History of the Austrian School of Economics

The labor theory of value cannot explain the price of a single commodity. Can it, however, explain the pattern of such prices? No.

Marx said that the key to the communist world is <em>not</em> a principle of the distribution of goods but the eradication of the division of labor.

In all these statements the idea is unmistakably expressed that profits arise from the pressure the possessing classes exert on the nonpossessing classes.

It is of interest to inquire how and why the very obstacles to his material prosperity have come to be mistaken for the cause of man's prosperity.

Marx's devotion to communism was his crucial point, far more central than the dialectic, the class struggle, the theory of surplus value, and all the rest.

If the secret wishes of each producer were realized, the world would retrograde rapidly toward barbarism.

Economics is <em>not</em> a dry subject. It is <em>not</em> a dismal subject. It is <em>not</em> about statistics. It is about human life.

Massachusetts was soon to reach the turning point in its previously unchecked highroad of persecution.

The Austrian School's core theoretical doctrines apply to everyday, pedestrian, ordinary economic problems.