Austrian Economics and the Case Against Central Planning

In this episode of Liberty + Leadership, Roger Ream sits down with Christopher Coyne, professor of economics at George Mason University and TFAS faculty member, to discuss his new book, “Austrian Economics: An Introduction”, co-authored with Abigail Hall.

Roger and Christopher explore the origins and enduring relevance of the Austrian School of economics, tracing its development from Carl Menger and Ludwig von Mises to F.A. Hayek and Isra-el Kirzner. Together, they discuss subjective value, economic calculation, entrepreneurship, spontaneous order and the role prices play in helping individuals coordinate activity in a complex and changing world.

The conversation also examines why central planning fails, whether artificial intelligence changes the calculation problem and how Austrian economics can help students understand contemporary debates over industrial policy, government intervention, economic development and human flourishing. As Coyne explains, these ideas remain essential for understanding markets, preserving individual freedom and preparing the next generation to think seriously about economic life.