History of the Austrian School of Economics

Critics of Austrian economics often condemn Mises as dogmatic. In fact he advocated a commonsense method.

Once I got used to the “Wikimedia” markup and developed a workflow, it was very fun and addictive! I invite every Misesian scholar (amateur or otherwise) to help me flesh out these (and other) articles, and to start new ones of your own. Just set up an account and use any of the great resources at the Mises Wiki help page to get started!

Gold and silver are international commodities, and, when not prohibited by government decree, foreign coins are perfectly capable of serving as standard moneys.

The fulcrum of popular discontent in Egypt for years has been the fact that a small group of elites, enjoying the support of the US empire, has dominated the direction of country.

One of the most important concepts in economic theory is the quantity of money. However, when going from theory to practical application, things get messy.

This is your one-article guide to understanding a core idea of economics.The law of diminishing marginal utility plays a crucial role in showing that socialism is economically and ethically inferior to capitalism. It also has surprising implications for every area of policy, including money, interest rates, and property rights.

The use of mathematics necessarily leads the economist to distort reality by making the theory convenient for mathematical symbolism and manipulation. Mathematics takes over, and the reality of human action loses out.

It was the physiocrats who broke with centuries of sound economic reasoning and contributed to what would become, in the hands of Smith and Ricardo, a reactionary and obscurantist destruction of the correct analysis of value.

Human beings do not possess a mystical property of “probability” inside them; rather, they always act on their subjective beliefs and values. Probability in the human world is thus merely a measure of man’s uncertainty about the subjective beliefs and values that influence the actions of other men.

The Mises Circle in Houston, Texas. Sponsored by Jeremy S. Davis. Recorded 22 January 2011.