menu_book Austrian Economics
Austrian School of Economics
play_circle Videos
format_quote Quotes
"The task of the theoretician in the realm of economy is above all to teach us to understand concrete phenomena of human economy as exemplifications of a certain regularity in the succession of phenomena, i.e., as exemplifications of laws of phenomena."
menu_book Investigations into the Method of the Social Sciences
View Full Quote"Money has not been generated by law. In its origin it is a social, and not a state institution. Sanction by the authority of the state is a notion alien to it."
menu_book On the Origin of Money
View Full Quote"Value is nothing inherent in goods and no property of them, but merely the importance we first attribute to the satisfaction of our needs, and in consequence carry over to economic goods as the exclusive causes of the satisfaction of our needs."
menu_book Principles of Economics
View Full Quote"The boom can last only as long as the credit expansion progresses at an ever-accelerated pace. The boom comes to an end as soon as additional quantities of fiduciary media are no longer thrown upon the loan market. But it could not last forever even if inflation and credit expansion were to go on endlessly. It would then encounter the barriers which prevent the boundless expansion of circulation credit. It would lead to the crack-up boom and the breakdown of the whole monetary system."
menu_book Human Action: A Treatise on Economics
View Full Quote"Human action is purposeful behavior. Or we may say: Action is will put into operation and transformed into an agency, is aiming at ends and goals, is the ego's meaningful response to stimuli and to the conditions of its environment, is a person's conscious adjustment to the state of the universe that determines his life."
menu_book Human Action: A Treatise on Economics
View Full Quote"Value is not intrinsic, it is not in things. It is within us; it is the way in which man reacts to the conditions of his environment. Neither is value in words and doctrines. It is reflected in human conduct. It is not what a man or groups of men say about value that counts, but how they act."
menu_book Human Action: A Treatise on Economics
View Full Quoteauto_stories Books
The Ethics of Money Production
Analysis of the moral implications of money production, arguing that fiat money and fractional reserve banking involve moral hazards and violate pr...
Read MoreHuman Action: A Treatise on Economics
Ludwig von Mises' magnum opus and the most comprehensive systematic treatment of economics from the Austrian School perspective. Mises develops pra...
Read MoreInvestigations into the Method of the Social Sciences
Menger's methodological work defending the Austrian approach to economics against the German Historical School. This book established the theoretic...
Read MoreOn the Origin of Money
Menger's influential essay explaining how money emerged spontaneously from barter as the most marketable commodity, without need for government dec...
Read MorePrinciples of Economics
Menger's groundbreaking work that founded the Austrian School of Economics, introducing the theory of marginal utility and subjective value. This r...
Read Moreperson Authors
psychology Concepts
Four Ways to Spend Money
Milton Friedman's framework describing four ways money can be spent, each with different incenti...
Learn MoreTime Preference
The economic principle that individuals value goods and services more highly in the present than in the future, all else being equal. This preferen...
Learn More