Historic Event (AES 18-21 August)
(LSS Delhi 2004, College of Business Studies, Delhi,
This is to state that 18-21 August I was part
of a historic event. It is no exaggeration. The Center for Civil Society
organized Austrian Economics Seminar. Center for Civil Society gives one
a ready platform to raise voice, discuss issues. I reached Jamia Hamdard
campus on 18th morning with my grandfather. Just while checking in for
my room met people and made lifelong friends.
Though my equation with economics have been unbalanced right since my
first year in college. Still I was very enthusiastic to learn about a
different school of thought. The majority of candidates for the seminar
were from economics background; still I was equipped to interpret the
Started with basic introduction. The best part was to state one thing
you like and one thing you dislike about economics. To conclude most
people liked the global aspect of economics and disliked numerical,
mathematical part in economics.
During the four-day period it was we
concluded that calculations works well for numbers, but not for humans.
Economic aggregates and statistical correlations are not proper and
efficient tools to guide and solve economic problems.
Humans act, molecules react
Though hard to get initially (personal experience and common consensus
too), but the study of praxeology lays the foundation for studying
economics and understanding human action backed by a logic. This action
of logic gives way to demand. The word praxeology is derived from two
roots, praxis meaning "human action" and logos meaning "study". It is a
formal theory of human action.
We discussed key issues of central banking, evolution of money and free
banking, competition, business cycles. We compared various theories of
economics, and different schools of thought, differentiate between
classical, neo-classical, Keynesian and modern economics.
We played games, which though us concepts of free markets, markets with
government. Also how to trade, develop strategies. The candy game
thought us how to utilize resources, how to settle issues, how market
The main views of Austrian economics are limited government and free
markets. Consumer sovereignty means completely market economy,
spontaneous order. All economic phenomenon must be explained in terms of
individual actions. The rationale behind answering the question "why the
markets are as they are" lies in deep study of praxeology. Every action
is supported by an action.
I would sum up the whole experience as learning with fun. And cant
resist without mentioning the after dinner documentaries, especially the
"commanding heights" series. It was amazing learning experience. Thanks
to Parth and Mana to coordinate and arrange everything so well in spite
of all the problems. Hope to interact with Christopher Lingle too.