What is “Austrian economics”? Let’s break it down:
Economics: “A social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services.” Ooo-eee! That’s gotta be a page-turner! Thank you, Merriam-Webster.
Austrian economics: “A school of economic thought that is based on methodological individualism.” Gads! But thank you, Wikipedia.
I never studied economics in college. And I’m pretty sure I didn’t take economics in high school either. Or if I did, I slept through it.
But “Austrian Economics” is a phrase you hear from time to time—even if it’s said in code, like what Ron Paul said following the 2012 Iowa presidential primary. “I’m waiting for the day when we can say, ‘We’re all Austrians now!’”
My introduction to the late Nelson Nash and the Infinite Banking Concept® was a major turning point in my life.
Up until then, I was a business-building consultant to financial advisors. The advisors I coached were always bringing financial products and strategies to my attention, and over the last 25 years, I’ve investigated more than 450 of them.
Unfortunately, most turned out not to be worth the paper they were printed on.