It is possible for mainstream equilibrium economics to yield correct conclusions about the market system. But this is not a reliable approach, writes D.W. MacKenzie. The mathematical models of mainstream economics divert our attention from the processes and institutions that enable free and prosperous societies to exist and persist.
From admissions through prelims to dissertation, Art Carden recounts his own experience and mistakes, so far, on his way to obtaining an economics PhD. He offers advice for anyone interested in doing so while pursuing an Austrian-style research program.
If there is anything to be said for the difficult times in which we live, it is that they are a reminder that our mission is far from complete. The forces of destructionism are always waiting for an opportunity to rob us of the blessings of civilization. Mises believed that the best way to defeat them was to say what is true. Against the idea of liberty, he said, the fiercest sword of the despot is finally powerless.
The Nobel Committee has selected Vernon Smith for its economics prize. Smith was strongly influenced by Ludwig von Mises' treatise, Human Action, and for that Austrians can be grateful. Furthermore, Smith's research has demonstrated time and again that the Austrians are correct regarding human action in the marketplace and the mainstreamers are flat out wrong.
Gene Callahan superbly executes a very difficult task. Wittgenstein famously said, "whatever can be said, can be said clearly"; but does this apply to economics?
This is the last formal lecture by Ludwig von Mises delivered May 2, 1970 at an economic seminar in Seattle, Washington.
Even apart from Hans Hoppe's policy prescription--that private ownership ought to characterize all of society, economy, and government, while all public ownership should be banned as a form of theft--his thesis offers a highly fruitful framework for understanding everyday political affairs. Jeffrey Tucker explains.
Mainstream economists are especially critical of Austrians for their lack of desire to incorporate mathematics in general, and multivariable calculus in particular, into their economic analysis. The criticism goes something like this: It does not matter whether or not mathematics is the most appropriate tool to describe economic human action. What matters is that most economists do use math, it has passed the "market test," and, therefore, it is the correct tool to use.
Professor Kirzner’s outstanding book "aims to present, in briefest outline ... the story of Mises in his role of economist" (emphasis removed). In this task, it is eminently successful.
Like Gilbert Ryle, under whom he studied at Oxford, Antony Flew is ever alert to "systematically misleading expressions." Flew’s careful attention to the nuances of ordinary language, on full display in the present book,
