[Cross posted at Organizations and Markets ] I first heard the term ‘market-based management’ (MBM) in 1994 or 1995, attatched to the now-defunct Program on Social and Organizational Learning at George Mason University. The theory was described in a few papers (one example here ) and, as I recall, a monograph. My impression was that the principles
Murray Rothbard often quipped that he was immune from Rothbard’s Law -- the tendency of scholars to specialize in what they’re worst at -- because he didn’t specialize in anything. Unfortunately, it’s more and more difficult for a generalist to survive in today’s academic climate, which encourages hyper-specialization by rewarding increasingly
Rothbard’s 1994 article ‘Nations by Consent: Decomposing the Nation-State’ distinguishes sharply between the state, as a political entity, and the nation, a ‘complex and varying constellation of different forms of communities, languages, ethnic groups, or religions.’ Rothbard develops a theory of natural national boundaries, based on the principle
Nicolai J. Foss and I have launched a new blog, Organizations and Markets , focused on organizational economics, strategy, entrepreneurship, innovation, and the economics of institutions. Regular readers of the Mises blog may have noticed that while there are many excellent blogs on economics, law, and public policy, there are relatively few on
A new paper by Steven Kreft and Russell Sobel, “Public Policy, Entrepreneurship, and Economic Freedom” ( Cato Journal, Fall 2005 ), examines the causal relationship between venture capital (VC) and entrepreneurship. Do increases in venture funding lead to increases in entrepreneurial activity, or does VC flow to areas in which entrepreneurship is
No wonder the President of Harvard is being canned for politically incorrect comments. Here is the latest story, as related by an ex-dean : “Summers suggested that some funds should be moved from a sociology program to the Kennedy School, home to many economists and political scientists. ‘President Summers asked me, didn’t I agree that, in
[Cross posted at Organizations and Markets ] The Jahrbuch für Gesetzgebung, Verwaltung, und Volkswirtschaft, edited by Gusav Schmoller — commonly known as Schmollers Jahrbuch — was one of the most important and influential economics journals of the nineteenth century. Schmoller was the leader of the younger German Historical School and the main
In “Dilemmas of an Economic Theorist” ( Econometrica, July 2006) Ariel Rubinstein reflects on the meaning, implications, and relevance of formal economic modeling: What are we trying to accomplish as economic theorists? We essentially play with toys called models. We have the luxury of remaining children over the course of our entire professional
Congratulations to adjunct scholar Jim Barth for his new book, Rethinking Bank Regulation: Till Angels Govern (with Gerard Caprio Jr. and Ross Levine), just published by Cambridge University Press. From the dust jacked (quoting Frederic Mishkin): This volume “provides striking evidence (using a unique data set created at the World Bank) that
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.