LECTURE EXCERPT: What is Economic Law?

Tags: Philosophy and Methodology

12/09/2013 Mises Wire Thomas J. DiLorenzo

Excerpted from Lecture 3 of Robert Murphy’s “Basics of Economics: Action and Exchange”, which is available as an independent study course. Sign up for Dr. Murphy’s “Basics of Economics: An Introduction to the Free Market”, which starts in January 2014.

What Is The Mises Wire?

Mises Wire offers contemporary news and opinion through the lens of Austrian economics and libertarian political economy.

Submitting articles to Mises Wire

Reprints, Permissions & Copyrights

The views expressed on Mises Wire and mises.org are not necessarily those of the Mises Institute.

Subscribe to the Mises Wire

Latest Articles

It’s the PPI Once More!

05/06/2024 Mises Wire Mark Thornton

In early September 2023 we reported on the Producer Price Index , the PPI. This price statistic takes a back seat to the Consumer Price Index in media reporting and the policy-setting agenda. Back...

Get Ready for Weaker Growth and Higher Inflation. The Consensus Was Wrong.

05/06/2024 Mises Wire Daniel Lacalle

The weak GDP figure for the first quarter came with a double negative: poor consumer spending and exports, plus a rise in core inflation. The US administration’s enormous fiscal stimulus underscores...

Killing the Golden Goose: Millennials Earn Less Than Their Parents Did

05/06/2024 Power & Market Peter St. Onge

For the first time in our nation’s history, 30 year olds are doing worse than their parents. In other words, we killed the golden goose. Last week, Professor Scott Galloway went on an epic rant on...

The Fallacy of “Racism Equals Power Plus Prejudice”

05/06/2024 Mises Wire Eduard Bucher

A position that has gained popularity on the Left in recent decades is a push to redefine racism to prevent the term from encompassing racism against whites. According to this position , “racism...

There Is No Prosperity without Private Property

05/06/2024 Mises Wire Soham Patil

Private property rights are crucial to economic prosperity. Without them, it becomes impossible to set up a system of free markets that allows for rational economic calculation. Despite this, property...

Meet the Writer

Thomas J. DiLorenzo

Thomas DiLorenzo is president of the Mises Institute. He is a former professor of economics at Loyola University...

Attention mises.org Readers! Treat the Students in Your Life to The Best Week of Their Year

04/29/2024 Mises Wire Thomas J. DiLorenzo

The thirty-eighth annual Mises University, where I have lectured for more than thirty of those years, will be held from July 28th to August 3rd at the Mises Institute in Auburn, Alabama. Year after...

How Court Historians Turn Political Villains into Heroes

04/17/2024 Thomas J. DiLorenzo

In return for power, positions, and money, intellectuals persuade the majority that their government is good, wise, and at least inevitable.

Subscribe to our Mailing Lists

What is the Mises Institute?

The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.

Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

Become a Member