Mises Search

Austrian economists are known for supporting free markets and criticizing government intervention. In fact, many people mistakenly think of Austrian economics as nothing more than a radical defense of free markets, though it’s really a framework for studying human action and its social implications . Still, you can usually spot free market

Alex Tabarrok has a fun post calculating the monetary value of a Powerball ticket. He estimates that, as of the most recent drawing, each $2 ticket carries an expected monetary value of roughly $2.73. Superficially then, it’s worthwhile to buy one. However, Tabarrok also points out this is only true for a simple expected value calculation; after

If we were to ask readers to list the most important Austrian economists, most people would probably name Menger, Mises, Hayek, and Rothbard. But probably very few would think to include Frank Albert Fetter (1863–1949) among the luminaries of the tradition. This is unfortunate, because Fetter’s work, although neglected, is actually the source of

Election season is that magical time when politicians compete to see who can make the most outrageous promises to the voting public. Whether it’s healthcare, college tuition, or border walls, every candidate has a plan for turning the nation into utopia. The trouble is, utopias are expensive, and getting votes means convincing voters they can get

There’s an interesting story in the news about my hometown of Fort Collins, and how its growing craft beer scene is threatened by intellectual property disputes. The microbrew industry is booming across the US, and the proliferation of so many small competitors means brewers often independently develop similar ideas. In particular, “naming

At last week’s AERC , I was privileged to take part in a session celebrating Joe Salerno’s contributions to economics, as well as his role as a mentor to many young Austrians. The session, which was organized by Per Bylund and David Howden, concluded with the presentation of a new volume of essays in Salerno’s honor, to which I was proud to

Some of the most fascinating innovation in digital markets happens in video game worlds. It wasn’t so long ago that the idea of an “in-game economy” was little more than a hopeful metaphor, but today, many games feature intricate and evolving marketplaces. One great thing about this trend is that the more complex and realistic games get, the more

Quarterly Journal of Austrian Economics 18, no. 3 (Fall 2015) In the introduction to this collection, Guinevere Nell applauds Austrian scholars for their noteworthy contributions to economics. However, in her view, contemporary Austrians are too often motivated—and constrained—by the search for free-market conclusions, leading them to neglect both

Joseph Schumpeter famously predicted that capitalist society would be destroyed by its own success , and the recent student protests around the US are a sign he may have been right. Although the protests don’t always have the same motivations, a troubling feature of them all is a growing hostility to the institutions of a free society, and

One of my research interests is the economics of war and war making, and especially what economics can teach us about military organizations, how they’re structured, and how they operate. As part of this larger interest, I’ve recently been looking at military thought in history, and how economic ideas (or the lack thereof) have shaped strategic