History of the Austrian School of Economics

Archived from the live Mises.tv broadcast, this lecture was presented by Joe Salerno at the 2013 Mises University, hosted by the Mises Instit

Liberty lovers must provide a clear picture of future society at which they are aiming which inspires the imagination of intellectuals.

In a deep sense getting rid of the socialist state requires that state to perform one final, swift, glorious act of self-immolation, after which it vanishes from the scene.

What did the diamond and water paradox have to do with an important Austrian tenet that reversed economic thinking?

"The present management of the Press regrets for political reasons the fact that their predecessors published my books."

A rate of interest is established in the loan market which corresponds to a longer period of production; and so, although it is inadmissible and impracticable from an overall point of view, a lengthening of the period of production becomes at first profitable. But there cannot be the slightest doubt as to where this will lead.

What is, then, the best monetary policy? Mises argues that “A metallic money, the augmentation or diminution of the quantity of metal available for which is independent of deliberate human intervention, is becoming
    the modern monetary ideal.” He adds: “The significance of adherence to a metallic-money system lies in the freedom of the
    value of money from state influence that such a system guarantees.”

The publication of Ludwig von Mises’s Theorie des Geldes und der Umlaufsmittel in 1912 marks a turning point in the history of economics, and of the Austrian School in particular. Mises contributed a great many original and penetrating arguments, each of which he articulated at its proper place within the edifice of an encompassing monetary treatise.

The people of Kansas are better than the people of Freedonia, both at producing toothpaste <em>and</em> zebras. What to do?