All Posts Tagged With: "economic calculation"
Not Just What, But How
Only in a free-market economy, characterized by the private ownership of capital, could we figure out not just what to produce, but how best to produce it.
12Jan2012 | Steven Horwitz | 4 comments | ContinuedThe Yugo: The Rise and Fall of the Worst Car in History
In my M.B.A. economics class I emphasize the Austrian view of entrepreneurship, noting that successful entrepreneurs are rewarded for moving resources from lower-valued to higher-valued uses in a free market. Alas I also spend time explaining “political entrepreneurship”: exploiting connections with “the right people” to profit by moving resources from uses consumers would value highly [...]
22Jun2011 | William L. Anderson | 5 comments | ContinuedAustrian Economics and the Political Economy of Freedom
The revival of the modern Austrian school of economics may be said to have begun 30 years ago, during the week of June 15–22, 1974, when the Institute for Humane Studies sponsored a conference on Austrian economics for about 40 participants in the small town of South Royalton, Vermont. In 1974 the Austrian school had [...]
1Jun2004 | Richard M. Ebeling | 0 comments | ContinuedUnderstanding "Austrian" Economics, Part 2
This article appeared in the February 1981 issue. It was originally commissioned by the Silver and Gold Report, Newtown, Connecticut. After the passing of its three founders—Carl Menger, Friedrich von Wieser, and Eugen von Böhm-Bawerk—Austrian economics fell for a long time into eclipse. It was not so much refuted as neglected. English-speaking economists began devoting [...]
1Nov2003 | Henry Hazlitt | 1 comment | ContinuedEconomic Calculation Revisited
Now that outright socialism has failed, the quest for a third way has gained prominence. Political leaders insist that a free society is inherently unjust and the privileged prosper at the expense of the unfortunate many. Thus the state must correct the failures of the market. The critics of the modern version of Western “capitalist” [...]
1Sep1999 | Manuel F. Ayau | 0 comments | ContinuedLudwig von Mises’s Human Action: A 50th Anniversary Appreciation
Fifty years ago, on September 14, 1949, Yale University Press released a major new work—Human Action by the Austrian economist Ludwig von Mises.[1] The following week, in his regular Newsweek column, Henry Hazlitt referred to this book as “a landmark in the progress of economics. . . . Human Action is, in short, at once [...]
1Sep1999 | Richard M. Ebeling | 0 comments | ContinuedFriedrich A. Hayek: A Centenary Appreciation
In 1967, English economist Sir John Hicks published an essay titled “The Hayek Story” in which he said that: When the definitive history of economic analysis during the nineteen thirties comes to be written, a leading character in the drama (it was quite a drama) will be Professor Hayek. . . . Hayek’s economic writings [...]
1May1999 | Richard M. Ebeling | 2 comments | ContinuedGovernment Schooling: The Bureaucratization of the Mind
In April 1983, the National Commission on Excellence in Education issued its now infamous report, A Nation at Risk. The Commission found that American students were experiencing, among other things, a decline in literacy levels, a diminishing level of science and mathematics skills, and a limited knowledge in the social sciences when compared to American [...]
1May1997 | Thomas E. Lehman | 2 comments | Continued-
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