History of the Austrian School of Economics

"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.

The gold standard protects the monetary system from the influence of governments as the quantity of gold in existence is utterly independent of the wishes and manipulations of government officials and politicians, parties and pressure groups.

Government jobs offer no opportunity for the display of personal talents and gifts.

The myth of the Great Depression being caused by laissez-faire capitalism — and being solved by either the New Deal, World War II, or both — is so prevalent that in popular-opinion surveys, Franklin Delano Roosevelt routinely appears in the top five of all US presidents, while the name of Herbert Hoover has become synonymous with government inaction during an economic crisis.

Jeffrey Tucker interviews Mises Institute founder Lew Rockwell, and discusses the Murray Rothbard festschrift, published in 1986 in honor of Rothba

By Mises' teachings he has sown the seeds of a regeneration which will bear fruit as soon as men once more begin to prefer theories that are true to theories that are pleasing.

Although Menger is acclaimed primarily for his role in developing what is now known as marginal-utility theory, his writings on methodological individualism, subjective value, and the economic character of goods ("Menger's Law") deserve more attention.

Nevertheless, if we wish to save the capitalist system (or perhaps, to reinstate it), we must reexamine what made this system so successful in the first place, as well as which forces constitute the greatest threats to its existence.

It is this third person who is always kept in the shade, and who, personating that which is not seen, is a necessary element of the problem.