Among the many insights Mises provides in his magnum opus, Human Action, there are crystal-clear considerations about the price mechanism, the role entrepreneurs play in fostering efficient resource allocation, and how socialism is detrimental to the economy, insofar as it disrupts the smooth interplay of prices, entrepreneurship, and resources’ allocation.

Amid the sociocultural convulsions and boutique displays of urban anarcho-tyranny that have taken place in America in recent months, there has been renewed discussion within certain circles of the liberty movement about how appropriate it is for libertarians and their intellectual brethren to self-identify as “right-wing” or “left-wing.” While libertarianism itself, which merely requires adherence to the nonaggression principle (NAP) and a desire to minimize or abolish state power, need not be considered a “right-wing” or “left-wing” political philosophy, I contend (from a decidedly ri

While gross domestic product is considered by many to be the most important statistic regarding our economic well-being, Austrian and non-Austrian economists alike have criticized it as being an unsound representation of the health of an economy. Readers of mises.org are probably familiar with these arguments and I am not going to rehash these critiques.

However, some of the criticisms of this statistic misrepresent how the statistic is determined. I think it would be instructive to explain how GDP is calculated.