Austrian School

The following series of articles presents the Austrian School of economics, 1000 words at a time. Nine economists. Twenty-seven articles. One coherent tradition that the establishment has been trying to ignore for 150 years. They were right. Article 2/27 Vienna. 1884. Carl Menger opens the review and reads it slowly. Gustav von Schmoller — the […]

Welcome to this groundbreaking series of Articles, where you will learn about the Austrian School of economics, 1000 words at a time. Nine economists. Twenty-seven articles. One coherent tradition that the establishment has been trying to ignore for a hundred and fifty years. They were right.  Article 1/27 Vienna. Spring, 1866. A young journalist sits […]

  And why does it feel like common sense the moment you see it? The economists who run central banks have been wrong about almost everything for the past fifty years. The inflation they said wouldn’t happen — happened. The recessions they said they’d prevent — happened. The stimulus that was supposed to kickstart growth […]

  “Es ist nicht nötig, die Lehre vom Wert, wie sie sich bei Marx findet, weiter zu verfolgen. Was bisher angeführt wurde, genügt, um die Stellung zu kennzeichnen, welche Marx in der Geschichte der Wertlehre gebührt. Diesbezüglich wird man nicht zu verkennen vermögen, dass, so radikal und weitgehend Marx in seinen praktischen Lehren sein mag, […]

  “Government has three primary functions. It should provide for military defense of the nation. It should enforce contracts between individuals. It should protect citizens from crimes against themselves or their property. When government – in pursuit of good intentions tries to rearrange the economy, legislate morality, or help special interests, the cost come in […]