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The Legacy of Ludwig von Mises
This pathbreaking book seeks to be the definitive collection documenting the intellectual legacy of Ludwig von Mises in modern political economy. Its intended readership is scholars in the history of political economy and in particular those interested in the Austrian school of economics.
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Critical Acclaim
Contributors
Contents
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Ludwig von Mises is not the most well-known classical liberal political economist of the twentieth century. He has remained relatively obscure because both methodologically and ideologically his thinking went against the prevailing mood and on a personal level he was more difficult to approach than other thinkers of his time. However, among those in the know, he is considered to be the architect of Austrian economic thought, the most ardent defender of classical liberalism in the last century and history’s strongest critic of socialism.
This new collection of previously published writings has three main aims: to introduce the reader to von Mises and the core of his ideas; to provide a number of essays which project the Misesian spirit, contribute to Mises’s system and suggest areas for future research based on his insight and thought; and to establish an interest in Mises’s ideas among those not already familiar with them.
This pathbreaking book seeks to be the definitive collection documenting the intellectual legacy of Ludwig von Mises in modern political economy. Its intended readership is scholars in the history of political economy and in particular those interested in the Austrian school of economics.
This new collection of previously published writings has three main aims: to introduce the reader to von Mises and the core of his ideas; to provide a number of essays which project the Misesian spirit, contribute to Mises’s system and suggest areas for future research based on his insight and thought; and to establish an interest in Mises’s ideas among those not already familiar with them.
This pathbreaking book seeks to be the definitive collection documenting the intellectual legacy of Ludwig von Mises in modern political economy. Its intended readership is scholars in the history of political economy and in particular those interested in the Austrian school of economics.
Critical Acclaim
‘The Legacy of Ludwig von Mises will prove useful to both the expert in so-called Austrian economics as well as the novice who wonders what all the fuss is about. . . Boettke and Leeson have performed a valuable service in the history of economic thought, by providing a collection that will benefit both expert and novice.’
– Robert P. Murphey, Journal of the History of Economic Thought
‘The profoundly original Ludwig von Mises made pioneering contributions to our understanding of the modern economy in a number of areas: the problem of economic calculation under socialism, the dynamics of the mixed economy, the ordering role of market forces in banking and finance, and the monetary-shock theory of the business cycle. Editors Peter Boettke and Peter Leeson have usefully brought together a wide-ranging collection of papers – including some surprising choices – to exemplify fruitful research along Misesian lines. These volumes will help to give to Mises’s insights the greater prominence among economists that they richly deserve.’
– Lawrence H. White, University of Missouri, St. Louis, US
– Robert P. Murphey, Journal of the History of Economic Thought
‘The profoundly original Ludwig von Mises made pioneering contributions to our understanding of the modern economy in a number of areas: the problem of economic calculation under socialism, the dynamics of the mixed economy, the ordering role of market forces in banking and finance, and the monetary-shock theory of the business cycle. Editors Peter Boettke and Peter Leeson have usefully brought together a wide-ranging collection of papers – including some surprising choices – to exemplify fruitful research along Misesian lines. These volumes will help to give to Mises’s insights the greater prominence among economists that they richly deserve.’
– Lawrence H. White, University of Missouri, St. Louis, US
Contributors
45 articles, dating from 1932 to 2002
Contributors include: F.A. Hayek, I. Kirzner, F. Machlup, M. Rizzo, M. Rothbard
Contributors include: F.A. Hayek, I. Kirzner, F. Machlup, M. Rizzo, M. Rothbard
Contents
Contents
Volume I: Theory
Acknowledgements
Introduction The Economist as System Builder – Ludwig von Mises as the Architect of the Science of Economics and Political Economy Peter J. Boettke and Peter T. Leeson
