History of the Austrian School of Economics

Mises was not only a dazzling economist and champion of liberty, but no Communist, nor Nazi, nor central banker could pressure him into doing the wrong thing

As an exciting year comes to a close, we want to thank all of our incredible members that allow us to do the work we do in advancing Austrian economics, freedom, and peace.

The influence of the Mises Institute is growing, but we still have a long way to go. With an election year looming, our mission of winning hearts and minds becomes increasingly urgent.

This week, the Federal Reserve raised the target Federal Funds Rate ever so slightly. The Fed perhaps felt it had to raise rates to protect its credibility, as credibility problems seem to be plaguing similar institutions worldwide.

Luckily for us all, Mises survived the war and went on to live a life that fundamentally altered the world. He overcame the Nazis, academic blacklists, and the personal hardships that tends to haunt any man who refuses to sacrifice his principles.

Economics is not a popular topic among the general population. When economics is discussed at all, it’s in the context of politics — and politics gives us only the blandest, safest, most meaningless platitudes about economic affairs. The 2016 campaigns will be no different.

Economics has been in trouble for decades, ever since mathematics replaced what should properly be known as economics. In many ways, the science was killed, but it's not dead enough for some anti-economics leftists who want all of economics to be abandoned permanently.

Recorded at the Mises Institute in Auburn, Alabama, on 24 July

Recorded at the Mises Institute in Auburn, Alabama, on 23 July 2015.

In this short interview, Carmen Elena Dorobăț, assistant professor of international business at Coventry University, discusses Austrian economics and her work as a summer Fellow at the Mises Institute.