History of the Austrian School of Economics

Economics is far more than what people see as “the economy.” It is the central organizing factor for civilized society.

Economics is far more than what people see as “the economy.” It is the central organizing factor for civilized society.

Murray Rothbard is one of the all-time greats in Austrian economics and libertarianism. When studying his achievements, we immediately see that Rothbard is a giant whose shoulders free-market scholars should aspire to stand on.

In 1871, the “discovery” of marginal economic analysis soon took a wrong turn, moving towards quantification, data, and mathematics. It is time to “rediscover” the margin, this time the margin as explained by Carl Menger.

In 1871, the “discovery” of marginal economic analysis soon took a wrong turn, moving towards quantification, data, and mathematics. It is time to “rediscover” the margin, this time the margin as explained by Carl Menger.

Human Action sold thousands of copies, earned accolades from across the political spectrum, and made zero acknowledged impression on the economics profession. Or did it?

A Libertarian Party presidential nominee said he was open to a carbon tax. Mises would have had a different suggestion, and Timothy Terrell explains what it was.

There are only three possible economic systems: capitalism, socialism, and interventionism. Mises spent his career proving the third is the least understood and the most dangerous.

A labor economist at the University of Chicago devoted his career to Veblen's institutionalism. When he finally saw through the foundations, he told a friend: all my work has been bunk.

Should banks contract credit during a bust? Mises said yes. Rothbard disagreed. Patrick Newman traces a subtle but consequential rift between master and student.