History of the Austrian School of Economics

Utilitarianism assumes that morality—the good—is purely subjective to each individual. It also assumes that these subjective desires can be added, subtracted, and weighed across the various individuals in society.

That man acts and that the future is uncertain are by no means two independent matters. They are only two different modes of establishing one thing.

Hazlitt popularized sound economic thinking, was a critic of Keynes, and contributed to ethical moral philosophy. Not bad for a poor fatherless boy and college dropout.

According to Say, all productive enterprises are created by individuals in society, not by the state. It is the responsibility of productive enterprise to support the continuity of families.

In our time the most powerful theocratic parties are opposed to the world's great religions. Today's theocrats believe they alone can plan society and that they are enlightened.

Of course some of the private defense agencies will become criminal. But in a stateless society there would be no regular, legalized channel for crime and aggression.

The concept of capital is the fundamental concept of economic calculation, the foremost mental tool of the conduct of affairs in the market economy. Its correlative is the concept of income.

According to this theory, cooperation among any number of persons is more productive than the individual efforts of the same persons in isolation from one another.

This essay by Mises reveals that he regarded Edgeworth, not Marshall, as the leading British economist of the late nineteenth century.

The early American individualists of the nineteenth century were a diverse lot with fixed and unwavering love of true liberty.