Zhang Shizhi

Articles

The 2025 Nobel Prize in Economics: A “Creative Betrayal” of Schumpeter’s Vision

10/28/2025 Mises Wire Zhang Shizhi

In their 1990 paper, “A Model of Growth Through Creative Destruction,” 2025 Nobel winners Philippe Aghion and Peter Howitt attempt to formalize Joseph Schumpeter's theory of “Creative Destruction.” Their mathematical model is not creative, but it is destructive of the theory itself.

Einstein Was the Greatest Physicist but Was Economically Illiterate

10/02/2024 Mises Wire Zhang Shizhi

Einstein's name is synonymous with brilliance, yet his great intelligence did not translate to logical economic thinking. Instead, Einstein embraced socialism, thinking that one could guide an economy like one guides a mathematical equation.

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Einstein Was the Greatest Physicist but Was Economically Illiterate

10/29/2024 Zhang Shizhi

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.