In a series of recent articles in The Review of Austrian Economics , Joseph Salerno began to de-homogenize the often conflated economic and social theories of Ludwig von Mises and Friedrich A. Hayek. In particular, he has shown that their views on socialism are distinctly different, and he has argued in effect that Mises’s original argument in the
Out of false theories of employment, money, and interest, Keynes distilled a fantastically wrong theory of capitalism and of a socialist paradise erected out of paper money. Moreover, Keynes offered no theory of stagnation at all. He merely gave a perfectly normal phenomenon, such as falling prices a bad name, so as to find another excuse for his
In order to explain the emergence of barter nothing more than the assumption of a narrowly defined self-interest is required. If and insofar as man prefers more choices and goods to fewer, he will choose barter and division of labor over self-sufficiency. The emergence of money from barter follows from the same narrow self-interest. If and insofar
A state is a territorial monopolist of compulsion, an agency which may engage in continual, institutionalized property rights violations and the exploitation of private property owners through expropriation, taxation, and regulation. But how do states come into existence? There are two theories on the origin of states. One view is associated with
Stephan Kinsella lp-3-1 Mac OS X 10.6.6 Quartz PDFContext Hoppe, Hans-Hermann. “Of Private, Common, and Public Property and the Rationale for Total Privatization . ” Libertarian Papers 3, no. 1 (2011):
I. In the most fundamental sense we are all, with each of our actions, always and invariably profit-seeking entrepreneurs. Whenever we act, we employ some physical means (things valued as goods) — at a minimum our body and its standing room, but in most cases also various other, “external” things — so as to divert the “natural” course of events
Old habits die hard. These should be the best of times for oil-rich Russia, with prices remaining above $50 per barrel. Instead, foreign investors are fleeing , and with them skills, technology, and capital. Amazing how that happens when the state seizes private property and puts businessmen in jail for supposed tax-evasion. Net capital outflow
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.