The importance of this book lies primarily in how it shows the interventionist state is at the root of Western society’s increasingly loathsome, self-destructive, and stingy culture.
It was a fundamental mistake . . . to interpret economics as the characterization of the behavior of an ideal type, the homo oeconomicus. According to this doctrine economics does not deal with the behavior of man as he really is.
After the Indochina War, Vietnam was one of the poorest countries in the world, but dramatic free-market reforms have made this formerly socialist country prosperous.
In our current age of rampant monetary inflation and price inflation, good economics has become more relevant for ordinary people. Inflation is not some arcane matter of consumer price indices and statistics on the monetary base. Inflation, is simply ruinous on the personal level.
In ending the gold standard, Nixon was guided by Milton Friedman, who wrongly believed that the Fed could end recessions and cope with inflation by controlling the quantity of money.
Argentina's economy has been plagued by increasing inflation since 2007, reaching a world record of 210 percent in 2023. Additionally, the economy has been stagnant since 2011. Milei was elected to turn this around. Can he?
Welcome to the first issue of The Misesian. We’ve decided to rename The Austrian magazine to emphasize how Ludwig von Mises remains at the center of everything that is today called the Austrian School of economics.
