History of the Austrian School of Economics

Austrians offer a distinct and valuable approach to basic economic questions, an approach that should be central to research on theoretical and applied topics in economics and business administration.

"Production has been altered in such a way that the length of waiting time has been extended. But the demand for consumers' goods has not dropped so as to make the available supply last for a longer period.

Social cooperation among men — and this means the market — is what brings about civilization and it is what has brought about all the improvements in human conditions we are enjoying today.

Among the absolutist writers following Bodin, the 17th-century servitors of the absolute state, all hesitance or piety to the medieval legacy of strictly limited taxation was destined to disappear. State power, unlimited, was to be glorified.

The percolation of ideas is an endlessly fascinating topic, and Margit von Mises adds scores of detail that will enable her readers to track the penetration of Mises's philosophy to the most unlikely places.

But the centrality of the knowledge-corrective character of the market process for both Mises and Hayek cannot seriously be doubted. Whatever the differences between a Hayekian articulation of the market process and a Misesian articulation, the centrality of the notion of the corrective process for both, is the crucially important circumstance.

Investment and lending abroad are only possible if the receiving nations are unconditionally and sincerely committed to the principle of private property and do not plan to expropriate the foreign capitalists at a later date.

Caplan's claim that the value-scale approach is inadequate for explaining these effects is simply an incorrect interpretation of Professor Rothbard's theoretical framework.

Currently, the Mises Institute is not officially accredited. However, those who desire to do so can take a final exam and have the results posted online. In this way, economics majors can receive extra credit from professors friendly to the Mises Institute, and finance professionals can curry favor with their bosses if they are fans of the Austrian School.

We can date the second Austrian revival almost precisely to the fall of 2008. From that point on, the use of online Austrian resources on Mises.org abruptly doubled from one year earlier, as investors, media commentators, and the public at large frantically sought answers from all quarters while witnessing one iconic financial institution after another topple into bankruptcy.