the futility of grand economic designs and the necessity of decentralized, independent authorities pursuing profit through specialization and trade, but this understanding is little use to statesmen and their subjects.

In a free market, entrepreneurs don’t need economists to explain the benefits of a free market to them. They only need to be left alone, to sink or swim in the pursuit of profitable specialization and trade. Free market economic theory explains why this system is productive, but it can’t tell the entrepreneurs how to specialize and trade profitably.

In a regulated market, regulators don’t employ economists to explain the productivity of free market organization. They instead employ economists to rationalize their regulations and to devise ever more complex regulations, layer upon layer of regulation, each layer addressing the unintended consequences of the layer beneath it. Within the regulated economy, corporate officers in a corporative state employ economists to navigate the increasingly complex regulatory maze, to explain the regulated market, not the unregulated market.

The regulatory state demands more and more professional economists but not economists of the Austrian school, and if Austrian economists somehow manage to reform an economy toward freer specialization and trade, they don’t create more demand for Austrian economists. They only create less demand for economists generally.

So here’s my advice to your reader for what it’s worth. If you really believe Austrian economics, forget about economics as a profession and think about entrepreneurship. You probably know as much Austrian theory as you practically need to know already, and if you want to learn more, you probably won’t learn it in a conventional academy anyway. Read Man, Economy and State, subscribe to Liberty Classroom, listen to EconTalk.

How can you circumvent the regulatory state? As an entrepreneur, how can you offer consumers valuable options despite regulatory interference?
http://twitter.com/LibertyLarge Richard McGuire

I returned for my degree (finishing up undergrad in econ) to build on my skills and to have a degree for any future political ambitions. Sadly, my grammar and math skills are something that have needed work and this will give me an opportunity to build on that.

Look at being an Austrian / Libertarian as a mindset of how you carry yourself in business and in life. My first readings of the Austrian school helped me build a stronger work ethic from understanding the value of my labor and looking at what I can do to bring more value to it. At this time, it was around 2005/06 and I was working as a graveyard Station Engineer in the hospitality industry, so I took advantage of training programs that were available and certification programs to up my game. Within months, new opportunities opened up to me with a better schedule and pay wage, so I applied the Austrian lens to what would work out the best in both the short and long run. So far, so good.

It’s how we carry ourselves and the principles we champion that will make lasting impressions and positive changes to our communities. Many days, I wish I had the knowledge I do today and could of warned friends and family about Adjustable Rate Mortgages and the sales pitches that came along with them. I still meet people who’s lives have been turned upside down by the mortgage bubble… that Paul Krugman called for….I said it!
Mr. M.

I teach HS English but my ‘calling’ has been to expose Austrian / Libertarian ideas to my students. Because I’m passionate about it and provide solid commentary I do pretty well getting the attention of the students, and I teach in the ‘bad’ neighborhood. North, Woods, Charles Burris, and the writings of Sowell and Rothbard have made this happen. I’m content with this arrangement for now, but knowing where job and calling reside makes things easier and more exciting.