A new translation of Bohm-Bawerk’s “Interest Theory of 1876” is now available in the Quarterly Journal of Austrian Economics . From the Introduction: To our knowledge, this is the first English translation of Eugen von Böhm-Bawerk’s seminar paper of 1876. Our English translation draws from three sources in German: (1) the original handwritten
John Mearsheimer recently gave an important lecture on the Ukrainian war. He warns that “the United States is now effectively at war with Russia.” Mearsheimer argues, “The United States is principally responsible .” Alexander Stubb contends in a reply to Mearsheimer, “The only place to blame is the Kremlin, Putin, and Russia.” Commentators who
The war in Ukraine has generated commentary from a wide variety of observers in many fields. But economic science is the only field that can provide lasting solutions. And economics delivers the same time-honored solution: the free-market economy is the only way to durable peace between Russia and Ukraine. The immediate goal is to defuse the
April 7, 2019, marks the hundredth anniversary of Article 231 of the Treaty of Versailles — the infamous war-guilt clause. Although the treaty was not signed until June 28, the Supreme Council approved the notorious article on April 7, 1919. Thus, April 7 is the proper day to mourn the centenary of the calamitous war-guilt clause of the Treaty of
Economists debate whether Ludwig von Mises advocated free banking or 100 percent reserve banking. This debate is significant. Mises states, “the institution of credit expansion may be called the most important economic problem of our age.” Given this statement, he must have viewed the solution to the problem as an extremely serious matter. Free
Volume 18, Number 1 (Spring 2015) ABSTRACT: This paper examines Roger W. Garrison’s interpretation of John Maynard Keynes. Garrison has given economists a useful way to illustrate Keynes’s theory, but there are two fundamental problems with Garrison’s interpretation. First, the shape of the Hayekian triangle cannot be fixed in Keynes’s theory.
Volume 18, Number 1 (Spring 2105) ABSTRACT : What Engelhardt calculates in his comment is not the Marginal Efficiency of Capital. Engelhardt incorrectly ranks investment projects by Present Value instead of Net Present Value. Engelhardt does not prove that Keynes has a wealth maximizing theory of investment, so his comment is not a successful
Opposed to advocates of the profit-and-loss system, many healthcare reformers believe socialized medicine can progressively improve the price, quantity, and quality of healthcare. But can socialized medicine achieve this goal? Accounting theory answers no. All advocates of socialized medicine commit one fundamental intellectual error: they ignore
Quarterly Journal of Austrian Economics 22, no. 2 (Summer 2019) full issue. ABSTRACT: This paper examines John Maynard Keynes’s ethical theory and how it relates to his politico-economic thought. Keynes’s ethical theory represents an attack on all general rules. Since capitalism is a rule-based social system, Keynes’s ethical theory is
Volume 16, No. 4 (Winter 2013) ABSTRACT : The purpose of this paper is to explain the marginal efficiency of capital. The net present value diagram is derived and used to illustrate how the interest rate regulates the intertemporal allocation of resources. The net present value diagram is then used to show that the marginal efficiency of capital
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.
