Recorded on 10 May 1962, and aired on 17 May 1962 during the intermission of the U.S. Steel Concert Hour. Mises had been asked to respond to the question: "Are the interests of the American wage earners in conflict with those of their employers, or are the two in agreement?" The affluence of the rich in a capitalistic economy is not at the expense of the poor. Profits are plowed back into enterprise, benefiting the common man. The typical American worker is also a saver and investor.
This rare recording of Mises is made available through the generosity of Bettina Bien Greaves. [5:55]
Ludwig von Mises was the acknowledged leader of the Austrian school of economic thought, a prodigious originator in economic theory, and a prolific author. Mises's writings and lectures encompassed economic theory, history, epistemology, government, and political philosophy. His contributions to economic theory include important clarifications on the quantity theory of money, the theory of the trade cycle, the integration of monetary theory with economic theory in general, and a demonstration that socialism must fail because it cannot solve the problem of economic calculation. Mises was the first scholar to recognize that economics is part of a larger science in human action, a science that he called praxeology.