Prices

It is a marvel that imperfect, limited information available to the entrepreneur can be used to produce so much good for society. 

What needs to be done in such a crisis is not to attempt to steer the market to ensure it provides what is needed, but to let it free to do what it always does: match the goals of entrepreneurial producers with the needs of the populace.

If you've wanted to read Human Action, this is your opportunity to hear it explained by great economists and scholars!

Market entrepreneurship is what generates net value in society, whereas social entrepreneurship is primarily the use of that value. 

Government statistics on worker productivity combine many errors of aggregation such as "average prices" and the total purchasing power of money. So it's unlikely that productivity numbers tell us much that's useful.

Shortcomings in the government's handling of monetary matters, of credit expansion, and the disastrous consequences of lowering the rate of interest gave birth to the ideas which finally generated the slogan "stabilization."

Values of goods are not static things that can be used for central planning. Values apply only to a particular transaction at a particular place and at a given time by human beings.

Brazil's most severe recession in over a century, which lasted over two years and saw unemployment of nearly 12 percent, offers empirical support for the Austrian business cycle theory.

Presented at the Mises Institute's "First Annual Advanced Instructional Conference in Austrian Economics" at Stanford University.

Much of the media discussion around the 30th anniversary of the Berlin Wall's fall will focus on American military politics and the politicians of the time. But to truly understand why the Soviet system in Eastern Europe collapsed, we must look to Mises's pioneering work on economic planning.