History of the Austrian School of Economics

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.

"What comes out from reading Mises's policy writings is that if you had asked him a fiscal, or monetary, or regulatory-policy question, he would not have said, and did not simply say, 'laissez-faire' — abolish the central bank, deregulate the economy, and eliminate taxes."

The problems involved will become discernible as soon as the wartime attitude in the United States toward financial and trade matters is replaced by a more realistic mentality.

Over two decades before the Spanish Jesuit de Mariana, George Buchanan arrived, for the first time, at a truly individualist theory of natural rights and sovereignty — and therefore a justification for individual acts of tyrannicide.

"An excessive quantity of money," he opined, "should be avoided."