History of the Austrian School of Economics

This is a wonderful article in the Investors Business Daily:

Mises's great insight was that economic reasoning has its foundation in just this understanding of action; and that the status of economics as a sort of applied logic derives from the status of the action-axiom as an a priori-true synthetic proposition.

Unemployment in the unhampered market is always voluntary.

Monetary calculation is the guiding principle of action in any society with a division of labor.

Economic calculation encompasses everything that trades against money. There is nothing "objective" about them.

[Chapter 11 from Human Action.] Acting man transfers the valuation of ends he aims at to the means. 

At Finda

Affluence and subsistence are two very different standards, and if welfare statists choose to import arguments for mere subsistence — as with appeals to the alleged lack of freedom of the starving man — then they must be held to this standard.

Ludwig was slow to allow Margit onto his hitherto solitary path. But on the other hand he was longing for the love of a true companion.

Increased capital in proportion to labor is the only means of producing more without the number of workers increasing.