This speech by Lew Rockwell was delivered at the Heritage Foundation, and even at the time was regarded as the best single overview of the teachings of the Austrian school, its contribution to the history of ideas, and the political implications of Austrian economic theory.
Economics, wrote Joseph Schumpeter, is "a big omnibus which contains many passengers of incommensurable interests and abilities." That is, economists are an incoherent and ineffectual lot, and their reputation reflects it. Yet it need not be so, for the economist attempts to answer the most profound question regarding the material world.
![Lew Rockwell](https://cdn.mises.org/styles/responsive_6_9_650w/s3/static-page/img/why_austrian_economics_matters_rockwell_20141030.jpg.webp?itok=sHxfR3PL 650w,https://cdn.mises.org/styles/responsive_6_9_870w/s3/static-page/img/why_austrian_economics_matters_rockwell_20141030.jpg.webp?itok=Iiv_9dE9 870w,/s3/files/styles/responsive_6_9_1090w/s3/static-page/img/why_austrian_economics_matters_rockwell_20141030.jpg.webp?itok=nw1sBKyV 1090w,/s3/files/styles/responsive_6_9_1310w/s3/static-page/img/why_austrian_economics_matters_rockwell_20141030.jpg.webp?itok=PT5A7ME5 1310w,/s3/files/styles/responsive_6_9_1530w/s3/static-page/img/why_austrian_economics_matters_rockwell_20141030.jpg.webp?itok=xrKHoa3I 1530w)
![LewRockwellstaffpic](https://cdn.mises.org/styles/responsive_6_9_650w/s3/static-page/img/LewRockwell.jpg.webp?itok=4f7-sriF 650w,https://cdn.mises.org/styles/responsive_6_9_870w/s3/static-page/img/LewRockwell.jpg.webp?itok=6nmS-MYr 870w,https://cdn.mises.org/styles/responsive_6_9_1090w/s3/static-page/img/LewRockwell.jpg.webp?itok=R8EBuZn9 1090w,https://cdn.mises.org/styles/responsive_6_9_1310w/s3/static-page/img/LewRockwell.jpg.webp?itok=Tnh1T5S9 1310w,https://cdn.mises.org/styles/responsive_6_9_1530w/s3/static-page/img/LewRockwell.jpg.webp?itok=hr2N6t1_ 1530w)
Llewellyn H. Rockwell, Jr., is founder and chairman of the Mises Institute in Auburn, Alabama, and editor of LewRockwell.com.