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This reader is intended to give a first-time student the groundwork for understanding the content delivered in the main lectures at Mises University. It introduces some of the “big names” in Austrian economics, like Carl Menger, Ludwig von Mises, and Murray Rothbard, with selections from their major works.
Carl Menger: The Founding of the Austrian School
Despite the many illustrious forerunners in its six-hundred-year prehistory, Carl Menger was the true and sole founder of the Austrian School of ec
Praxeology: The Methodology of Austrian Economics
The praxeological method was the basic method of the earlier Austrian school and also of a considerable segment of the older classical school.
The Subjective Theory of Value
The starting point for the development of all economic theory is “human action is purposeful behavior.” The following reading is chapter 4 from An Introduction to Austrian Economics by Thomas C. Taylor.
The Market and Market Prices
The starting point for the development of all economic theory is “human action is purposeful behavior.”
I, Pencil
First published in the December 1958 issue of The Freeman, "I, Pencil: My Family Tree as Told to Leonard E. Read" is written from the point of view of an Eberhard Faber pencil.
Money in a Free Society
The following reading is chapter 2 of What Has Government Done to Our Money? by Murray Rothbard.
Loan Banking
Busting monetary myths was easy once we grasped the fundamentals, like the origin of money, the value of money, the optimal supply of money, etc. Rothbard does the same in this reading from The Case Against the Fed.
Deposit Banking
Busting monetary myths was easy once we grasped the fundamentals, like the origin of money, the value of money, the optimal supply of money, etc. Rothbard does the same in this reading from The Case Against the Fed.
Enter the Central Bank
Busting monetary myths was easy once we grasped the fundamentals, like the origin of money, the value of money, the optimal supply of money, etc. Rothbard does the same in this reading from The Case Against the Fed.
Entrepreneurial Profit and Loss
The following reading is a selection from Human Action, Chapter XV, “The Market,” by Ludwig von Mises.
The Causal Connections Between Goods
The following reading is selected from Principles of Economics, chapter I, “The General Theory of the Good,” by Carl Menger.
The Laws Governing Goods-Character
The following reading is selected from Principles of Economics, chapter I, “The General Theory of the Good,” by Carl Menger.
The Rate of Interest
The following reading is a selection from Human Action, Chapter XIX, “The Rate of Interest,” by Ludwig von Mises.
A Critique of Neoclassical and Austrian Monopoly Theory
One of the most controversial areas in Austrian economics, and one where even long-established Austrian theorists differ sharply, is monopoly theory.
Economic Calculation from Mises’s Socialism
In the following reading from Socialism, Mises explains how money prices are critical for an economy to be an economy, i.e., a system in which production and consumption are economized. Mises concludes, “Socialism is the renunciation of rational economy.”
Economic Depressions: Their Cause and Cure
What the government should do about the bust that follows the boom is maintain a strict hands-off policy.
