ABSTRACT: Murray Rothbard developed the concept of decision-making rent as a return to a kind of unhirable labor performed by the entrepreneur in his role as owner and ultimate decision-maker of the firm. Rothbard conceived owner’s rent as separate from profit and loss and the decision-making function as concerned with productive organization and
ABSTRACT : This article discusses the influence of the initiation of the Second Socialist Calculation Debate on my own subsequent research and contributions to that debate, and briefly summarizes that research presented in articles on arguments made by Plato, Karl Marx, Friedrich von Wieser, Friedrich Hayek, Lionel Robbins, Joseph Schumpeter,
ABSTRACT : In exalting the subjectivity of value, the marginalist revolution posed a fundamental problem for economic theory. Each person chooses how to allocate his means and thereby, economize his actions by rank ordering the value of alternatives. Being interpersonally incomparable, ordinal ranks cannot serve directly to economize means
The Economic Theory of Costs: Foundations and New Directions Matthew McCaffrey, Ed. London and New York: Routledge, 2018, xiv + 270 pp. Karl-Friedrich Israel (KF_Israel@gmx.de) is lecturer at the Department of Law and Economics at the University of Angers, France. Quarterly Journal of Austrian Economics 21, no. 3 (Fall 2018) full issue, click
[ Originally published in Volume 5, No. 1 (Spring 2002) of the Quarterly Journal of Austrian Economics .] A central theme of all schools of economics is the notion that goods are scarce. The extent of human wants and needs is sufficiently great that the means man would apply to those ends are limited, requiring that he choose among alternative
Volume 18, Number 1 (Spring 2015) ABSTRACT: This paper examines Roger W. Garrison’s interpretation of John Maynard Keynes. Garrison has given economists a useful way to illustrate Keynes’s theory, but there are two fundamental problems with Garrison’s interpretation. First, the shape of the Hayekian triangle cannot be fixed in Keynes’s theory.
Quarterly Journal of Austrian Economics 19, no. 4 (Winter 2016) ABSTRACT: As the first application of the praxeological discipline of “Cratics” (Taghizadegan and Otto, 2015), a theory of the supply and demand of bads is developed. On this foundation, a violence cycle theory will be introduced in analogy to the praxeological business cycle theory
Quarterly Journal of Austrian Economics 22, no. 2 (Summer 2019) full issue. ABSTRACT: This Lou Church Memorial Lecture given at the AERC in March 2019 focuses on the outcomes of the Enlightenment: reason, the individual, equality, property rights, the separation of church and state, science and politics freed from religious dogma; but also the
Quarterly Journal of Austrian Economics 22, no. 2 (Summe 2019) full issue. ABSTRACT: This paper discusses the epistemological status and potential scope of the discipline of sociology based on the writings of Ludwig von Mises. More specifically, it presents his epistemological distinction between theory and history, and argues that sociology can
Volume 1, No. 2 (Summer 1998) To decide whether an undertaking is sound we must calculate carefully. —Ludwig von Mises, Socialism The socialist calculation debate has been prolonged, contentious, and often confusing (Vaughn 1980; Yeager 1997). Few issues in economics are more important, yet our understanding remains muddled, judging by the
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.