History of the Austrian School of Economics

There are two main branches of the sciences of human action: praxeology and history.

Finally, I must add that Sennholz has never been shy about insisting on the centrality of ethics in the study of economics. He has decried the welfare state as confiscatory and immoral. He has called inflation a form of theft. He has identified government intervention as coercion contrary to the true spirit of cooperation.

I hold him to have been one of our century's great intellectual figures, whose neglect by mainstream academicians is inexcusable.

Contrary to mainstream thinking, the Austrian framework shows that it is the importance of various ends that determine the selection of goods by individuals. The means-end framework also shows that the prices of goods are not set mechanically by some kind of supply-demand curves but by the goal-seeking choices of individuals.

What does Mises mean by saying, "The revolt against reason was directed against another target. It did not aim at natural sciences, but at economics"?

For Rothbard, the Articles of Confederation were not, contrary to most historians, an overly weak arrangement that needed to be replaced by the more centrally focused Constitution. Quite the contrary, the Articles themselves allowed too much central control.

It might be May Day in Cuba--the day on which Castro gives his traditional 4–5 hour speech, or so says NPR with exuberant expectation—but at the Mi

The 'ability-to-pay' principle resembles more the highwayman's principle of taking where the taking is good.

Saving in the interest of infinitely postponed consumption is not saving at all — it is pure loss.

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