Big Brother is a character in George Orwell’s novel 1984, the entity that governs Oceania, through the tyrannical single party—the Ingsoc. No one knows about it, but it is omnipresent through telescreens with strong propaganda and controlling everything.
When reading the works of great Austrian economics thinkers such as Henry Hazlitt or Robert Murphy. A lot of their work is theoretical and does not use much mathematics to defend their theories. As a result, a lot of people reject Austrian economics because of its lack of mathematical models. The critics of Austrian economics even mock supporters of Austrian economics by claiming they are afraid of mathematics. However, doing a deep dive into Austrian economics and their relationship with mathematics proves that the relationship is incredibly nuanced.
If you read enough commentary you’ll find various versions of the idea that our ruination is the result of powerful private interests driving government decisions that benefit them at our expense. Simply put, rich guys can buy votes that favor them, and only them. In some cases they augment their bribes with blackmail.
Does the problem lie with the billionaires or government?
Suffice it to say, there are plenty of positive things to be said about Poland’s post-communist trajectory. Within the past 5-10 years, it isn’t difficult to stumble across articles praising the Polish economy as an example of what would happen after abandonment of socialism for something that resembles a market economy.
Carl Menger is remembered today as the founder of the Austrian School of Economics and one of the most important economic thinkers in history. His 1871 masterpiece, Principles of Economics, launched what became known as the Marginal Revolution, overturning centuries of economic orthodoxy and fundamentally changing the way economists understand value, prices, and human action.
In every great war monetary calculation was disrupted by inflation. … The economic behavior of the belligerents was thereby led astray; the true consequences of the war were removed from their view. One can say without exaggeration that inflation is an indispensable means of militarism.
[Excerpt from Murray N. Rothbard, A History of Money and Banking in the United States: The Colonial Era to World War II (Auburn, AL: Mises Institute, 2005), part 4, pp. 400–24.]
