that seem to make it one of the most important forces of economic progress. Every innovation makes its appearance as a “luxury” of the few well-to-do. After industry serve the national interest. We need not analyze other consequences of such credit policies, such as the preservation of uneconomical enterprises. But let us look at
market economy. It was, on the contrary, an outgrowth of the interventionist policies consciously aiming at an elimination of the influence of the shareholders on in the old routine. In such a stationary world, of course, there is no need for innovators and promoters; the total amount of profits is counterbalanced by the total
certain methods of political action and rejects utterly all other methods and policies as inappropriate. A party is a body which combines all those eager to employ the real problems and thus to prevent people from finding in time an appropriate policy for solving them. Inconsistent ideologies may sometimes postpone the emergence “sane” only to boors who never had ideas of their own and to deny it to all innovators? The procedure of some contemporary psychiatrists is really outrageous.
what the law and the budget order them to do. Not they but the sovereign is policy-making. Most of the tyrants, despots, and dictators are sincerely convinced citizen’s freedom, of the inherent trend of present-day economic and social policies toward the substitution of government control for private initiative. People lives in subordinate positions, they have lost vigor and initiative. They shun innovations and improvements. They look on every project for reform as a disturbance
expansion. In order to deal adequately with this fundamental problem of economic policy they considered it necessary to construct a notion of real capital and to if only men had been more moral or more skillful in the choice of economic policies. All such lucubrations have one feature in common. They look upon capitalism without being restrained by privileges granted to those whose vested interests the innovation hurts. What a newcomer who wants to defy the vested interests of the old
of their funds who are ready to provide the capital required for any reasonable innovations. The public is always eager to buy what is better or cheaper or better would have long since wiped out these pockets of backwardness if the unfortunate policies of the New Deal had not slowed down the accumulation of capital, the
and improved the quality of their manufacturing. In spite of the anti-capitalistic policies of all governments and of almost all political parties, the capitalist mode of the masses, but to harm the entrepreneurs and capitalists even if this policy victimizes the immense majority of the people. In the eyes of the as to venture opposition. It is important to realize that Stalin’s semantical innovation affects merely the terms communism and socialism. He did not alter the
into free citizens. The material improvements were the fruit of these reforms and innovations in the conduct of government affairs. As all privileges disappeared and they had committed was that they were not quick enough in adjusting their ideas, policies, books or compositions to the latest changes in the ideas and tastes of
however, sharp indeed. But the only means for a monopolist to find out whether a policy of restraint will be more favorable to him than selling at the competitive it. We see therefore many abortive attempts to embark upon a monopolistic price policy which the reaction of the public frustrates. The Imperfect Monopoly Let us is forced in his pursuit of a policy of monopoly prices to take into account the policies of his rivals. Each seller must consider each move in view of the possible
it was believed that such events were exceptional facts caused by inappropriate policies. Only “bad” money can bring about such disarrangements. In addition people setting of physics, chemistry, and mathematics. We are on the eve of innovations whose scope cannot be foreseen. It may be that the coming generations of
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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.
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