Ludwig von Mises and Joseph Schumpeter are the most famous economists trained by the older Austrian School, although generally Schumpeter has received the lion’s share of attention. [1] This is especially true, for example, in the field of entrepreneurship. To this day, the term entrepreneurship is almost synonymous with Schumpeter, whose fame was
For fans of the science fiction and fantasy genres, Stephen R. Donaldson probably needs no introduction. For those not so familiar, Donaldson has penned numerous novels and short stories, many to critical acclaim, and is the author of the recently-concluded Chronicles of Thomas Covenant , widely regarded as one of the best fantasy series of the
By Ron Paul Last week, Federal Reserve Chairman Janet Yellen testified before Congress for the first time since replacing Ben Bernanke at the beginning of the month. Her testimony confirmed what many of us suspected, that interventionist Keynesian policies at the Federal Reserve are well-entrenched and far from over. Mrs. Yellen practically bent
Many readers might have missed HBO’s short-lived series Luck , which debuted in 2012. It was a project of David Milch, creator of the brilliant Deadwood , another show unfortunately abandoned in its prime. Despite an all-star cast and A-list directing, Luck was cancelled after only one season due to concerns about animal safety. Short as it is
In popular writings on Austrian economics, the terms “praxeology” and “economics” are sometimes used interchangeably, although economics is only one branch of the broader logic of human action. However, in The Ultimate Foundation of Economic Science (1962), Mises did observe that economics is the best developed branch of praxeology, and this has
A few months ago, Carmen Dorobăţ and I wrote an article discussing Venezuela’s rapidly deteriorating economic situation. Since then, conditions in Venezuela have worsened, and in the last week political unrest has escalated quickly, with large protests of the Maduro government taking place in Caracas and elsewhere around the country. Maduro and
The centenary of the First World War is drawing to a close, but if there is any justice in the world, the conflict will live in infamy for many centuries to come. Few events have captured as perfectly the death of peace and liberty and the triumph of militarism and statism as the Great War. It not only sent millions to the slaughter and
Although students of Austrian economics are familiar with Mises, Hayek, and the other major figures of the school, there are many economists who worked in and around the Austrian tradition—and made crucial contributions to it—whose writings are today neglected. One of the most significant of these is the American Frank A. Fetter , the “ forgotten
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.