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Ludwig von Mises – a Primer
Ludwig von Mises – a Primer
EAMONN BUTLER
The Institute of Economic Affairs
conTenTs
First published in Great Britain in 2010 by
The Institute of Economic Affairs
2 Lord North Street
Westminster
London
sw1p
3lb
in association with Profile Books Ltd
The mission of the
Institute of Economic Affairs
is to improve public
understanding of the fundamental institutions of a free society, by analysing
and expounding the role of markets in solving economic and social problems.
Copyright ©
The Institute of Economic Affairs
2010
The moral right of the author has been asserted.
All rights reserved. Without limiting the rights under copyright reserved above,
no part of this publication may be reproduced, stored or introduced into a
retrieval system, or transmitted, in any form or by any means (electronic,
mechanical, photocopying, recording or otherwise), without the prior written
permission of both the copyright owner and the publisher of this book.
A CIP catalogue record for this book is available from the British Library.
isbn 978 0 255 36629 8
Many
IEA
publications are translated into languages other than English or
are reprinted. Permission to translate or to reprint should be sought from the
Director General at the address above.
Typeset in Stone by MacGuru Ltd
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Printed and bound in Great Britain by Hobbs the Printers
The author
Foreword by Steven Baker
Summary
1 Why Mises is important
Intellectual contributions
2 Life, career and writings
Career in Europe and America
Writings on economics, political science and method
The legacy of Mises today
3 The science of economics
The importance of values
The science of human action
Interpreting values from actions
Faulty thinking in mainstream economics
4 The logic of human action
The origins of exchange and prices
The false foundations of textbook economics
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5 The dynamic economy
Change is inherent in economics
The real nature of markets
The critical importance of time
6 entrepreneurship
Entrepreneurship and profit
The pricing process
The prices of production goods
7 competition, cooperation and the consumer
The sovereignty of consumers
The process of competition
Capitalism does not lead to monopoly
8 capital and interest
The importance of time in human choices
The complexities of capital
The phenomenon of interest
9 Money and inflation
Money as an exchange good
The supply, demand and price of money
The real consequences of monetary expansion
The goals of monetary policy
A commodity standard?
10 The tragedy of the business cycle
The lure of cheap borrowing
The progress of the business cycle
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No painless escape
The Mises–Hayek explanation today
11 The problems of socialism
Consumption and production goods
The socialist calculation problem
The need for a unit of account
Market socialism
12 The flaws in Marxism
The supposed problems of capitalism
Ideology and class
Marxism and classical economics
The erosion of freedom under socialism
13 Interventionism and bureaucracy
Hostility against capitalism
Misguided efforts to improve capitalism
Interventionism
Bureaucracy
14 The liberal alternative
The liberal framework
The benefits of liberalism
Liberalism and equality
15 Quotations from Ludwig von Mises
On the problems of socialism
On the dangers of interventionism
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On liberalism
On the drivers of economic progress
On the importance of individual values
On entrepreneurship and competition
On inflation, booms and busts
Selected books and articles by Mises
About the
IeA
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THe AUTHoR
Dr Eamonn Butler is director of the Adam Smith Institute,
an influential think thank that has designed policies to promote
choice and competition in the delivery of essential services. He
has degrees in economics, philosophy and psychology, gaining a
PhD from the University of St Andrews in 1978. During the 1970s
he also worked on pensions and welfare issues for the US House
of Representatives, and taught philosophy in Hillsdale College,
Michigan. On returning to the UK he served as editor of
The
British Insurance Broker
before devoting himself full time to the
Adam Smith Institute, which he helped found with his colleague
Dr Madsen Pirie. Dr Butler is the author of books on the Nobel
laureates Milton Friedman and F. A. Hayek, and author of
Ludwig
von Mises: Fountainhead of the Modern Microeconomics Revolution.
For the
IEA,
he has authored
Adam Smith – a Primer.
He is also
co-author of a number of books on intelligence and IQ testing,
and a frequent contributor to UK print and broadcast media.
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