Chapter 34: The Economics Of War
Chapter Summary
1. TOTAL WAR
The market economy involves peaceful cooperation. The division of labor cannot function effectively amidst a war. Warfare among primitive tribes did not suffer this drawback because the warring parties had not been engaged in trade before the hostilities. Thus they engaged in total war.
Chapter 35: The Welfare Principle Versus The Market
Chapter Summary
1. THE CASE AGAINST THE MARKET ECONOMY
Even critics of the market economy must admit that it works satisfactorily day in and day out, and indeed increases standards of living for everyone over time. Now the fashionable critique of the market is that it aims for profit, in contrast to “welfare.” Broadly defined, no one objects to the welfare of others, but the term becomes vacuous; both liberals and Nazis can claim their programs aim to achieve as much happiness as possible.
Chapter 36: The Crisis Of Interventionism
Chapter Summary
1. THE HARVEST OF INTERVENTIONISM
All of the negative consequences of interventionism, predicted by the economists, have come to fruition. Yet it is not the world wars, depressions, famines, and civil wars that have led to the crisis of interventionism. On the contrary, these calamities have been blamed on capitalism. Even so, interventionism is reaching its end, because it has exhausted all its potentialities.
Chapter 37: The Nondescript Character Of Economics
Chapter Summary
1. THE SINGULARITY OF ECONOMICS
Economics is different from other branches of both pure knowledge and its practical utilization, because its theorems cannot be proven or falsified by experience. Naturally, action informed by faulty economic theories will be unsuccessful, but even here the failure will be shrouded in complex historical events. The economist can never definitely refute the economic cranks and charlatans in the same way that a doctor can refute a medicine man or snake-oil salesman.
Chapter 38: The Place Of Economics In Learning
Chapter Summary
1. THE STUDY OF ECONOMICS
It is a mistake to believe that establishing an institute for business-cycle research can shed light on cures for the business cycle in the way that expensive funding for a cancer institute might discover a cure for the disease. Economists do not disagree on the relevant historical facts; where they disagree is on the a priori theories used to interpret these facts of economic history.
Chapter 39: Economics And The Essential Problems Of Human Existence
Chapter Summary
1. SCIENCE AND LIFE
According to some critics, science is sterile because it is value free. Yet science provides humans with the information they need in order to properly form their valuations, and to choose the proper means to achieve their desired ends. From a philosophical view, it is true that all action is “vain,” because people are never fully satisfied. Even so, they still act in order to achieve a more satisfactory state of affairs.
Index
A | B | C | D | E
F | G | H | I | L
M | P | R | S | T
U | W
A
Action
definition of, 1
individual and changing features of, 13
prerequisites of, 1–2
uncertainty and, 45
Anarchismm, 68
Appraisement, 134
A priori
Study Guide to the Theory of Money and Credit
Study Guide To
STUDY GUIDE TO
THE THEORY OF
MONEY AND CREDIT
Title Page
Study Guide
TO
THE THEORY OF
MONEY AND CREDIT
LUDWIG VON MISES
Robert P. Murphy
LVMI
MISES INSTITUTE
