menu_book Austrian Economics
Austrian School of Economics
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"The third volume of Marx's Capital contradicts the first. A system erected on a certain fundamental principle receives, in the third volume, a superstructure in direct conflict with it. The contradiction is obvious and enormous."
menu_book Karl Marx and the Close of His System
View Full Quote"Present goods are, as a rule, worth more than future goods of like kind and number. This proposition is the kernel and center of the interest theory."
menu_book Capital and Interest
View Full Quote"In a broad or general sense, entrepreneurship actually coincides with human action."
menu_book Socialism, Economic Calculation and Entrepreneurship
View Full Quote"The direct cause of massive unemployment is labour market inflexibility. In fact, state intervention in the labour market and union coercion, made possible by the privileges the legal system confers on unions, results in a series of regulations which make the labour market one of the most rigid."
menu_book Money, Bank Credit, and Economic Cycles
View Full Quote"The essential difference between rich societies and poor societies does not stem from any greater effort the former devote to work, nor even from any greater technological knowledge the former hold. Instead it arises mainly from the fact that rich nations possess a more extensive network of capital goods wisely invested from an entrepreneurial standpoint."
menu_book Money, Bank Credit, and Economic Cycles
View Full Quote"The crisis did not hit us despite the presence of our monetary and financial authorities. It hit us because of them."
menu_book Deflation and Liberty
View Full Quote"We should not be afraid of deflation. We should love it as much as our liberties."
menu_book Deflation and Liberty
View Full QuoteView Full Quote"The greater the income, the greater the gifts. In a flourishing economy, gifts of time and money tend to grow faster than the rest of the economy."
"Gratuitous goods and markets are not merely complementary but symbiotic. They feed into each other."
menu_book Abundance, Generosity, and the State
View Full Quote"Mises fought for liberty at a time when all the great powers of his era, political, academic, and journalistic, had turned against it. He never surrendered."
menu_book Mises: The Last Knight of Liberalism
View Full Quote"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
Abundance, Generosity, and the State
An Austrian economics analysis of generosity and giving, arguing that free markets foster genuine charity through wealth creation, while state redi...
Read MoreCapital and Interest
Böhm-Bawerk's monumental three-volume work establishing the Austrian theory of capital and interest. He demolishes all prior theories of interest (...
Read MoreDeflation and Liberty
A challenge to the mainstream view that deflation is harmful, arguing that falling prices are a natural and beneficial feature of a free market eco...
Read MoreThe 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 MoreKarl Marx and the Close of His System
Böhm-Bawerk's definitive refutation of Marxian economics, exposing the fatal internal contradiction between Volume I and Volume III of Das Kapital....
Read MoreMises: The Last Knight of Liberalism
A comprehensive 1,143-page intellectual biography of Ludwig von Mises, tracing his life and the development of his economic and political thought f...
Read MoreMoney, Bank Credit, and Economic Cycles
The most systematic modern statement of the Austrian theory of the business cycle, demonstrating through history, legal theory, and economics that ...
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 MoreSocialism, Economic Calculation and Entrepreneurship
Extends the Misesian impossibility of socialist calculation into a full theory of entrepreneurship, showing that socialism systematically destroys ...
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psychology Concepts
Four Ways to Spend Money
Milton Friedman's framework describing four ways money can be spent, each with different incenti...
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Time 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...
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