Mises Daily

"The default position of the world is despotism. In the sweep of things, liberty is the exception."

"And it is here — let's pinpoint the exact date at Greenspan's 'irrational-exuberance' call in December 1996 — where the Austrian men separate themselves from the Keynesian and Friedmanite boys."

But if a little time is spent on this formula of the five costs of production, it is simple to establish that there is no such thing as "surplus value," and that the "labor theory of value" is an oversimplification.

      On August 3, 1996 Josef Salerno has argued the Austrian Business Cycle Theory is in many ways the quintessence of Au

The most charming city on the Rhine — one of the most charming in all Germany or in the whole wide world for that matter — is the city of Bonn.

Hence, it is scientifically meaningless to say that the "probability of Jerry Ford being elected in 1976 is three-eighths," since elections are not homogeneous events repeated a large number of times. And yet a large amount of modern social science and of its mathematizing rests on this faulty view of probability theory.

Finally, the most interesting aspect of the giant credit-card industry is the simple fact that it works.

"The more these readjustments are delayed," Rothbard explained, "the longer the depression will have to last, and the longer complete recovery is postponed."

Garet Garrett spoke boldly and consistently against "the dim-out of the individual" represented by the political centralization and bureaucratization of American life under FDR.

"Naïve trust in the power of words to command reality is found in all mass delusions."