Mises Daily

Although it's true that Austrians agree with Chicago economists on many policy issues, their approach to economic science is very different.

The Americans were willing to disperse, but not to disarm. So on April 19, 1775, they took up arms against one of the most powerful regimes on earth.

Formal models of the economy, writes Murray Rothbard, tend to overlook a crucial instrument of change: entrepreneurship.

Ludwig von Mises explains how the weakened state of German liberalism left the door open to German socialism which paved the way for Nazi ideology.

"The reality must be faced that the new…colony of Pennsylvania lived for the greater part of four years in a de facto condition of individual anarchism, and seemed none the worse for the experience."

The Nazi concentration camps were modified versions of Soviet originals.  It's true the Soviet Union is not history's only killer state, but it is the original model on which others are based.

The year 1898 was a landmark in American history. It was the year America went to war with Spain—our first engagement with a foreign enemy in the dawning age of modern warfare. Aside from a few scant periods of retrenchment, we have been embroiled in foreign politics ever since.

It's a paradox: never before has a government in human history assumed unto itself the power to regulate the minutiae of daily life as much as this one.  At the same time the United States is overall the wealthiest society in the history of the world.

Private ownership of the means of production is the fundamental institution of the market economy. It is the institution the presence of which characterizes the market economy as such. Where it is absent, there is no question of a market economy.

Hoarding is not even a very disruptive process, because for every miser stuffing money into his mattress, there are numerous misers' heirs ferreting it out. This has always been the case, and it is not likely to change drastically.