In his column, “A Wirtschaftswunder for California,” Jack Kemp suggests that “Schwarzenegger has a historic opportunity to create a Wirtschaftswunder - an economic miracle... My friendly advice to you, Mr. Governor-elect, is to...read fellow Austrian economists Ludwig von Mises and Frederick Hayek, on whose ideas the Wirtschaftswunder was based, and study Erhard’s recipe for growth in the how-to book he authored, Prosperity for All.”
Mises once said in a lecture: “You have read in many newspapers and speeches, about the so-called German economic miracle-the recovery of Germany after its defeat and destruction in the Second World War. But this was no miracle. It was the application of the principles of the free market economy, of the methods of capitalism, even though they were not applied completely in all respects. Every country can experience the same ‘miracle’ of economic recovery, although I must insist that economic recovery does not come from a miracle; it comes from the adoption of--and is the result of--sound economic policies.”
