After the War to Prevent Southern Independence and the assassination of Lincoln the federal government was said to possess a “treasury of virtue.” The Republican Party, which was the federal government, with a decades-long monopoly of power rivaled only by the Bolsheviks in Russia, made sure that the government-run schools would preach this
According to mainstream economics textbooks, one of the primary functions of money is to measure the value of goods and services exchanged on the market. A typical statement of this view is given by Frederic Mishkin in his textbook on money and banking. “[M]oney ... is used to measure value in the economy,” he claims. “We measure the value of
[Excerpted from Chapter 17 of Human Action .] The services money renders are conditioned by the height of its purchasing power. Nobody wants to have in his cash holding a definite number of pieces of money or a definite weight of money; he wants to keep a cash holding of a definite amount of purchasing power. As the operation of the market
[This speech was delivered at the Mises Institute on the 50th anniversary of the publication of Human Action in 1999. This year, May 16-18, join Dr. Joseph T. Salerno, Dr. Thomas J. DiLorenzo, Dr. Jörg Guido Hülsmann, Dr. Mark Thornton, and more for a conference in honor of the 75th anniversary of Human Action at our campus in Auburn. Space is
Few ideas are as closely associated with Marxism as the concepts of class and class conflict. It is, for instance, impossible to imagine what a Marxist philosophy of history or a Marxist revolutionary theory would be in their absence. Yet, as with much else in Marxism, these concepts remain ambiguous and contradictory. For instance, while
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.