Richard Canfield asks why Infinite Banking and Austrian economics aren't taught in business schools. The guest explains that Austrian school focuses on praxeology, the study of human action and priorities, rather than quantitative models that dominate mainstream business education.
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What would you say is the reason why it's not taught in business school? And then what would you also say is what prompted you to begin learning about this different economic mindset?
Because Austrian way of thinking is not to do with charts and tables and statistics and looking at a whole bunch of numbers and trying to make sense. The Austrian I think the thought is based on what is called praxeology, which is based on human action. Given the same circumstances, a human being will not act in the same way at different points in time because our priorities change, our needs change. The entire premise of the Austrian school of economics is based on human action and it is a priority. This isn't taught in mainstream business schools. I wish it was taught at even primary or secondary school level. Right. Just to get the young minds exposed to this different way of looking at things in a very practical and very kind of realistic way of looking at things.