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.
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."
