Is Austrian Economics Taught in Today’s Government Schools?
As a political figure aiming to support logical thought and learning, funding institutions might seem like a noble pursuit. However, the reality often reveals that government schools, including those in the United States and Australia, often limit their teachings to mainstream economic theories. Austrian Economics, which emphasizes free markets, human decisions, and spontaneous order, is notably absent in the typical curriculum.
Austrian Economics in Public School Curricula
Public school curricula generally adhere to the theories of prominent economists such as John Maynard Keynes and neoclassical economists. These schools often provide a curriculum that supports a structured understanding of central planning and government intervention. Austrian Economics, with its focus on the inherent dynamics of market processes, spontaneous order, and the role of individual and collective decision-making, often falls outside the scope of their traditional teachings.
Diversity in Economic Education
Austrian Economics can still be studied and taught in specialized institutions, universities, and colleges that prioritize a particular economic philosophy or academic freedom. For example, some private or independent institutions might offer courses or programs that delve into Austrian Economics. However, the widespread adoption of these theories in public school curricula is less common.
Potential Obstacles and Misconceptions
The less frequent inclusion of Austrian Economics in public school curricula can be attributed to several factors. One common misconception is the association of Austrians with skeptical views about central banks and monetary systems, which some may see as overly theoretical or impractical. Another misconception is the idea of 'mal-investment,' a critical Austrian concept, which can be difficult to explain without a detailed understanding of market dynamics.
Illustrative Example: The Twenty Dollar Bill Paradox
The parable of the two Austrian Economics professors walking down the street, spotting a $20 bill on the sidewalk, and one stopping the other from picking it up due to a belief that it would have already been picked up if it were real, illustrates a key Austrian economic principle. This example demonstrates how Austrian economists often emphasize the importance of market feedback mechanisms and the self-correcting nature of the economy. However, such unconventional and counterintuitive ideas are not typically found in standard public school curricula.
Conclusion
Given the focus on mainstream economic theories in government schools, Austrian Economics remains largely untaught or inadequately covered. This absence is more pronounced in public or publicly funded schools, where the primary goal is often to support central planning and government intervention over market-based solutions. However, there is an opportunity for educators and institutions to explore a broader range of economic theories, including Austrian Economics, to provide a more comprehensive understanding of economic principles.
Additional Resources
To learn more about Austrian Economics, consider exploring the works of prominent Austrian economists such as Carl Menger, Ludwig von Mises, and Friedrich Hayek. Universities and independent institutions often offer courses or resources that can deepen your understanding of this alternative approach to economics.