History of the Austrian School of Economics

On a competitive market there is no such thing as a price policy of the sellers. They have no alternative other than to sell as much as they can at the highest price offered to them.

"What distinguishes the Austrian School and will lend it everlasting fame is its doctrine of economic action, in contrast to one of economic equilibrium or nonaction."

Working closely with other fellows and resident Mises faculty, sharing concerns and solutions, networking as a Mises summer fellow is a big leg up for the young Austrian in meeting the challenge of launching a successful career in an academic world that is again growing increasingly hostile to the market economy and society.

"Mises must be compared to thinkers like Voltaire or Montesquieu, Tocqueville and John Stuart Mill."

As Mises relates in the present book, he had early on adopted the principle of never writing about the personal moral shortcomings of his opponents, of focusing instead on their intellectual errors in order to combat the latter more effectively.

The global-warming debate has now been completely politicized.

"Since the name leftist had become identified with the struggle of the individual against the tyranny of government, the new tyrants continued to use that good name for their own purposes."

In a market economy, whether it is domestic or international in scope, everyone's standard of living can rise at once.

The Austrian explanation of the boom-bust cycle makes more sense than any other explanation I've seen.

"The Austrian theory is not a theory of recessions per se; it is a theory of the unsustainable boom."