[Excerpted from Theory of Money and Fiduciary Media edited by Jörg Guido Hülsmann, which celebrates the centennial of the great work by Ludwig von Mises, known in English-speaking countries as The Theory of Money and Credit .] Mises’s discussion of monetary policy concludes the second part of his book, which deals with the causes and
Editor’s note: This article was originally written to commemorate the 40th anniversary of the death of Ludwig von Mises in 2013. Each year in early October, the world looks to Sweden and Norway, where the annual Nobel Prize winners are announced in the fields of literature, medicine-physiology, physics, chemistry, and peace-making. The great
It may seem unusual that an economist would talk about culture. Usually, we talk about prices and production, quantities produced, employment, the structure of production, scarce resources, and entrepreneurship. But there are certain things that economists can say about the culture, and more precisely, that economists can say about the
[ Originally published May 2016 ] Although it is sometimes imagined that a world based on gift-giving rather than market exchange would be a world without scarcity or want, we are still left with the problem of manufacturing and producing complex goods that require markets to allocate resources. Moreover, if we remember that the act of gift-giving
[ Author’s note: This essay is adapted from my preface to the Chinese edition of The Ethics of Money Production , available here in its English version . This is the first time the essay has been published in English .] Today, in all countries of the world, the production of money is controlled by government interventions. In particular,
This magazine is pretty high profile in Germany, and this article is the latest installment of a series on “great economists.” Mises is being referred to by mainstream journalists in Germany, Austria, and Switzerland as a matter of course. Recently the upper house of the Luxembourg parliament published a minority report on the economic crisis
[ This article is re-printed from the “International Debate on Re-Industrialization” published in the March 2015 issue of TSEconomist . ] Let me first state my position and then add a few arguments to back it up. Economic growth typically entails a re-allocation of labor away from industrial production, but it does not all by itself lead to
It may seem unusual that an economist would talk about culture. Usually, we talk about prices and production, quantities produced, employment, the structure of production, scarce resources, and entrepreneurship. But there are certain things that economists can say about the culture, and more precisely, that economists can say about the
The word “deflation” can be defined in various ways. According to the most widely accepted definition today, deflation is a sustained decrease of the price level. Older authors have often used the expression “deflation” to denote a decreasing money supply, and some contemporary authors use it to characterize a decrease of the inflation rate. All
This article is adapted from the foreword to Finance Behind the Veil of Money: An Austrian Theory of Financial Markets by Eduard Braun . The classical economists had rejected the notion that overall monetary spending — in current jargon: aggregate demand — is a driving force of economic growth. The true causes of the wealth of nations are
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.