The market economy is a social system where individuals specialize in their occupations and the means of production (natural resources, tools, etc.) are privately owned. Although everyone acts to serve his own interests, in a market economy this is achieved by aiming to satisfy the desires of other people.
The publication in 1962 of Rothbard's magnum opus rescued economic science from self-destruction. Menger's causal-realist approach had been nearly buried by the Keynesian Revolution. Keynesian macroeconomics denied the efficacy of the price system altogether in coordinating the various sectors of an economy confronted with the failure of aggregate demand.
From “Capitalism the Creator: The Mises Circle in Seattle,” a Curt and Allora Doolittle Seminar. Recorded 17 May 2008.
Dr. von Mises will give his first conference today at 7:15 PM in the assembly hall of the Faculty of Economic Sciences where he will talk about "The Achievements of Industrial Revolution and Capitalism."
"Those who anxiously await next month's government check prefer not to deal with the question of how goods and services are produced and under what political circumstances they are most efficiently provided."
More government cannot possibly offer the solution to the problems we face. Big government is the cause; freedom is the answer.
The F. A. Hayek Memorial Lecture. From the 2008 Austrian Scholars Conference at the Mises Institute; Auburn, Alabama.
