Equilibrium, Profit and Loss, and Entrepreneurship
(Excerpt from chapter 17 of Mises: The Last Knight of Liberalism, pp. 770–73.)
(Excerpt from chapter 17 of Mises: The Last Knight of Liberalism, pp. 770–73.)
The 2026 FIFA World Cup, this year’s quadrennial event, is being held in North America. The last time that happened was way back in 1994, so it’s no surprise that demand for tickets has been unlike anything seen at previous World Cups.
(Excerpt from chapter 17 of Mises: The Last Knight of Liberalism, pp. 765–67.)
Mises’s exposition of economic science differed decisively from all modern authors in that it drew a sharp line between praxeology and psychology. This has remained a defining feature of the works of his disciples.
[Excerpt from Murray Rothbard, The Progressive Era, Patrick Newman, ed. (Auburn, Ala.: Mises Institute, 2017), from chap. 13 “World War I as Fulfillment: Power and the Intellectuals,” pp. 428–36.]
Any reform legislation had to wait until after the elections of 1898, for the gold forces were not yet in control of Congress. In the autumn, the executive committee of the Indianapolis Monetary Convention mobilized its forces, calling on no less than 97,000 correspondents throughout the country through whom it had distributed the preliminary report. The executive committee urged its constituency to elect a gold-standard Congress; when the gold forces routed the silverites in November, the results of the election were hailed by Hanna as eminently satisfactory.
[Excerpt from Epistemological Problems of Economics, chap. 1]
Keynes’s General Theory was, at least in the short run, one of the most dazzlingly successful books of all time. In a few short years, his “revolutionary” theory had conquered the economics profession and soon had transformed public policy, while old-fashioned economics was swept, unhonored and unsung, into the dustbin of history.
Among the great books of mankind are the immortal writings by the Greek philosopher Plato. The Republic and The Laws, written 2300 to 2400 years ago, dealt not only with philosophy, the theory of knowledge, epistemology, but also with social conditions. The treatment of these problems was typical of the approach which philosophical and sociological problems, discussions of state, government, and so on, continued to receive for more than 2000 years.