History of the Austrian School of Economics

Money then, for Buridan, is a market commodity, and the value of that money, just as in the case of other market commodities, "must be measured by human need."

The students' interest in the current economic crisis has served as a source of motivation for them to learn the subject well.

"Bastiat knew what most educated people never learn, that the source of all injustice in society stems from violations of freedom."

The unseen effect that is missing in his "Broken Window" analysis is the diversion of time and energy from a community-enhancing endeavor (the unseen) to one of restoration (the seen).

To draw insights from all sources is to create the kind of diversity that makes for a vibrant and productive intellectual paradigm and an endlessly fascinating website erected in the defense of liberty.

"Savings are an indispensable prerequisite for increases in productivity that involve lengthening the structure of production."

The Austrian, broad approach to the study of social reality is something which legal theorists could very much benefit from.

In reality, money is as easily supplied by the free market as any other good.

"Ludwig von Mises was, first and foremost, an economist and social scientist who built an entire intellectual system from a very simple principle: man acts."

Politicians, bureaucrats, regulators, modern financial commentators, Nobel Prize–winning economists and central bankers have proven they lack any knowledge of what money is and what causes business cycles.