Nobel Laureate Kenneth Arrow has passed away at the age of 95. There are few people who can lay claim to a more profound influence on 20 th -century economics. In fact, Arrow was the mainstream economist par excellence, contributing to many fields over the course of an almost seventy-year career. He will likely be remembered mainly though as a
The First World War carries a special significance in the history of Austrian economics. It not only symbolized the triumph of militarism and nationalism over the all-too-brief flourishing of liberalism, but also sowed the seeds of fascism, socialism, and the Second World War that ultimately forced the emigration of the Austrians from their native
In the controversy surrounding Trump’s immigration policy—particularly the practice of separating the children of immigrants from their parents—one claim is made repeatedly by his supporters: immigrants have no right to complain about the treatment they or their children receive, because they’ve broken the law. Surprisingly, this assertion is made
In just a few decades video gaming has grown from a niche market into one of the largest entertainment industries in the world, certainly no mean feat. However, its transformation has also brought with it the same regulatory problems that every large industry encounters sooner or later. And like most other industries, gaming’s regulatory woes are
The period July to November this year marks the centenary of the Battle of Passchendaele. In a war already overflowing with misery, Passchendaele remains a byword for unspeakable suffering; it was one of the most appalling campaigns of the First World War, claiming almost half a million casualties and inflicting lifelong physical and psychological
The internet is filled with talk of the fourth season of HBO’s Game of Thrones . This is welcome news, as Game of Thrones probably offers economists more teachable moments than any show currently on the air (even House of Cards ). Fans are probably familiar with its economic themes and strongly critical view of government, which have attracted the
In the last few years, there has been a big emphasis in entrepreneurship on “ lean ” startups. Being lean basically means avoiding unnecessary costs early in the development of a new venture, thus minimizing waste and reducing the negative effects of uncertainty. For example, a common lean strategy involves using consumers to test a limited run of
The BBC is running a tragic but fascinating article about political oppression under the Ceausescu regime in socialist Romania. The article tells the story of Carmen Bugan, whose father, Ion Bugan, was repeatedly spied on, arrested, and tortured for political dissent. Since 1999, the files of the Romanian secret police, the Securitate, have been
Memorial Day provides as good an opportunity as any to reflect on the horrendous and irreversible costs of war. For most people—and rightly so—the clearest costs are those in terms of human life, which is shattered both physically and psychologically. As John Denson writes, “In looking at the costs of war we must always keep in mind the reality
What is the Mises Institute?
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.