ABSTRACT: In the division of labor, economizing valuations require an appraisement of the structure of market prices of goods beforehand. Yet, investment decisions concerning the purchase of an entire business enterprise, for example, necessitate considerations beyond appraisement. An economizing valuation of businesses must be based upon both
[ Full issue of the Quarterly Journal of Austrian Economics 20, no. 4 (2017)] KEYWORDS: free choice, counterfactuals, economic laws JEL CLASSIFICATION: B00, B40, B53 INTRODUCTION In a series of articles written around the turn of the century, Guido Hülsmann has tried to answer one simple question: “How can we reconcile the idea that there are laws
Quarterly Journal of Austrian Economics 22, no. 2 (Summer 2019) full issue. ABSTRACT: This paper examines John Maynard Keynes’s ethical theory and how it relates to his politico-economic thought. Keynes’s ethical theory represents an attack on all general rules. Since capitalism is a rule-based social system, Keynes’s ethical theory is
Volume 1, No. 1 (Spring 1998) This Festschrift is dedicated to one of the outstanding champions of liberty in Germany. For most of his scientific life, Gerard Radnitzky has been known as a philosopher of science in the tradition of Karl Popper. In recent years, however, he has won a reputation as a staunch defender of individual liberty through
Volume 1, No. 3 (Fall 1998) Ludwig von Mises contributed much to understanding how markets work, of course, but he also showed a keen interest in language. I recall his mentioning, in two or three talks, the advantage for a scholar in economics and history, as he was, to be able to use research materials in more than just one or two languages.
Volume 2, No. 1 (Spring 1999) No reasonable man can contend that the relations between price and supply is in general, or in respect to certain commodities, constant. We know, on the contrary, that external phenomena affect different people in different ways, that the reactions of the same people to the same external events vary, and that it
Volume 2, No. 2 (Summer 1999) In recent years, there has been a remarkable resurgence of socialist and social-democratic theorizing, this time, allegedly, with a quite different twist (Pongracic 1997, pp. 599–600). These theorists still regard capitalism as characterized by exploitation, inequality, and negative externalities. But they are now
Volume 2, No. 2 (Summer 1999) The popular media often see the technological advances of the last century as a frightening boost to the power and reach of the state. The box-office hit Enemy of the State , starring Will Smith, shows a government using high technology to persecute an innocent citizen. Likewise, Gattaca portrayed a society in which
Volume 2, No. 2 (Summer 1999) Tony Lawson, an economics lecturer at Cambridge University, defends a thesis sure to arouse the interest of Austrians. Mainstream economics lies crushed in the fatal grip of positivism. The futile search for constants in human behavior condemns econometrics to sterility; and economic theory as a whole is little
Volume 2, No. 4 (Winter 1999) We have tried to take Caplan to task for his many errors of omission and commission. Nevertheless, we think his was a very worthwhile article. Why? First, its quality. As a critique of Austrianism it far surpasses many of the others cited above, and is easily in the class of Nozick (1977), which we
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.