The question posed by the title to this lecture raises a number of deep problems of economic science. The question seems simple, yet in these few words — measurement, growth, and welfare — culminate the problems of large areas with which economists
press believe that the U.S. in the 1990s and Japan in the 1980s experienced economicgrowth driven by a positive productivity shock. The economicgrowth was accompanied
“What in a communistic society is done upon a decision of the supreme economic council is in our individualistic society brought about by the collective process. Instead, Haberler prescribed a policy of strict restraint in the growth of the money supply combined with free market-oriented microeconomic policies
individual liberty, and to the belief that this liberty, in the personal and the economic spheres, was gravely menaced by the growth and power of the Leviathan state, at home and abroad.
originally given as a lecture before the Trustees and guests of the Foundation for Economic Education at Tarrytown, New York on May 18, 1970, and was first published in few words about the alleged indispensability of inflation as a condition of rapid growth. We shall see that modern developments of labor union policies in the highly
as according to him pure empirical studies are insufficient to establish a firm economic theory. By suggesting that some theorems have to precede historical studies, p. 2). The great economic question was: is it a necessary state of affairs, or can growth harmoniously and exponentially happen to virtually all regions on Earth as the
by Vera C. Smith (a pdf file). Read an interview with Machlup in the Austrian Economics Newsletter Fritz Machlup (Dec. 15, 1902 – Jan. 30, 1983), economist, cartel. Machlup also served as the treasurer and later secretary of the Austrian Economic Society and participated in the famous seminar of von Mises and the Distribution of Knowledge in the United States (1962), and Education and EconomicGrowth (1970). He published the three volume Information through the Printed Word:
place at the right time to contribute importantly to the development of Austrian economics. Studying at the University of Vienna, he was twenty years old when Carl and developing the Austrian theory. In the judgment of Schumpeter ( History of Economic Analysis , New York: Oxford University Press, 1954, p. 846), Böhm-Bawerk the rings such that the economy experiences capital accumulation and sustainable growth; a policy-induced change in credit conditions, that is, a lowering of the
markets, all of Europe (and the entire globe) would have remained integrated economically (as in the nineteenth century) in a world-wide system of division of fact that in nineteenth century America average living standards, tax rates, and economic regulations were comparatively low, while in the twentieth century living such as that increased consumption has led to increased production (economicgrowth), that below-market-clearing (maximum) prices have resulted in unsold
southern Poland, and died in 1921 in Vienna. In 1871, he published Principles of Economics , which made him a founder of the Austrian school of economics and a — in 1892 his pathbreaking essay “On the Origins of Money” appeared in the Economic Journal — Menger extended his analysis to other institutions, such as were to call it “organic” or denote money as something “primordial,” or “primaeval growth,” and so forth. Putting aside assumptions which are historically unsound, we
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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.
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.