History of the Austrian School of Economics

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

There is a letter from a Democratic party boss telling a woman that if she wants to stay on the WPA rolls, she needs to make a campaign contribution.

In his own critical work, Hayek was not satisfied with a challenge to the main thesis of an opponent. He responded to every argument advanced in the adversary's work.

The We cannot act otherwise than each of them acting on his own behalf.

Hayek criticized Keynes for his neglect of the real structure of production, arguing that Keynes's predilection for concentrating on the immediate and purely monetary phenomena accompanying changes in money expenditure, together with his penchant for aggregative macro concepts (total profits, total investment), had led him into contradictory or untenable conclusions.

Government controlled fiat money is and will always be, by construction, fraudulent money.

Mises was the first scholar to recognize that economics is part of a larger science in human action, a science that Mises called "praxeology."

Rothbard was the first to fully integrate economic science, moral philosophy, and political theory in a unified theory of liberty.

Rothbard has been proven correct. Mathematical modeling has revealed itself to be a vain and formalistic exercise incapable of explaining the international currency crises, stock-market and real-estate bubbles, or the global financial crises that have racked our world in the past two decades.

We must make them realize what they owe to the much vilified "economic freedom," the system of free enterprise and capitalism.