History of the Austrian School of Economics

Economic problems arise only when it is a question of adjusting the available means to any new situation.

It says something good about the American people that they insist on acting as if we lived in a free country in which we really shouldn't have to bother with politics

When Mises was 81 years old, he was invited to address a student rally at Madison Square Garden that was sponsored by the Young Americans for Freed

In a letter to Mill, dated July 27, 1820, Ricardo refers to the doctrine that a general overproduction is impossible and that capital can never increase too rapidly, as "Say's and your doctrine of accumulation."

A wholly voluntary economy results in the greatest general welfare to all the persons of that society.

And they had all decided, left, right, and center, that there was not a thing economically wrong with socialism: that socialism's only problems, such as they might be, were political. Economically, socialism could work just as well as capitalism.

The fundamental dogma of all brands of socialism and communism is that the market economy or capitalism is a system that hurts the vital interests of the immense majority of people for the sole benefit of a small minority of rugged individualists.

Rothbard worked his entire life to shore up this ideological apparatus — in economic theory, historical studies, political ethics, cultural criticism, and movement organizing.

The Spanish Scholastics also anticipated the Austrian school in applying value theory to money, thus beginning the integration of money into general value theory. As de Roover wrote of Aquinas, 'These passages are clear and unambiguous; value depends upon utility, usefulness, or human wants. There is nowhere any mention of labor as the creator or the measure of value.

It is not surprising that Mises was strongly opposed to the idea that central banks should impose "low" interest rates during a recession in order to keep the economy going.