Austrian Economics Overview

Displaying 251 - 260 of 2004
William H. Peterson

"Let's celebrate the prodigious life of Lu Mises, a life in which he fused crowning insight on how the world tackles the law of scarcity, with lifelong moral courage."

Frank Shostak

Modern economics claims that quantitative methods are central to understanding economic analysis. Mises demonstrated why this belief is untrue.

Frank Shostak

Mainstream academic economists believe that we advance economics by "testing" theories. Austrian economists believe economics is about understanding human action and does not have to be subjected to constant tests.

Jörg Guido Hülsmann

Menger's was an analytical method that began with the smallest empirical phenomena and proceeded logically from there. He called this the "empirical method."

Robert P. Murphy

Sometimes people—even other economists—are incredulous that the Austrians deny the possibility of interpersonal utility comparisons.

Ludwig von Mises

One must not forget that the scale of values or wants manifests itself only in the reality of action. These scales have no independent existence apart from the actual behavior of individuals.

Ludwig von Mises

The field of our science is human action, not the psychological events which result in an action. It is precisely this which distinguishes the general theory of human action, praxeology, from psychology.