Austrian Economics Overview

Mark Thornton shows why every system that ignored the entrepreneur—from socialism to fascism to modern industrial policy—failed for the same reason.

Time is a unique resource in economics because we cannot create more of it and are subject to its limitations. Ludwig von Mises and the Austrians understand the role of time in economic better than most other mainstream economists.

In contemplating the life and career of Ludwig von Mises, one is struck by the nobility and grandeur, the high courage, of his lonely and lifelong struggle on behalf of truth and laissez-faire. But what led Mises to pursue his lonely and seemingly doomed struggle until the very end?

In this week’s Friday Philosophy, Dr. David Gordon reviews The Influence and Significance of Human Action After 75 Years edited by Joseph T. Salerno. He gives his thoughts and questions on some of the points made and recommends it and Human Action.

One of the prevailing myths today is the belief that AI can help to “automate” the economy. That is impossible, given that only humans can determine the value of something.

For Human Action is more than a book about economics broadly construed. It is a guide to civilized social life which elucidates the laws of reality that apply if human persons are to engage in peaceful and prosperous social cooperation under the division of labor. 

Human Action is more than a book about economics broadly construed.

From Monetarists to advocates of modern monetary theory, government edicts give money its value. Austrian economists from Menger to Mises to Rothbard know better.

Under a system of private ownership, in which the government's only function is to protect property rights, it is immaterial where the frontiers of people's country are drawn.

Economics has its own four-letter words. Although they are not obscene, socialists and statists would find them so.