[Originally published in Libertarian Papers 1, 39 (2009) ] As the transaction cost theory of the firm was taking shape in the 1970s, another important movement in economics was emerging: a revival of the “Austrian” tradition in economic theory associated with such economists as Ludwig von Mises and F. A. Hayek (1973; Dolan, 1976; Spadaro, 1978).
That’s the title of my talk tomorrow evening at the CEVRO Institut in Prague (5pm, Tuesday 9 October). You can probably anticipate the answer, but you have to come for the full explanation! The CEVRO Institut is a private college, founded in 2005, offering undergraduate and graduate degrees in political science and international relations, public
Mises Institute Senior Fellow Peter Klein and Associated Scholar Nicolai Foss were interviewed by Á ngel Mart í n Oro for Sintetia.com . Klein and Foss discuss their 2012 book Organizing Entrepreneurial Judgment: A New Approach to the Firm , published by Cambridge University Press. Sintetia: The aim of your book is, as you state, to define a
The Free Market 32, no. 3 (March 014) Author of The Capitalist and the Entrepreneur, Peter Klein has published numerous books and articles on entrepreneurship from an Austrian perspective. Dr. Klein was interviewed in late 2013 by eTalk’s Niaz Uddin on the topic of entrepreneurship: Niaz Uddin: Tell us about entrepreneurship. What are the
[Cross-posted at Organizations and Markets ] Over the years I’m increasingly convinced that Israel Kirzner’s metaphor of entrepreneurship as costless discovery — a form of arbitrage, exploiting differences between actual prices and their Walrasian equilibrium values — is a misleading way to think about entrepreneurship. Emphasizing knowledge,
For once I agree with Paul Krugman, who writes: “success in business does not seem to convey any special insight into economic policy.” Unfortunately, everything in his latest column save that single sentence is completely wrong. What Krugman means is that Ben Bernanke, Janet Yellen, Mervyn King, Mario Draghi, and the other academic Keynesian
Computing and networking practices move in cycles. In the early days of computing, processing occurred in a few large mainframe computers, with users dialing in using “dumb” terminals. The PC revolution of the 1980s made it possible for simple tasks to be performed locally, on the desktop, while more complex computations took place on
Is management theory to blame for the current crisis in the world economy? Some commentators think that business schools’ focus on shareholder wealth maximization, performance-based pay, and the virtue of self-interest have led banks, corporations, and governments astray. Hefty bonuses promoted excessive risk-taking, and the free-market philosophy
Libertarians often cite the internet as a case in point that liberty is the mother of innovation. Opponents quickly counter that the internet was a government program, proving once again that markets must be guided by the steady hand of the state. In one sense the critics are correct, though not in ways they understand. The internet indeed began
[From Property, Freedom and Society: Essays in Honor of Hans-Hermann Hoppe .] “If we know nothing about a thing, we cannot say anything about its probability.” – Richard von Mises In a recent paper, “The Limits of Numerical Probability: Frank H. Knight and Ludwig von Mises and the Frequency Interpretation,” Hans-Hermann Hoppe explores Mises’s
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.