History of the Austrian School of Economics

The We cannot act otherwise than each of them acting on his own behalf.

Hayek criticized Keynes for his neglect of the real structure of production, arguing that Keynes's predilection for concentrating on the immediate and purely monetary phenomena accompanying changes in money expenditure, together with his penchant for aggregative macro concepts (total profits, total investment), had led him into contradictory or untenable conclusions.

Government controlled fiat money is and will always be, by construction, fraudulent money.

Mises was the first scholar to recognize that economics is part of a larger science in human action, a science that Mises called "praxeology."

Rothbard was the first to fully integrate economic science, moral philosophy, and political theory in a unified theory of liberty.

Rothbard has been proven correct. Mathematical modeling has revealed itself to be a vain and formalistic exercise incapable of explaining the international currency crises, stock-market and real-estate bubbles, or the global financial crises that have racked our world in the past two decades.

We must make them realize what they owe to the much vilified "economic freedom," the system of free enterprise and capitalism.

To the common sense of these women a program of low prices will make a strong appeal.

From the standpoint of both politics and history, this proof [of the "impossibility" of socialist planning] is certainly the most important discovery by economic theory.

Mises says that all expansion of bank credit must absolutely cease: "no more legal tender banknotes and no more credit expansion!"