PART I THE MISESIAN SYSTEM
1. F.H. Knight (1941), ‘Professor Mises and the Theory of Capital’
2. L.M. Lachmann (1951), ‘The Science of Human Action’
3. Murray N. Rothbard (1971), ‘Ludwig von Mises and the Paradigm for Our Age’
4. Joseph T. Salerno (1999), ‘The Place of Mises’s Human Action in the Development of Modern Economic Thought’
5. Peter J. Boettke (2002), ‘The Place of Nationalökonomie: Theorie des Handelns und Wirtschaftens in Modern Political Economy’
PART II METHODOLOGY
6. Fritz Machlup ([1956] 1994), ‘The Inferiority Complex of the Social Sciences’
7. Alfred Schuetz (1953), ‘Common-Sense and Scientific Interpretation of Human Action’
8. Murray N. Rothbard (1976), ‘Praxeology: The Methodology of Austrian Economics’
9. Israel M. Kirzner (1976), ‘On the Method of Austrian Economics’
10. Robin Cowan and Mario J. Rizzo (1996), ‘The Genetic-Causal Tradition and Modern Economic Theory’
PART III MARKET THEORY AND THE PRICE SYSTEM
11. F. Machlup (1958), ‘Equilibrium and Disequilibrium: Misplaced Concreteness and Disguised Politics’
12. Murray N. Rothbard ([1956] 1994), ‘Toward a Reconstruction of Utility and Welfare Economics’
13. Israel M. Kirzner (1990), ‘The Meaning of Market Process’
14. Ludwig M. Lachmann (1976), ‘From Mises to Shackle: An Essay on Austrian Economics and the Kaleidic Society’
15. G.A. Selgin (1988), ‘Praxeology and Understanding: An Analysis of the Controversy in Austrian Economics’
PART IV MONEY, CAPITAL AND BUSINESS CYCLES
16. Gottfried Haberler (1932), ‘Money and the Business Cycle’
17. Roger W. Garrison (1984), ‘Time and Money: The Universals of Macroeconomic Theorizing’
18. George Selgin (1994), ‘On Ensuring the Acceptability of a New Fiat Money’
PART V SOCIALISM, INTERVENTIONISM AND LIBERALISM
19. Joseph T. Salerno (1990), ‘Ludwig von Mises as Social Rationalist’
20. Israel M. Kirzner (1988), ‘The Economic Calculation Debate: Lessons for Austrians’
21. Peter J. Boettke (1998), ‘Economic Calculation: The Austrian Contribution to Political Economy’
22. Henry M. Oliver, Jr. (1960), ‘Von Mises on the Harmony of Interests’
PART VI ASSESSMENT
23. Israel M. Kirzner (1996), ‘Reflections on the Misesian Legacy in Economics’
Name Index
Volume II: History
Acknowledgements
Introduction Understanding the Economic World: Applications of Misesian Theory Peter J. Boettke and Peter T. Leeson
PART I PRICE CONTROLS AND INTERVENTIONISM
1. Donald C. Lavoie (1982), ‘The Development of the Misesian Theory of Interventionism’
2. Milton Friedman and George J. Stigler ([1946] 1981), ‘Roofs or Ceilings? The Current Housing Problem’
3. Sanford Ikeda (1995), ‘The Use of Knowledge in Government and Market’
4. Hugh Rockoff (1981), ‘Price and Wage Controls in Four Wartime Periods’
PART II SOCIALISM
5. Peter J. Boettke (1988), ‘The Soviet Experiment with Pure Communism’
6. Vladimir Mau (1996), ‘The Road to Perestroika: Economics in the USSR and the Problems of Reforming the Soviet Economic Order’
7. John Howard Wilhelm (1993), ‘The Soviet Economic Failure: Brutzkus Revisited’
8. Murray N. Rothbard (1992), ‘How and How Not to Desocialize’
PART III THE GREAT DEPRESSION AND BUSINESS CYCLES
9. Robert Higgs (1997), ‘Regime Uncertainty: Why the Great Depression Lasted So Long and Why Prosperity Resumed after the War’
10. Roger W. Garrison (1993), ‘The Roaring Twenties and the Bullish Eighties: The Role of Government in Boom and Bust’
11. Richard E. Wagner (1980), ‘Boom and Bust: The Political Economy of Economic Disorder’
12. William N. Butos (1993), ‘The Recession and Austrian Business Cycle Theory: An Empirical Perspective’
13. Catherine England (1993), ‘The Savings and Loan Debacle’
PART IV POLITICAL ECONOMY
14. Murray N. Rothbard (1972), ‘War Collectivism in World War I’
15. Murray N. Rothbard (1981), ‘The Laissez-Faire Radical: A Quest for the Historical Mises’
16. Walter Block (1983), ‘Public Goods and Externalities: The Case of Roads’
17. Hans-Hermann Hoppe (1995), ‘The Political Economy of Monarchy and Democracy, and the Idea of a Natural Order’
PART V “POST-MISESIAN” ESSAYS ON INSTITUTIONS AND HISTORICAL PROCESSES
18. Bruce L. Benson (1989), ‘The Spontaneous Evolution of Commercial Law’
19. Avner Greif (1989), ‘Reputations and Coalitions in Medieval Trade: Evidence on the Maghribi Traders’
20. Robert C. Ellickson (1993), ‘Property in Land’
21. Andrei Shleifer (1997), ‘Government in Transition’
PART VI ASSESSMENT
22. Richard M. Ebeling (2002), ‘The Economist as the Historian of Decline: Ludwig von Mises and Austria between the Two World Wars’
Name Index
Volume I: Theory
Acknowledgements
