of accelerating inflation which, it must be admitted, has been brought about by policies which the majority of economists recommended and even urged governments to made a mess of things. It seems to me that this failure of the economists to guide policy more successfully is closely connected with their propensity to imitate as can be exhibited only by models made up of relatively large numbers of variables. Competition, for instance, is a process which will produce certain results only if it
adults But somehow we’ve come to believe economics should be left to academics and policy wonks. And worse yet, we don’t protest when kids grow up to become adults with economics. Progressives are not afraid to create visceral appeal for their policies, while we tend to take a purely intellectual approach to promoting liberty. than your parents? Will there be fewer and fewer good jobs available, and will competition for those jobs be intense? Will your real wages and purchasing power
be increased by the operation of Fromm’s principle that “cooperation will replace competition.” This placing of the consumers at the mercy of workers’ councils is be done in order to achieve this aim. Directly or indirectly through its taxation policy, it determines the conditions of labor, moves capital and labor from one
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.