Entrepreneurial action provides the fuel for the constant mining of consumer value. If entrepreneurs cease acting in this way, consumers will cease to see innovation and growing value in the marketplace.
The Liechtenstein constitution goes to great pains to place obstacles in the way of exercising state power. It also has provisions explicitly allowing for secession.
In a competitive economy, employers are unable to pocket the surplus produced by workers. If the employers try to do this, they lose market share and their best workers.
The fact that politicians, central bankers, and “too big to fail” bankers all oppose a gold standard is a tacit admission that hard money would serve as an effective constraint on their activities.
These books and authors criticize the decision of the United States in 1917 to enter WWI, the bad results of the treaties that ended the war, and the propaganda designed to induce the public to accept the war against the Central Powers.
People criticized economics and said “well, there’s something wrong with Austrian economics because it doesn’t depend on verifying things empirically,” Mises wanted to come up with a reply to that, so that was what really got him into philosophy.