Introduction The Economist as System Builder – Ludwig von Mises as the Architect of the Science of Economics and Political Economy Peter J. Boettke and Peter T. Leeson
PART I THE MISESIAN SYSTEM
1. F.H. Knight (1941), ‘Professor Mises and the Theory of Capital’
2. L.M. Lachmann (1951), ‘The Science of Human Action’
3. Murray N. Rothbard (1971), ‘Ludwig von Mises and the Paradigm for Our Age’
4. Joseph T. Salerno (1999), ‘The Place of Mises’s Human Action in the Development of Modern Economic Thought’
5. Peter J. Boettke (2002), ‘The Place of Nationalökonomie: Theorie des Handelns und Wirtschaftens in Modern Political Economy’
PART II METHODOLOGY
6. Fritz Machlup ([1956] 1994), ‘The Inferiority Complex of the Social Sciences’
7. Alfred Schuetz (1953), ‘Common-Sense and Scientific Interpretation of Human Action’
8. Murray N. Rothbard (1976), ‘Praxeology: The Methodology of Austrian Economics’
9. Israel M. Kirzner (1976), ‘On the Method of Austrian Economics’
10. Robin Cowan and Mario J. Rizzo (1996), ‘The Genetic-Causal Tradition and Modern Economic Theory’
PART III MARKET THEORY AND THE PRICE SYSTEM
11. F. Machlup (1958), ‘Equilibrium and Disequilibrium: Misplaced Concreteness and Disguised Politics’
12. Murray N. Rothbard ([1956] 1994), ‘Toward a Reconstruction of Utility and Welfare Economics’
13. Israel M. Kirzner (1990), ‘The Meaning of Market Process’
14. Ludwig M. Lachmann (1976), ‘From Mises to Shackle: An Essay on Austrian Economics and the Kaleidic Society’
15. G.A. Selgin (1988), ‘Praxeology and Understanding: An Analysis of the Controversy in Austrian Economics’
PART IV MONEY, CAPITAL AND BUSINESS CYCLES
16. Gottfried Haberler (1932), ‘Money and the Business Cycle’
17. Roger W. Garrison (1984), ‘Time and Money: The Universals of Macroeconomic Theorizing’
18. George Selgin (1994), ‘On Ensuring the Acceptability of a New Fiat Money’
PART V SOCIALISM, INTERVENTIONISM AND LIBERALISM
19. Joseph T. Salerno (1990), ‘Ludwig von Mises as Social Rationalist’
20. Israel M. Kirzner (1988), ‘The Economic Calculation Debate: Lessons for Austrians’
21. Peter J. Boettke (1998), ‘Economic Calculation: The Austrian Contribution to Political Economy’
22. Henry M. Oliver, Jr. (1960), ‘Von Mises on the Harmony of Interests’
PART VI ASSESSMENT
23. Israel M. Kirzner (1996), ‘Reflections on the Misesian Legacy in Economics’
Name Index
Volume II: History
Acknowledgements
Introduction Understanding the Economic World: Applications of Misesian Theory Peter J. Boettke and Peter T. Leeson
PART I PRICE CONTROLS AND INTERVENTIONISM
1. Donald C. Lavoie (1982), ‘The Development of the Misesian Theory of Interventionism’
2. Milton Friedman and George J. Stigler ([1946] 1981), ‘Roofs or Ceilings? The Current Housing Problem’
3. Sanford Ikeda (1995), ‘The Use of Knowledge in Government and Market’
4. Hugh Rockoff (1981), ‘Price and Wage Controls in Four Wartime Periods’
PART II SOCIALISM
5. Peter J. Boettke (1988), ‘The Soviet Experiment with Pure Communism’
6. Vladimir Mau (1996), ‘The Road to Perestroika: Economics in the USSR and the Problems of Reforming the Soviet Economic Order’
7. John Howard Wilhelm (1993), ‘The Soviet Economic Failure: Brutzkus Revisited’
8. Murray N. Rothbard (1992), ‘How and How Not to Desocialize’
PART III THE GREAT DEPRESSION AND BUSINESS CYCLES
9. Robert Higgs (1997), ‘Regime Uncertainty: Why the Great Depression Lasted So Long and Why Prosperity Resumed after the War’
10. Roger W. Garrison (1993), ‘The Roaring Twenties and the Bullish Eighties: The Role of Government in Boom and Bust’
11. Richard E. Wagner (1980), ‘Boom and Bust: The Political Economy of Economic Disorder’
12. William N. Butos (1993), ‘The Recession and Austrian Business Cycle Theory: An Empirical Perspective’
13. Catherine England (1993), ‘The Savings and Loan Debacle’
PART IV POLITICAL ECONOMY
14. Murray N. Rothbard (1972), ‘War Collectivism in World War I’
15. Murray N. Rothbard (1981), ‘The Laissez-Faire Radical: A Quest for the Historical Mises’
16. Walter Block (1983), ‘Public Goods and Externalities: The Case of Roads’
17. Hans-Hermann Hoppe (1995), ‘The Political Economy of Monarchy and Democracy, and the Idea of a Natural Order’
PART V “POST-MISESIAN” ESSAYS ON INSTITUTIONS AND HISTORICAL PROCESSES
18. Bruce L. Benson (1989), ‘The Spontaneous Evolution of Commercial Law’
19. Avner Greif (1989), ‘Reputations and Coalitions in Medieval Trade: Evidence on the Maghribi Traders’
20. Robert C. Ellickson (1993), ‘Property in Land’
21. Andrei Shleifer (1997), ‘Government in Transition’
PART VI ASSESSMENT
22. Richard M. Ebeling (2002), ‘The Economist as the Historian of Decline: Ludwig von Mises and Austria between the Two World Wars’
Name Index