The Austrian-school approach, with its realist, real-world approach, is actually more inclined toward empiricism than the neo-classical economists who tend toward very abstract theories and models.
An essential aspect of the Mengerian-Misesian tradition — the emphasis that it puts on the entrepreneurial character of all human action, that is, its inherent entanglement with the problems of scarcity and uncertainty.
Menger’s insights about the origin of social structures inspired later contributions in three main areas: spontaneous order, money, and law.
"The art of economics consists of looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups."
Inflation can always give only a temporary fillip to the economy, and will leave us with a legacy of postponed adjustments and new maladjustments which make our problem more difficult.
Whoever wishes to do so, freely and voluntarily. Conscription of witnesses is no more justified than conscription into the armed forces or into any other service or occupation.
Ralph Raico pays homage to Ludwig von Mises and his place in the social sciences.
Mises: "What I aimed at in writing Human Action was to contribute my share to ... prevent[ing] America from following Europe down the path to annihilation of civilization and prosperity."
Hazlitt sees clearly that because capitalism promotes freedom, justice and productivity it has far more right to be called "social" (or "moral") than socialism which in its despotism actually promotes a code of immorality.
For decades, Huerta de Soto has devoted significant effort to academia, business, and the libertarian movement in Spain and worldwide.
