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A Viennese Waltz Down Wall Street: Austrian Economics for Investors

Penned By Mark Skousen
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A Viennese Waltz Down Wall Street: Austrian Economics for Investors

Penned By Mark Skousen
4.85 88,874 Ratings
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Editor's Note:
The central message of the Austrian school of economics, writes Mark Skousen in this wide-ranging book, is that economics is about human beings. That outlook has direct implications for financial markets and personal investing. And this is why the Austrian school has had a huge impact Wall Street. A Viennese Waltz Down Wall Street, then, is a tutorial on both economics and investment that sheds new light on both fields. Consider the opening metaphor of the dance. This is the image that Skousen uses to illustrate the direction of prices in financial markets. It is not random but neither is it entirely scripted. There is a great deal of improvisation and uncertainty. But what makes it all work is that great institution of the mutual benefit of buying and selling. This is what makes markets dance. Economics and investing are the two fields that Skousen has followed closely during his long career. This book weaves the two together to show how you can use good economics to anticipate market turns. But just as importantly, it shows how you can use investing knowledge to understand economics. This is the unique contribution of the book. It takes big ideas in economic theory and illustrates them through real-world examples from financial experience. This approach has the merit of really driving home the point. What is the use of subjective value theory, marginal utility, business cycle theory, and the rest? Skousen presents applications at every step, even while covering the history of ideas. He also assesses the records of modern Austrian economists on forecasting. Is it perfect? No, but it is better than most. He has some corrections, too, for "hard money" investment theory. In most economics texts, micro and macroeconomics are distinct. But in Skousen's book, they are beautifully integrated in theory and practice.

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Length N/A Pages
Language Eng
Imprint Laissez Faire Books
Released January 1, 2012
Identifier (ISBN) 18108572
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Mark Skousen
The Mind Behind the Work
Mark Skousen

Mark Skousen is a writer and avid reader based in the Pacific Northwest. Before pursuing writing full-time, they spent over a decade working in education. When not working on their next book, Mark Skousen can usually be found hiking with their dog or trying out new coffee shops in their neighborhood.

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George Hall
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"Such a rich narrative. The prose is exquisite. It’s accessible yet undeniably sophisticated. An effortless 5 stars."
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"Masterpiece from start to finish. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An effortless 5 stars."
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"Absolutely brilliant. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An effortless 5 stars."
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