Hey guys,
I've been reading books on Austrian economic theory for years now, but I've hardly come across any book that talks about finance (I mean real-world financial markets) from the Austrian perspective. Any recommendations?
Practical Applications of Austrian Economics (investing)
Thank you, John!
Could you suggest me some good finance books?
Looking for a good Finance textbook!
Ben Graham's The Intelligent Investor is a must read. Not exactly "Austrian", but it shares the same prudent, reality based worldview that the Austrian school emphasizes. The only thing that you might say is nonaustrian is grahams distaste for gold as an investment (he was a fan of dividends and gold just sits there)
A newer, related book is Joseph Calandro's Applied Value Investing. He actually presented this book at a Mises Circle a few years back. It's basically a series of historical case studies in which he shows how one could have used Value Investing to ferret out undervalued companies and gotten in early enough to make some money. Pretty interesting. Sort of a dovetailing of Austrian insights with value investing in the real world.
I recommend reading Robert Kiyosaki. He touts his own horn a little too much, but he gets you in the right mentality for wanting to move into investment, and he is well versed on real estate and how to profit from it as well as gold and silver in bad and good times. You could read into what Peter Schiff and Jim Rogers have to say, but like Kiyosaki, they are only partially Austrian.
Michael Rozeff is one of the few Austrian academics I know of specialising in finance, though there's a few Mises.org regular contributors who are professional investors.
Freedom of markets is positively correlated with the degree of evolution in any society...
Thanks, i also find here good finance collection :)
Jon Irenicus:You could read into what Peter Schiff and Jim Rogers have to say, but like Kiyosaki, they are only partially Austrian.
I seriously doubt Kiyosaki has even heard the term "Austrian economics". As for his investment advice, we've discussed him a bit here.
What makes you say Schiff is "partially" Austrian?
Thorstein Polleit has a textbook he co-wrote on money and financial markets:
Monetary Economics in Globalised Financial Markets,
A friend of mine has the book and let me look at it. Not completely "Austrian", but covers some Austrian themes, but does make use of Neoclassical methods (utility functions and all that).
"When the King is far the people are happy." Chinese proverb
For Alexander Zinoviev and the free market there is a shared delight:
"Where there are problems there is life."
How accessible is his work to a novice?
Well he cites Murray Rothbard more than once in his book on gold and silver. I am sure he is aware of it, even if just vaguely, probably via his advisors. I don't take most of what Kiyosaki writes to be advice on specific investments or businesses to go into. Rather, his work is motivational and puts into perspective the different ways in which one can earn income. I think he is worth reading for that alone. I've not yet delved into his work on real estate and investment, but his most well known books are not there to make you money but rather to get you into the mindset for it.
Interviews of him. I mean he gets it by and large, but I think overall he has a mish mash of views, particularly when it comes to the government and taxation. The same is true of Kiyosaki.
I think schiff is a full austrian.
Ive never seen him talk about human action tho.
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