While we draw extensively on macroeconomic and market data in our analysis, data is not master but servant, to be used judiciously. As we like to say, data never “speaks for itself”, it is always spoken for. Moreover, economic data does not demonstrate universal absolutes but captures patterns of subjective, fluid, purposeful human action. One cannot use economic data as though one were a physicist, which characterises the misguided scientism of mathematical economists. Our empirical work uses data in a sound theoretical framework to build a coherent view of reality and better inform decisions about an uncertain future, not to spit out precise, contextless econometric forecasts. To us, being staunchly empirical means harnessing the power of data by recognising its limitations and imperfections, and using data analysis to form logical, relevant explanations of reality.

The logical realism of human action as seen in the ‘Classical-Austrian’ tradition stands in stark contrast to the synthetic and impossible constructs that make up the patchwork of ideas of the “neoclassical consensus” which aim to subordinate complex human action to mathematical roboticness and statistical aggregates. These foundational differences result in very different conclusions about the nature of market demand itself, the causes and cures of recessions, the nature of capital and interest, the efficacy (or lack thereof) of fiscal and monetary policy, the price system, inflation, economic growth, and much else. But if one could crystallise what sets the Classical-Austrian school apart in macro analysis, it would be this: ‘Say’s Law of Markets’ is valid and recessions are not caused by a deficiency of demand but by errors in production. Someone once said, “it’s contrarian to cross the road blindfolded, but that doesn’t make it a good idea.” Contrarians don’t have to think. Heretics, by contrast, seek to revive truth where it has been buried and use it to challenge so-called established validity. Our contrarian positions don’t arise from wanting to be different, but from building on repaired foundations. This imbues in our analysis an uncommon yet logically coherent perspective of reality.

Heretical ideas and uncommon analytical conclusions need to be motivated clearly and credibly to become actionable client strategies. We place tremendous care in the written and verbal communication of our views. Yet clarity need not sacrifice analytical heart and soul. We strive to make our material and presentations engaging and inspiring. Our old adage is: boring to write is boring to read. We follow the analytical trail that is both relevant to our clients and inspires us intellectually. Beyond our commercial services, we seek to lend intellectual weight in the battle of economic ideas to the cause of free markets, justice, and peace. Mainstream economics has thrust the globe into an unstable period characterised by financial system fragility, economic stagnation, and political discontent. The antidote to this malaise is rejuvenating economic orthodoxy with sound Classical-Austrian ideas and ridding politicians of the power and pseudo-intellectual cover to play wreckless puppeteer with millions of autonomous individuals. To this end, we advocate publicly for extensive constraints on state size and power and promote radically free and just markets, private property, equality before the law, and the separation of currency and state.