The close followers of the work of Ludwig von Mises (1881–1973), one of the leading thinkers of the Austrian School of Economics, maintain that economics is an a priori science, “a science whose propositions can be given a rigorous logical justification, which distinguishes Austrians, or more precisely Misesians, from all other current economic
The law of diminishing marginal utility is at the heart of the explanation of numerous economic phenomena, including time preference and the value of goods; and it also plays a crucial role in showing that socialism is economically and ethically inferior to capitalism. The law of diminishing marginal utility, as developed by Carl Menger
I. How do we know about the outer world — or reality, for that matter? Where does our knowledge about it come from? The attempt to answer these questions leads to epistemology , the branch of philosophy dealing with the origin, scope, and validity of human knowledge. In the epistemological debate, there are two archetypal and actually
One of the implications that can be logically deduced from the irrefutably true axiom of human action is that human action is purposeful (or conscious ) action — action that is directed at attaining certain ends. This insight is essential for fully understanding Mises’s reconstruction of economics as a formal-logical science (praxeology, as he
In 1953, Ludwig von Mises wrote, The sound-money principle has two aspects. It is affirmative in approving the market’s choice of a commonly used medium of exchange. It is negative in obstructing the government’s propensity to meddle with the currency system. And further, It is impossible to grasp the meaning of the idea of sound money if one does
I. The saying that things may work nicely in theory, but do not necessarily work in practice is well known. It is typically meant to disparage the importance of theory, suggesting it would be too far removed from practical matters to help in solving the issue at hand. The Prussian philosopher Immanuel Kant (1724–1804), in his 1793 essay “On the
Some economists have been arguing that the “equilibrium real interest rate” (that is the “natural interest rate” or the “originary interest rate”) has become negative , as a “secular stagnation” has allegedly caused a “savings glut.” The idea is that savings exceed investment, and that a negative real interest rate is required for bringing savings
Los seguidores cercanos de la obra de Ludwig von Mises (1881-1973), uno de los principales pensadores de la Escuela Austriaca de Economía, mantienen que la economía es una ciencia a priori , «una ciencia a cuyas proposiciones puede darse una justificación lógica rigurosa, lo que distingue a los austriacos, o más en concreto a los misesianos, de
I. Una de las implicaciones que pueden deducirse lógicamente del axioma irrefutablemente cierto de la acción humana es que la acción humana es una acción con un propósito ( consciente ), una acción que se dirige a alcanzar ciertos fines. Esta idea es esencial para comprender totalmente la reconstrucción de la economía de Mises como una ciencia
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.