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This volume might be called the Mises Reader, for it contains a wide sampling of his academic essays on money, trade, and economic systems. Some of them, like “Observations on the Cooperative Movement,” have not been published previously. Others, like “The Idea of Liberty Is Western,” have already made their mark on intellectual history.
Brought together by Mrs. Mises after her husband’s death, and edited with an introduction by Richard Ebeling, this volume fills an important gap in providing an overview of Ludwig von Mises’s best academic work. For that reason, this book is already widely used in graduate courses and seminars on the resurgence of the Austrian School.
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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.
If one does not stop in time the pernicious policy of increasing the quantity of money and fiduciary media, the nation's currency system collapses entirely.
"Politically there is nothing more advantageous for a government than an attack on property rights, for it is always an easy matter to incite the masses against the owners of land and capital."
If one looks at the catastrophic consequences of the great paper-money inflations, one must admit that the cost of making and holding gold is the minor evil. It would be futile to retort that these catastrophes were brought about because the regime merely used fiat money improperly.
Selected by Margit von Mises and edited with an introduction by Richard M. Ebeling. Auburn, Ala: The Ludwig von Mises Institute, Norwell, Mass.: Kluwer Academic Publishers, 1990.
Selected by Margit von Mises and edited with an introduction by Richard M. Ebeling. Auburn, Ala: The Ludwig von Mises Institute, Norwell, Mass.: Kluwer Academic Publishers, 1990.
