I am an undergrad student in economics and need to give an informative speech on any topic i choose. I am planning on speaking about the limited knowledge of Austrian Economics that i have. I believe that my classmates can benefit from any amount of understanding I can provide to them. I only have fifteenth minutes and want to make sure i have the greatest impact i can. I would like anyone's input on helping me with what you see as the most pivotal distinctions and concepts, that would benefit the most uniformed audience, regarding Austrian economics.
ie.
1.)"life of Mises"
a.Hayek
b.?
2.) "deviation from main-stream"
a)1920
b)today
3.)"Why Socialism can't work"
4.)...
I would suggest something along these lines:
Abstract liberty, like other mere abstractions, is not to be found.
- Edmund Burke
I would recommend not delving into epistemological questions with laymen especially when you have little time to expand. Just mention it uses a causal-realist methodology, unlike neoclassical economics, and believes that economics is not amenable to the kind of testing that goes on in natural sciences.
Freedom of markets is positively correlated with the degree of evolution in any society...
Jon Irenicus: I would recommend not delving into epistemological questions with laymen especially when you have little time to expand. Just mention it uses a causal-realist methodology, unlike neoclassical economics, and believes that economics is not amenable to the kind of testing that goes on in natural sciences.
Agreed. I thought this recent article http://mises.org/story/3378 about Rothbard was an excellent overview of the "story" of the Austrian school. Maybe a talk loosely based on this would be entertaining and informative...
How long is the speech to be? I wouldn't touch methodology, philosophy, or history in this setting. I'd give an oversimplified talk about the business cycle and money, and how it explains the current situation.
What is the class?
I would mention the business cycle personally, contrast it with mainstream theories.
"You don't need a weatherman to know which way the wind blows"
Bob Dylan
I'd go with something like:
1. Austrian conceptions of value, utility and money
2. Business Cycles
Irish Liberty Forum
Informative...
Probably tell the story of Mises fleeing from the Nazi's, and when he worked in Austria about the meeting he had with the government officals who had come to him to ask his advice in solving the monetary problems. He met them in an alley, late at knight - the only thing that could be heard was the sound of the printing presses. 'Want to solve the problem, stop that sound' </something like that>
Probably a historical basis aswell, all the times the Austrians have been correct and everyone else wrong. Mises was asked to head up a bank, he refused - saying there was going to be a massive crash and he didn't want his name connected with it. Fischer lost all his money. Predicted the Great Depression, the failure of the Brenton Woods system, the direction of Gold when the US got off the Gold standard, the tech bubble, housing bubble, this crisis - as earlier as 2002.
Austrian Theory of the Business cycle... point out, if you want to earn money and avoid the pitfulls, if you want to be able to accurately forecast the future, you'll listen to the Austrian Economists.
Then I'd probably go on briefly about why each of the other schools is wrong. Marxism - labor theory of value, Keynesian - prosperity is through debt and consumption, Chicago School and monetarists... not actually free marketers. How can you have and support the 5th plank of the Communist Manifesto and call yourself a free marketer?
Anyway, it depends on your audience - you have to tailor it to them. Do they want to hear about marginal utility revolution, theory of value etc? If so, go ahead. Try use stories and anecdotes to make your points if you can.
Good luck!
If you only have 15 minutes for a speech, I would recommend not to get into anything general as that would just mean you would be watering down your content to fit your time constraints. Focus on ONE topic and deliver a well-developed argument for it rather than trying to cover everything (and ending up sounding like you know nothing). If I was in your shoes, I would just concentrate on the economic calculation debate. Study the calculation debate really well and write a speech that will knock them flat with its unrelenting logic and comprehension. Remember, you only need to plant the seeds in people's minds, not turn them into full blown Austrians in one go.
Good luck.