Today, we spoke with Michael McKay, a Lew Rockwell blog author, about the key principles of Austrian economics and how and why they can become a life navigation tool. Along the way, we covered choice analysis, decision management, relationship management, the life and times of the late great Yuri Maltsev, how to become a better investor and entrepreneur, the rise of artificial intelligence, the rise of the global gig economy, and many other related topics.

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Timecodes:

• 0:00 – Intro
• 2:01 – Who is Michael McKay?
• 3:00 – What are the key principles of Austrian economics?
• 11:52 – Why should people apply these principles to daily life decisions?
• 16:17 – The road from socialism
• 22:32 – Cognitive dissonance and transformation
• 23:36 – Some reminiscences about Professor Yuri Maltsev
• 27:26 – Life navigation with Austrian economics
• 30:17 – The need to also understand Keynesianism, in the modern world of central banks and fiat currency
• 35:25 – How can someone become a better investor using these principles?
• 42:21 – Using the principles to guide your relationships
• 49:09 – The rise of artificial intelligence and navigating through the upcoming ‘Gig’ economy
• 56:19 – Further resources to learn more about Austrian economics and life navigation
• 1:01:34 – Wrap-up

Michael McKay’s main link at the Lew Rockwell blog:

• https://www.lewrockwell.com/author/michael-mckay/

Here are links to the main articles, books, and other resources mentioned in today’s show.

Economics Is About Scarcity, Property, and Relationships:

• https://www.lewrockwell.com/lrc-blog/you-already-understand-economics/

Secrets About Money That Put You at Risk:

• https://mises.org/library/secrets-about-money-put-you-risk

Austrian Economics and Anarcho-Capitalism: Peace, Prosperity and Freedom:

• https://www.lewrockwell.com/2011/07/michael-mckay/austrian-economics-and-anarcho-capitalism-peace-prosperity-and-freedom/

Faustino Ballvé and Essentials of Economics:

• https://mises.org/library/essentials-economics

Murray Rothbard and What Has Government Done to Our Money?:

• https://mises.org/library/what-has-government-done-our-money-2

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