Posts in "Ludwig von Mises"

Savannah Liston's picture
By Savannah Liston at 8:41PM

Hello!

I'm new to YAL, so I thought I'd give you a little bio before I launch into my intended subject. I'm a homeschool graduate who loves economics, history, literature, music, and politics. I am not attending a college but studying on my own at home over the internet.

Through Ron Paul's 2008 run for president I got involved in the Campaign for Liberty. Then I started studying Austrian economics and decided to step down from C4L so I could focus on economics. I attended a conference that the Mises Institute hosted on Jekyll Island this spring, where I got to meet Ron Paul for the first time! Over the past year or so I've been giving lectures on Austrian economics, from Tea Party events to financial meetings, and realized how fun it was to share this info with others.

I live in a rural area and the possibilites for teaching people in my community are rather limited, so I decided to offer an online course in Austrian economics starting in January. My passion is to share this information with other young people who want to know how they can defend the free market and liberty even better.

Warning : This will probably be unlike anything you ever heard in school or college. This is not mainstream economics. This isn’t big government economics. This is free market economics.


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Alexander Habighorst's picture
By Alexander Habighorst at 10:14PM

New Hayek Interview

As Jeff Tucker over at the Mises Institute mentions, here is a new Hayek interview which includes discussion of Mises and Keynes and -- like all of Hayek's interviews -- is thoroughly interesting throughout.

Seth Mann's picture
By Seth Mann at 11:46AM
Seth Mann's picture
By Seth Mann at 11:40AM
Matt Cockerill's picture
By Matt Cockerill at 6:53AM

Austrian Economics: A Safe Bet if There Ever Was One

The  court economists  of the state ridicule genuine free-market economists as cranks and ideologues, throughly discredited by the current economics crisis. However, if these Keynesians and phony capitalists would step away from the ideological homogenity of the establishment bubble for a second, they would find that those economists whose methodologies most stringently uphold individualism and radical capitalism alone predicted the current crisis.

Specificially, The Austrian School of economics and its most public advocate were warning that the Fed's "easy," policies on interest rates would lead to crisis long before such a crisis ever occured. Though to the layman their remarkable foresight may seem like dumb luck,  we know better. Consider Ludwig von Mises'  condemnation of Bernankeite monetary policies in his 1950 essay "Middle of Road leads to Socialism:"


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Rachel Kania's picture
By Rachel Kania at 10:53AM

Happy 128th Birthday Ludwig Von Mises!

Economics deals with society's fundamental problems; it concerns everyone and belongs to all. It is the main and proper study of every citizen. -- Ludwig Von Mises

One of the most notable economists and social philosophers of the twentieth century, Ludwig von Mises, in the course of a long and highly productive life, developed an integrated, deduct­ive science of economics based on the fundamental axiom that in­dividual human beings act purposively to achieve desired goals. Even though his economic analysis itself was “value-free” — in the sense of being irrelevant to values held by economists — Mises concluded that the only viable economic policy for the human race was a policy of unrestricted laissez-faire, of free markets and the unhampered exercise of the right of private property, with government strictly limited to the defense of person and property within its territorial area.


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Elliot Engstrom's picture
By Elliot Engstrom at 9:15AM

Theocracy in America

What happens when a society completely forgoes reason and instead focuses only on abstract ends without giving any thought to the means involved?  We've seen it before in history, and the result has always been ugly.  Barack Obama embodied this sentiment more than almost any other leader in recent history with the abstract campaign promises of hope and change with barely any talk of the means involved.  Not surprisingly, very few of Obama's supporters seem to truly understand the method being used in bringing about the planned changes.  Truly just and liberal political systems must rely on the test of reason and the consent of those governed in order to provide legitimate government.  It is no coincidence that the legislation being proposed by our "representatives" is consistently too long and complicated for even those who write it to understand its true meaning.

If people aren't using reason and their mental faculties in order to conclude that they support our government, they why are they doing it?  Put simply, people agree with the ends being proposed without understanding the means involved.  The body that decrees these means becomes simply a benevolent force to be obeyed -- one of the most dangerous and incidious characteristics of collectivist doctrine.

Ludwig von Mises provides good commentary on exactly this subject in the chapter entitled Human Society of his work, Human Action.  He writes:

Theocracy is a social system which lays claim to a superhuman title for its legitimation.  The fundamental law of a theocratic regime is an insight not open to examination by reason and to demonstration by logical methods.  Its ultimate standard is intuition providing the mind with subjective certainy about things which cannot be conceived by reason and ratiocination.  If this intuition refers to one of the traditional systems of teaching concerning the existence of a Divine Creator and Ruler of the universe, we call it a religious belief.  If it refers to another system we call it a metaphysical belief.  Thus a system of theocratic government need not be founded on one of the great historical religions of the world...

What characterizes them as theocratic is their craving to organize the earthly affairs of manking according to the contents of a complex of ideas whose validity cannot be demonstrated by reasoning.  They pretend that their leaders are blessed by a knowledge inaccessible to the rest of mankind and contrary to the ideas maintained by those to whom the charisma is denied.  The charismatic leaders have been entrusted by a mystical higher power with the office of managing the affairs of erring manking.  They alone are enlightened; all other people are either blind and dead of malefactors.

With these characteristics of theocracy in mind  and applied to our current political and social situation, one has to ask the question, do we live in a theocratic state?  And if so, who/what is the god?  Is it simply a general worship of the state, or are we moving towards something deeper than that?