The vocational economist is dedicated to a body of ideas — not merely money, fame, or power — and strives to master the system of economic theory as handed down by the great system builders and innovators of the past.
The workers were never enthusiastic about socialism. Socialism was brought to the masses by intellectuals of bourgeois background, dining and wining together in the luxurious London homes and country seats of late Victorian "society."
The praxeological method was the basic method of the earlier Austrian school and also of a considerable segment of the older classical school.
Mises's fundamental accomplishment was to take the theory of marginal utility and apply it to the demand for and the value, or the price, of money.
Where there is no business at all, business can be neither good nor bad. There may be starvation, and famine, but no depression in the sense in which this term is used in dealing with the problems of a market economy.
Increased velocity of circulation is not, in itself, a contributing cause of higher commodity prices. It is not even a link in the chain of causation.
In much of America, the New Deal was run by a small number of very powerful political bosses.
People often flirt with the idea that we need a little bit of fascism — but only on the side of God and democracy.
Far from being a bucolic utopia, economic conditions were highly unsatisfactory on the eve of the Industrial Revolution. The traditional social system was not elastic enough to provide for the needs of a rapidly increasing population.
In truth, there is only one way to regard a minimum wage law: it is compulsory unemployment, period.
