It began with Bob McTeer’s article in the WSJ (June 4), and my response (June 12). Now we have E. Frank Stephenson of Berry College responding to my letter as follows (June 18): Since Jeffrey M. Herbener considers it the task of economists to dispel ignorance, I am compelled to point out that he is incorrect that economics was labeled the
Letter sent to WSJ : Edmund Phelps’s (”False Hopes and False Fears,” June 3) mischaracterization of the Austrian business cycle theory as one of “overinvestment” is doubly curious. For one thing, the Austrian theory has not been hidden under a bushel. F.A. Hayek shared the 1974 Nobel Prize, in part, for building on the pioneering cycle theory of
Ramesh Ponnuru , who has taken an interest in Austrian theory, would like more on Bob McTeer’s confused piece. In addition to Corrigan and Thornton , here’s my letter to the WSJ: Robert McTeer’s inclination to “define economics as the study of how to anticipate unintended consequences” (”The Dismal Science? Hardly!” June 4) is a tendency we should
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.