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This is Mises’s 1927 review of J. M. Keynes,  The End of Laissez-Faire , Ideas on the Unification of Private and Social Economy (Munich and Leipzig: Duncker and Humblot, 1926), 40 pages, translated for the first time here (by Joseph Stromberg). It originally appeared as Mises, “Das Ende des Laissez-Faire, Ideen zur Verbindung von Privat und

With a few exceptions contemporary commentators on economic problems are advocating economic intervention. This unanimity does not necessarily mean that they approve of interventionistic measures by government or other coer­cive powers. Authors of economics books, essays, articles, and political platforms demand interventionistic measures before

Lord Keynes’s main contribution did not lie in the development of new ideas but “in escaping from the old ones,” as he himself declared at the end of the Preface to his “General Theory.” The Keynesians tell us that his immortal achievement consists in the entire refutation of what has come to be known as Say’s Law of Markets. The rejection of this

1. The Futility of Price Control Under socialism production is entirely directed by the orders of the central board of production management. The whole nation is an “industrial army” (a term used by Karl Marx in the Communist Manifesto ) and each citizen is bound to obey his superior’s orders. Everybody has to contribute his share to the execution

1. Planning as a Synonym for Socialism The term “planning” is mostly used as a synonym for socialism, communism, and authoritarian and totalitarian economic management. Sometimes only the German pattern of socialism— Zwangswirtschaft —is called planning, while the term socialism proper is reserved for the Russian pattern of outright socialization

The stock-in-trade of all Socialist authors is the idea that there is potential plenty and that the substitution of socialism for capitalism would make it possible to give to everybody “according to his needs.” Other authors want to bring about this paradise by a reform of the monetary and credit system. As they see it, all that is lacking is more

On Whom Does the Incidence Fall? Whenever a law or labor union pressure burdens the employers with an additional expenditure for the benefit of the employees, people talk of “social gains.” The idea implied is that such benefits confer on the employees a boon beyond the salaries or wages paid to them and that they are receiving a grant which they

Introduction by Joseph T. Salerno: Mises’s review of Francis Ysidro Edgeworth’s collected papers was published in German in 1926. It was translated by JoAnn Rothbard and appears here in English for the first time. Despite its brevity, it is an extremely important document for both Mises scholars and Austrian economists generally. For it is in this

Introduction by B.K. Marcus: Mises wrote his first New York Times editorial in March 1941, having been in the United States for less than a year. He addressed a dispute between Josef Göbbels and Wendell Willkie, and provided a capsule version of mid-19th century Prussian history. The editorial, reprinted below, was published without Mises’s name,

[Address delivered before the Economics Faculty of New York University at the Faculty Club on November 20, 1940, a few months after Dr. and Mrs. Ludwig von Mises arrived in New Jersey on August 2, 1940, as refugees from war-torn Europe. Reprinted in Planning for Freedom .] Your kind invitation to address you on my contributions to economic theory