The Austrian School of economics arose in opposition to the German Historical School; and Carl Menger developed his methodological views in combat with the rival group. Gordon discusses the philosophical doctrines of the Historical School, and examines some of the philosophical influences on the founders of the Austrian School. This monograph was
In Defense of Advertising is a theoretical defense based on the philosophy of Ayn Rand and the economics of Ludwig von Mises. It argues that the proper foundations of advertising are reason, ethical egoism, and laissez-faire capitalism. Its theme is that the social and economic criticisms of advertising are false because they are based on a false
Rothbard provides a succinct account of the origins of money, showing how money must originate from a commodity. Banking originated from goldsmiths, who issued warehouse receipts for gold deposited with them. From this a fractional reserve system developed, inherently prone to monetary expansion and panic. In the late nineteenth century, a
The Free Market 12, no. 7 (July 1994) Governments, especially including the US. government, seem to be congenitally incapable of keeping their mitts off any part of the economy. Government, aided and abetted by its host of apologists among intellectuals and policy wonks, likes to regard itself as a deus ex machina (a “god out of the machine”)
The Free Market 12, no. 7 (July 1994) American government, we are told, is notable for its stability. And so it seems, at least on the surface. But stability over a long period, as the Russian tsars could tell us, is no guarantee of permanence. And the tsars fell very suddenly after ruling far longer than the U.S. government’s two centuries.
The Free Market 12, no. 7 (July 1994) Did 12 years of Reagan-Bush corrupt the Right? “Whatever they might say in their after-dinner speeches or in their op-ed pieces,” writes former Wall Street Journal editorialist David Frum in his new book Dead Right , conservatives have “effectively thrown in the towel on government spending” and given up the
The Free Market 12, no. 7 (July 1994) Think of the U.S. Postal Service as a Soviet planning bureaucracy. The P.S. causes severe and systemic dislocations, imposes a terrible burden on enterprise and the citizenry, and is sometimes tyrannical. Also like Soviet planning, the longer it lasts, the worse it gets. It is doomed to fail and be
The Free Market 12, no. 7 (July 1994) Federal bureaucrats think they, not the financial markets should direct investment spending. They want to rebuild “infrastructure,” fund space stations, install magnetic supertrains, and set up information highways (or redistribute the existing ones). That’s what President Clinton means when he says he’ll
The Free Market 12, no. 7 (July 1994) Alexandr I. Solzhenitsyn’s return to Russia has engendered more than the usual amount of scaremongering. The author, we are told, is a Pan-Slavic nationalistic and religious fanatic whose views are outdated and irrelevant. Yet Solzhenitsyn used his first speech and press conference in Russia to promote two
The Free Market 12, no. 12 (December 1994) “Peace on Earth” should be more than a holiday cliché. The costs of war and its perpetual threat are immense, and threaten freedom and civilization itself. Even with the end of the Cold War, the U.S. finds itself in an endless series of military squabbles, including Panama, Iraq, Somalia, and Haiti,
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.