Ludwig von Mises was THE GIANT of economics

Sure, there other greats but von Mises demonstrated extraordinary insight in his masterworks Human Action and Socialism and he understood tha economics is a social science, the subject matter societal behavior.

If you read his books you will understand the Austrian School approach to economics and why they were so flat-out opposed to socialism.

von Mises, followed by Hayek, was able to show the insanity of statist central planning.

Hayek called him the master.

Birthday today.


3 responses to “Ludwig von Mises was THE GIANT of economics

  1. More people need to call out Mises for his charlatanry, and for that of his followers.

    First of all, he didn’t have a real academic career. When he migrated to the U.S., he couldn’t get a real job, so the ad man Lawrence Fertig bribed New York University to give Mises an office and pretend that he had a job there as a visiting scholar, or words to that effect. Fertig then paid Mises’ salary out of his own pocket. Basically Fertig hired Mises as a client to crank out a certain kind of economic propaganda; Fertig and Mises didn’t care about studying economics as a disinterested science, but instead they abused it to promote a certain political agenda.

    And secondly, the people who run the Mises Institute today to try to keep Mises’s legacy on life support clearly don’t believe in Mises’s own ideas. Mises argued that you can’t produce and distribute goods while neglecting or defying price signals from the market because that misallocates resources and causes economic chaos. Yet the Mises Institute has digitized Mises’s writings and it gives them away as “free” ebooks over the internet. The Misesians according to their own theory play Russian Roulette with the economy every time one of these downloads happens.

    • The breadth of ignorance displayed in this comment is truly astounding. I seriously doubt that the author has even a rudimentary grasp of economics and certainly no clue about the Austrian school. It is true that Mises, who authored several of the greatest economics treatises in the history of the discipline, was blackballed by the academic economics establishment because his writings refuted the Keynesian orthodoxy that dominated university economics faculties across the United States.
      But I did learn a couple of things from this pathetic screed. I learned a new word, “charlatanry” , that I have never encountered in a lifetime of reading. I also learned that the Mises Institute, whose mission is purely educational, is threatening to bring down the entire economy by making writings of Mises and others available at no cost to those that are interested in learning.
      Perhaps the author of this comment could learn something by taking the opportunity offered by the Mises Institute and actually reading some of the things written by Mises, Rothbard, and others.

  2. The problem with all economists is that one side of the political spectrum will latch onto their incomplete theories and take them as gospel. Call it supply side or trickle down, or demand side, they are both incomplete since they each take on part of the equation. Supply side puts capital to work for a long term growth pattern while omitting the “how do you start it?” question.

    The demand side wants to fleece the supply side (the rich/corporations) and give to the demand side who will spend now and start a velocity of money. That’s all well and good except that without a supply side investment you get rampant inflation (Keynes even said this).

    You won’t see a system that works until someone says “both right, both wrong” to these models and point out the social dimension: you have to put gas in the fuel rail to start the engine, and gas in the tank to keep it running. Unfortunately, we see class warfare and academic debates keeping any real “economic policy” or model entering the mainstream. Won’t happen since neither political side can embrace it without looking foolish.

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