Frank Shostak in the Weekend Australian
Dr Frank Shostak is featured in a story in the Weekend Australian today. In RBA policy ‘causing inflation’, the MAN Financial chief economist warns investors inflation is heading up due to the policies of the Reserve Bank.
This is the most prominent coverage of the Austrian School of economics I have seen in Australia. The story is on the inside of the front page of the Business section of the Weekend Australian, and includes a picture of Dr Shostak.
The article states:
Shostak is an adherent of the Austrian school of economics. ... Shostak uses the teachings of the Austrian school as a platform for his economic analysis. He also finds Austrian school teachings useful when communicating with clients. “I think it’s important that clients understand the rationale behind the advice. The Austrian school makes this easy. On the other hand, most businessmen cannot understand mathematical economics.”
Dr Shostak is part of the Adjunct Faculty of the Ludwig von Mises Institute.
© Danny Haynes
Shawn Jewell, 4 June 2007, 00:32:
Is our RBA doing the same thing as the Fed is in the US? I am suspecting we have a Fiat economy here as well. Surprised the media picked up on this story, it is not what we are meant to know is it?
Danny Haynes, 15 June 2007, 21:51:
The RBA is pretty much the similar institution in Australia as the Federal Reserve System is in the United States. Australian currency is a fiat currency.
Remember that “the media” is not one acting entity, media is plural. There are many people working in the industry to pass information from source to customer, and those people have many different views. This story was one story from one writer from one newspaper.
From my view, much of the time media outlets tell people what they want to want to hear. “The media” doesn’t tell you what you are meant to know, but what you want to know.