This brief video gives an introduction into the Econ Circus website where the three “tents” of the Circus are discussed: Liberalism – Capitalism – Austrian Economics.
Liberalism is the idea that the government should not grant any privileges to any persons or corporation and should only protect the life, liberty and property of its citizens. Capitalism is required in order to facilitate this, whereby private individuals own the means of production, i.e. no government ownership or intervention in the market. Austrian economics is the economic school that understands both of these ideas; it is the belief in the free market and does not advocate for the Federal Reserve.