History of the Austrian School of Economics

The Austrian School of economics isn’t a 20th century or even 19th century creation. Instead, Austrian economics is rooted in the logical thought, as developed by Aristotle and Thomas Aquinas.

The Austrian School of economics isn’t a 20th century or even 19th century creation. Instead, Austrian economics is rooted in the logical thought, as developed by Aristotle and Thomas Aquinas.

This week, Bob talks with macroeconomist Roger Farmer—who places himself “between Keynes and Hayek”—about how twentieth-century macroeconomics evolved.

Despite the claims from many historians that they just report the facts, the study of history is highly ideological and historians often depend upon narratives. Mises pointed out another way in his Theory and History.

Leftist Boston University historian Quinn Slobodian claims that Ludwig von Mises was a Nazi sympathizer who favored Hitler’s views on race and imperialism, while broadcaster Thom Hartmann makes similar assertions. Neither man is willing to admit the truth about Mises.

Human Action by Ludwig von Mises is not just another book on economics, although its economic content is excellent and timeless. It is a passage through one truth after another, built upon logic and reason.

Ludwig von Mises was born 144 years ago today. His economic masterpieces are as relevant and powerful today as when they were written. Mises still is the most eloquent voice against socialism.

The quest for sound money is hardly a recent phenomenon. In 13th century Italy, two different gold monetary units competed with each other in the Medieval Italian economy.

Looking forward from 2025, one can see Austrian economic publications, researchers, students, teachers, and writers in many countries flourishing.

 The natural law is, in essence, a profoundly “radical” ethic, for it holds the existing status quo, which might grossly violate natural law, up to the unsparing and unyielding light of reason.