Production Theory

Murray Rothbard wasn't born an Austrian economist. Patrick Newman on how a Columbia-trained mainstream PhD became Mises's heir—in the hundredth year since Rothbard's birth.

The US has 20 to 30 million government regulations. Big corporations have legal departments. Startups have you. Mark Thornton on who the "regulatory thicket" is really built to protect.

Strip away the mystique and ChatGPT is a next-word predictor with some randomness—the same trick as the spell-checker asking if you meant "dog." Peter Klein on the economics of AI, minus the hype.

Per Bylund takes up Mises's claim that the entrepreneur-promoter cannot be defined praxeologically.

When savers cut back and consumption falls, most economists cry "recession!" Paul Cwik on why an Austrian sees the opposite: an economy quietly retooling for future growth.

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.

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.

Dr. Per Bylund unpacks Rothbard's concept of the capitalist entrepreneur as the economy's true mover and shaker: the figure who not only forecasts future consumer demand but puts real capital behind those forecasts, bearing uncertainty and driving the structure of production.

Understanding economics is the key to preserving civilization. This is because civilization itself is a consequence of choices.

One of the Austrian arguments against using mathematics to model economic phenomena is that there are no constants in economics, as things always are changing.