People criticized economics and said “well, there’s something wrong with Austrian economics because it doesn’t depend on verifying things empirically,” Mises wanted to come up with a reply to that, so that was what really got him into philosophy.
Because enforced contract law and full property rights are the foundations of freedom, governance systems should be based on enforceable contracts that defend property rights.
The true aim of these “scholar activists,” as many academics have begun calling themselves, is to propagate socialism by redefining capitalism to encompass every evil of human history. Which means they're mostly attacking straw men.
It becomes evident from Richard von Mises's fundamental work that mathematical probability theory can never be applicable to economics, or to any other study of human action.
Economic theory must have only one purpose — to explain economic activity. However, statistical methods are of no help in this regard.
Dr. Joe Salerno and Jeff Deist explore the method of economics.
Unlike Hamilton, Jefferson did not believe that state coercion should be used to re-shape and control society and markets.
Conservatives have often claimed that that the libertarian (aka "classical liberal") alleges "human freedom as the single moral imperative. " But I doubt a single example of this could be found in the whole history of liberalism.
State-centered ideas around crime focus on imprisonment and punishment. But a restitution-centered model would be much better for victims.
The fallacy that labor-saving machines create technological unemployment has not only been disproved by theory but also by the whole history of mankind.
