austrian economics

The Austrian School of Economics has been one of the most original and insightful approaches to economic understanding over the last century and a half.

We are living in a world of the anti-liberal counter-attack against individual liberty, free markets and limited government.

One day in 1927 Austrian economist, Ludwig von Mises, stood at the window of his office at the Vienna Chamber of Commerce, and said “Maybe grass will grow there, because our civilization will end.”

It is a bit jarring for me to point to economist, political theorist, and historian Murray Rothbard (1926–1995) as an example of American exceptionalism.

Mises’s ‘Human Action’ is considered brilliant, teaching the deepest truths about economic science to enlist the public in the defense of a free society. But Murphy distills its length and depth to eliminate the intimidation to many readers.

Ludwig von Mises’s majestic magnum opus, Human Action: A Treatise on Economics, was published on September 14, 1949. In the nearly seven decades since its appearance, Human Action has come to be recognized as one of the truly great classics of modern economics.

Forty years ago, during the week of June 15-22, 1974, the Austrian School of Economics was reborn during a conference in the small New England town of South Royalton, Vermont. Why was this important? Because the economists of the Austrian School have developed the most persuasive understanding of why only economic freedom can give mankind both liberty and prosperity.

Seventy years ago this month, on March 10, 1944, “The Road to Serfdom” by Friedrich A. Hayek was first published in Great Britain. For seven decades it has continued to challenge and influence the political-economic landscape of the world. Hayek delivered an ominous warning that political trends in the Western democracies, including America, were all in the direction of a new form of servitude that threatened the personal and economic liberty of the citizens of these countries.

In light of the recent “national” strike conducted by 0.09% of fast food workers in the US, many op-eds and commentaries have been penned by economists trying to justify the…

The pilot episode of Mr. Selfridge clearly indicates an awareness of and respect for both the greatness and shortcomings of market capitalism.