Since the economic crisis of 2008-2009, the Federal Reserve — America’s central bank — has expanded the money supply in the banking system by over $4 trillion, and has manipulated key interest rates to keep them so artificially low that when adjusted for price inflation, several of them have been actually negative. We should not be surprised if
In light of this year’s Nobel for economics , it is worth recalling the reasons that lead Oskar Morgenstern to develop (in conjunction with von Neumann) the theory of games. In 1928 Morgenstern published a book called “Wirtschaftsprognoses,” -- “Economic Forecasting.” He gave a detailed critique of statistical theory (as it had developed at that
Volume 4, Number 1 (Spring 1983) Richard Ebelling interviews G.L.S. Shackle about his time at the London School of Economics and his views on economics as a science.
Volume 4, Number 1 (Spring 1983) Richard Ebelling interviews G.L.S. Shackle about his time at the London School of Economics and his views on economics as a science.
The Free Market 13, no. 7 (July 1995) The period between the World Wars was a golden age for the Austrian School of economics. Led by Ludwig von Mises, a group of scholars writing in the tradition of Carl Menger broke new ground in economic science. Their studies showed the superiority of free markets and sound money over all forms of government
Eighty years ago, in the autumn of 1934, Ludwig von Mises’s The Theory of Money and Credit first appeared in English. It remains one of the most important books on money and inflation penned in the twentieth century, and even eight decades later, it still offers the clearest analysis and understanding of booms and busts, inflations, and
Selected Writings of Ludwig von Mises: The Political Economy of International Reform and Reconstruction Edited and with an introduction by Richard M. Ebeling In the summer of 1940, Austrian Economist, Ludwig von Mises, arrived in the United States as a refugee from war ravaged Europe. One of the most well known--and controversial--economists of
Review of Friedrich Hayek: A Biography by Alan Ebenstein (New York: Palgrave, St. Martin’s Press, 2001). In the more than twenty-five years since Austrian economist Friedrich A. Hayek was awarded the 1974 Nobel Prize in Economics, dozens of books and collections of essays, as well hundreds of popular and scholarly articles, have been devoted to
Review of Time and Money (London/New York: Routledge, 2000) 272pp.. In the 1930s, there appeared several book-length surveys of contemporary monetary and business cycle theory. In each one of these Friedrich A. Hayek’s version of the Austrian theory of money, capital and the business cycle was given central prominence, along with the competing
Delivered as part of a panel devoted to “The Warfare State,” during the Ludwig von Mises Institute’s Austrian Scholars Conference 8 , March 15-16, 2002 in Auburn, Alabama. The Classical Liberals of the nineteenth century were certain that the end of the old Mercantilist system--with its government control of trade and commerce, its bounties
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.