I had the distinct honor of presenting from the main stage at the 2019 Nelson Nash Institute "Think Tank Symposium" for Authorized IBC Practitioners and their guests on Wednesday, February 6, 2019.
My talk focused on Austrian Capital Theory as the founder of the Austrian School of Economics writes about it in his virtually unknown 1888 article "Zur Theorie des Kapitals." I'm introduced by Dr. Robert Murphy.
I explain that Menger (1888) conceives of capital as a monetary, abstract, homogenous concept, in contrast to the heterogeneous, physical idea commonly attributed to him in contemporary Austrian Economics. I apply Menger's notion of capital to financial strategy in order to lay out what I believe is a distinctly "Austrian" approach to personal (and commercial) financial theory.
Though most economists want their ideas adopted by politicians and bureaucrats, the ideas I present in this talk are best suited for adoption by the free and independent individual. If capital is distinct and important (which, if we are to believe Menger, it is), then our financial strategies and advice should directly address it. In particular, we should ask, "what is the best way to build and use capital?"
Financial strategies -- including investment strategies -- that do not address this question are severely incomplete. Unfortunately, this is the state of affairs throughout the vast majority of the conventional financial advising industry.
For a genuine alternative to mainstream financial advice, for a financial strategy that directly confronts the individual's "need for finance," as Nelson Nash puts it, we have to step out of the standard paradigm. If we do so, we cannot ignore Nelson Nash's Infinite Banking Concept (IBC) as first articulated in his book "Becoming Your Own Banker."
Individuals interested in Austrian Economics, in particular, will want to pay special attention.
I round out the discussion by calling attention to the theoretical importance of capital for the agent and the industry.
See below for more of my work where I consistently expand on topics presented here.
Thanks for watching and have an excellent day!
My website | https://www.griggscapitalstrategies.com
My blog | https://www.medium.com/@ryandgriggs
My Facebook | https://www.facebook.com/griggscapita...
My Nelson Nash Institute Authorized IBC Practitioner profile | https://www.infinitebanking.org/agent...
"Banks lend money that does not exist and that is evil." - R. Nelson Nash
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