security council on north korea expert professor really different joins us now from vienna university thank you for joining us here on r.t. today how effective would fresh sanctions on north korea be do you think given that such measures in two thousand and six and nine haven't really succeeded in making any any making it stop what its rocket launches obsessions or. means to show your political dissatisfaction but in terms of being effective almost useless in terms of north korea sanctions of the deployed for decades north korea had enough time to find ways around those sanctions though humanitarian concerns. the allies the tried and so i think sanctions have more or less a symbolical function but they will have very little actual effects on north korea well north korea is banned isn't it from conducting ballistic missile tests by the un and even its ally china criticised today's not so why is it so defiant against the international community both think it's easy to understand why for example china it is against those tests because. north korea depends a lot of china economically and

he taught initially at the university of vienna. he was jewish. city left turn or to permit him to america , and his economics became more popular never as popular as milton friedman, but certainly a heroic figure in my book. one of his students -- close associates won the nobel prize in economics in 1974. so he is an important character in my book. >> what does that mean? >> well, the austrian school is one of two major free-market schools of economics. the other school is the chicago school the milton friedman and george stevens developed in the 60's. and this is a more hard core school that advocates the gold standard. very suspicious of intervention, the central banks, particularly the austrian business cycle is really important because they basically say the manipulation of interest rates by the federal reserve can only have disastrous effects. a boom bust cycle that is unsustainable or a boom that is unsustainable. so it did not surprise austrian economists that the real-estate boom could not last and have the macroeconomics facts. it. >> pa