Fifty years ago today, December 11, 1974, F.A. Hayek gave his Nobel Lecture in Sweden. The conflict between what the public expects science to achieve in satisfaction of popular hopes, and what is really in its power, is a serious matter.
In 1940, shortly after Nazi armies ran across Europe and conquered France, Ludwig von Mises and his wife, Margit, escaped to the US after a harrowing journey through hostile territory. Here is their story.
The Austrian School of economics traces its roots to the School of Salamanca in medieval times. The scholastics of Salamanca, in turn, were influenced by the canon jurists from the University of Bologna, demonstrating the rich and historic roots of Austrian economics.
Bob reacts to Bryan Caplan's current views, arguing that the history of economic thought is indeed important, and the Misesian approach to praxeology is crucial.
The Salamanca School is known for important contributions to free-market economics and the Austrian School. The Bolognese jurists also made key contributions.
The Salamanca School is known for important contributions to free-market economics and the Austrian School. The Bolognese jurists also made key contributions.
Bob quotes from David Ricardo to show that the classical economists understood that utility was essential to explaining market value, but then he also explains why the Marginalist Revolution was a scientific advancement.
