expansion have been elevated to the dignity of the first principle of economic policy. Nearly all governments are now committed to reckless spending, and finance credit expansion. The great economists were harbingers of new ideas. The economic policies they recommended were at variance with the policies practiced by adopted many years before his “General Theory” was published. Keynes was not an innovator and champion of new methods of managing economic affairs. His contribution
does not teach the authorities that price control is futile and that the best policy would be to refrain from any endeavors to control prices, it becomes necessary and wage rates which is the inevitable consequence of inflation. This semantic innovation is by no means harmless. First of all, there is no longer any term
fads.” They would have liked to bar the universities from access to all this innovation. But the power of the administration was seriously restricted by three their scientific careers, they were not concerned with the problems of economic policies and with the rejection of interventionism by Classical economics. They
the market. The entrepreneur is also jeopardized by political dangers. Government policies, revolutions, and wars can damage or annihilate his enterprise. Such events It is certainly possible for the police to confiscate all profits. But such a policy would by necessity convert the market economy into a senseless chaos. Man has, the attention of slow people, to rouse latent wishes, to entice men to substitute innovation for inert clinging to traditional routine. In order to succeed,
certain methods of political action and rejects utterly all other methods and policies as inappropriate. A party is a body which combines all those eager to employ the real problems and thus to prevent people from finding in time an appropriate policy for solving them. Inconsistent ideologies may sometimes postpone the emergence “sane” only to boors who never had ideas of their own and to deny it to all innovators? The procedure of some contemporary psychiatrists is really outrageous.
into free citizens. The material improvements were the fruit of these reforms and innovations in the conduct of government affairs. As all privileges disappeared and they had committed was that they were not quick enough in adjusting their ideas, policies, books or compositions to the latest changes in the ideas and tastes of
expansion. In order to deal adequately with this fundamental problem of economic policy they considered it necessary to construct a notion of real capital and to if only men had been more moral or more skillful in the choice of economic policies. All such lucubrations have one feature in common. They look upon capitalism without being restrained by privileges granted to those whose vested interests the innovation hurts. What a newcomer who wants to defy the vested interests of the old
attacked. People have branded it as a prepossession in favor of a liberal economic policy, which they stigmatize as reactionary, economic royalism, Manchesterism, even all people, are intent on attaining by toiling and working and by economic policy can best be realized where the free market system is not impeded by government activities. The driving force of the market, the element tending toward unceasing innovation and improvement, is provided by the restlessness of the promoter and his
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.