This speech by Lew Rockwell was delivered at the Heritage Foundation, and even at the time was regarded as the best single overview of the teachings of the Austrian school, its contribution to the history of ideas, and the political implications of Austrian economic theory.
Economics, wrote Joseph Schumpeter, is “a big omnibus which contains many passengers of incommensurable interests and abilities.” That is, economists are an incoherent and ineffectual lot, and their reputation reflects it. Yet it need not be so, for the economist attempts to answer the most profound question regarding the material world.
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Llewellyn H. Rockwell, Jr., is founder and chairman of the Mises Institute in Auburn, Alabama, and editor of LewRockwell.com.
Transformative experiences are the goal of Mises University. We take undergraduate students under our wing for one week and introduce them to Austrian economics. Next year will be the 40th anniversary of Mises University, and we plan to make it unforgettable.
Murray Rothbard’s view of the origins of World War II has an important lesson for us today.
Murray Rothbard’s view of the origins of World War II has an important lesson for us today.
