Thursday, November 01, 2007

Austrian Economics And The Divine Economy Theory.

Austrian economics is a continuation of the classical liberalism tradition. Within the classical liberalism tradition there was a strong foundation that was built upon natural law. As part of natural law, the characteristics that were unique to humans served as the basis for understanding the human sciences.

The subjective nature of human action requires that the scientific methodology for praxeology be subjectivism. Austrian economics uses the subjectivist methodology and it identifies the condition where the subjective nature of humans thrives, that is, it identifies where prosperity comes from.

The divine economy theory has its roots in classical liberalism also. For instance, Thomas Aquinas was a classical liberal and he also can be considered as a divine economy theorist. The fully constituted divine economy theory, though, is a recent phenomenon. I know since I am a divine economy theorist and the founder of the divine economy theory as set forth in my books.

Likewise the divine economy theory has its roots in Austrian economics since that is where I first discovered the economics of liberty. I never shied away from considering myself an 'Austrian' even though I do not have an Austrian ethnic heritage. I settled into the Austrian economics literature and processed the information in the context of other knowledge that I had. In a very real way I have rekindled the divine economy theory of classical liberalism but this time it is happening within the tradition of Austrian economics.

I discovered Austrian economics in 1985, pondering it deeply for many years and then in 2003 I began to formulate my thoughts; this was part of the maturation process. In 2004 I envisioned the divine economy model which launched my career as an economic author. In 2005 I realized that the whole concept actually constituted a theory and I chose to designate it as the 'divine economy theory.' This organic process that I went through resembles the fruiting of a tree. Germination followed by growth and then maturity and the bearing of fruit.

Interestingly, I listened to Ron Paul speak the other night on the Tonight Show with Jay Leno and Dr. Paul mentioned that he began reading Austrian economics 30 years ago and now he is educating a nation and the world about classical liberalism to an extent never done before, ever! These are the magnificent fruits of his maturation in classical liberalism.

Back to the divine economy theory. It is an equilibrium theory anchored by the human spirit and transformation, and by order and law. It is through entrepreneurial alertness of the role and nature of knowledge that higher forms of justice and unity unfold, engendering an ever-advancing civilization. As far as I can tell it is the basis of the economics of the future.

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