school of economics and a fund manager at first international group sandeep welcome back to the kaiser report. all right sandeep jaitley when we had you on the show a few months ago you described the austrian school of economics as being based on karl mangos idea that quote value does not exist outside of human consciousness so elaborate on this a little bit with some examples that we see around us today a lot of people think that this means that somehow austrian economics isn't grounded in grounded in reality you know if you say a statement like value doesn't exist outside of your own consciousness it implies that you're sort of making up everything in your mind well this is a this is a calming actually meant what he meant was that sort of the utility is up to you and it's subjective you know. that's what he meant by by that statement. every human being is put on plan is their restrictions or their surroundings. so obviously it was meant in that context ok now when mangere was putting forth his ideas he was breaking from a dominant school at the time i guess you could call the neo cla