History of the Austrian School of Economics

Government controlled fiat money is and will always be, by construction, fraudulent money.

Mises was the first scholar to recognize that economics is part of a larger science in human action, a science that Mises called "praxeology."

Rothbard was the first to fully integrate economic science, moral philosophy, and political theory in a unified theory of liberty.

Rothbard has been proven correct. Mathematical modeling has revealed itself to be a vain and formalistic exercise incapable of explaining the international currency crises, stock-market and real-estate bubbles, or the global financial crises that have racked our world in the past two decades.

We must make them realize what they owe to the much vilified "economic freedom," the system of free enterprise and capitalism.

To the common sense of these women a program of low prices will make a strong appeal.

From the standpoint of both politics and history, this proof [of the "impossibility" of socialist planning] is certainly the most important discovery by economic theory.

Mises says that all expansion of bank credit must absolutely cease: "no more legal tender banknotes and no more credit expansion!"

In the same way that we need some junior historian to devote his career to exposing every nefarious plot of the New Deal, so we need an economist to refute the General Theory.

The reason for this is that all production, including any new and additional production called into being by stimulus packages, itself entails consumption. And this consumption tends at the very least to approximate the fresh production and, indeed, is capable of equaling or even exceeding it.