Published less than a year after Austrias defeat in World War I, "Nation, State, and Economy", examines and compares pre-war and post-war economic conditions and explicates Mises's theory that each countrys prosperity supports rather than undercuts the prosperity of other countries. Mises's humanitarian recommendations in this book, born from a classical liberal perspective, provide a striking example of how supposedly "hardnosed" economic theory, based on the reality of experience, is in fact far more supportive of human flourishing than seemingly more "idealistic" but actually impractical social theories. Specifically, Mises warned of the consequences of the punitive terms of the Treaty of Versailles by victors more interested in punishing their defeated enemies than in building a Europe that would be able to meet the challenges of the future. With the benefit of hindsight we see how different European and world history might have been.

Published less than a year after Austrias defeat in World War I, "Nation, State, and Economy", examines and compares pre-war and post-war economic conditions and explicates Mises's theory that each countrys prosperity supports rather than undercuts the prosperity of other countries. Mises's humanitarian recommendations in this book, born from a classical liberal perspective, provide a striking example of how supposedly "hardnosed" economic theory, based on the reality of experience, is in fact far more supportive of human flourishing than seemingly more "idealistic" but actually impractical social theories. Specifically, Mises warned of the consequences of the punitive terms of the Treaty of Versailles by victors more interested in punishing their defeated enemies than in building a Europe that would be able to meet the challenges of the future. With the benefit of hindsight we see how different European and world history might have been.

First published in German in 1933 and in English in 1960, Epistemological Problems of Economics presents Ludwig von Misess views on the logical and epistemological features of social interpretation as well as his argument that the Austrian theory of value is the core element of a general theory of human behavior that transcends traditional limitations of economic science. Epistemological Problems of Economics presents the first outline of Misess general science of human action, and may, therefore, be of special interest to individuals with knowledge in sociology or philosophy or those who are seeking a suitable initiation to Misess thought. This volume is unique among Misess works in that it contains a collection of essays in which he contested the theories of intellectuals he respected, such as Carl Menger, Eugen von Bohm-Bawerk, and Max Weber. Mises describes how value theory applies to human action at all times and places, as opposed to economic theory, which applies only to human action guided by economic calculation.

First published in German in 1933 and in English in 1960, Epistemological Problems of Economics presents Ludwig von Misess views on the logical and epistemological features of social interpretation as well as his argument that the Austrian theory of value is the core element of a general theory of human behavior that transcends traditional limitations of economic science. Epistemological Problems of Economics presents the first outline of Misess general science of human action, and may, therefore, be of special interest to individuals with knowledge in sociology or philosophy or those who are seeking a suitable initiation to Misess thought. This volume is unique among Misess works in that it contains a collection of essays in which he contested the theories of intellectuals he respected, such as Carl Menger, Eugen von Bohm-Bawerk, and Max Weber. Mises describes how value theory applies to human action at all times and places, as opposed to economic theory, which applies only to human action guided by economic calculation.

This work serves as both a primer of the fundamental thought of Ludwig von Mises and an anthology of the writings of perhaps the best-known exponent of what is now known as the Austrian School of economics. This volume contains forty-seven articles edited by Mises scholar Bettina Bien Greaves. Among them are Mises's expositions of the role of government, his discussion of inequality of wealth, inflation, socialism, welfare, and economic education, as well as his exploration of the 'deeper' significance of economics as it affects seemingly non-economic relations between human beings. These papers are essential reading for students of economic freedom and the science of human action.

Ludwig von Mises was the leading exponent of the Austrian School of economics throughout most of the twentieth century. He has long been regarded as a most knowledgeable and respected economist, even though his teachings were generally outside the 'mainstream'. "Theory and History" is primarily a critique of Karl Marx, his materialism, and his prediction of the inevitability of socialism. Marx attributes the creation of tools and machines, as well as the economic structure of society, to undefined 'material productive forces'; Mises rejects this materialistic view; he points out that tools and machines are actually created by individuals acting on the basis of non-materialistic ideas.This book discusses the theory of economics, i.e., the study of purposive human action, and with history, the record of the past actions of individuals. All actions are determined by ideas. Thoughts and ideas are 'real things', Mises writes. "Although intangible and immaterial, they are factors in bringing about changes in the realm, of tangible and material things." Rather than rejecting the study of historical change as a 'useless pastime', Mises considers it of the utmost practical importance." History looks backward into the past, but the lesson it teaches concerns things to come." History opens the mind to an understanding of human nature, increases wisdom, and distinguishes civilized man from the barbarian. Moreover, historical knowledge is of the utmost importance in helping to anticipate and plan for the future.Though "Theory and History" may not be studied as often as other, more popular Mises works, it provides great insight into Mises' fundamental thoughts and is a fascinating exploration of human action.

In "The Anti-capitalistic Mentality", the respected economist Ludwig von Mises plainly explains the causes of the irrational fear and hatred many intellectuals and others feel for capitalism. In five concise chapters, he traces the causation of the misunderstandings and resultant fears that cause resistance to economic development and social change. He enumerates and rebuts the economic arguments against and the psychological and social objections to economic freedom in the form of capitalism. Written during the heyday of twentieth-century socialism, this work provides the reader with lucid and compelling insights into human reactions to capitalism.

Published by Liberty Fund for the first time in English, "On the Manipulation of Money and Credit" consists primarily of three pieces on monetary theory written by Ludwig von Mises between 1923 and 1931. As a precursor to Human Action, Mises' magnum opus, this volume includes some of his most important contributions to trade-cycle theory. The first essay, "Stabilization of the Monetary Unit from the Viewpoint of Theory" written in 1923 during a period of German hyperinflation, discusses the consequences of the fluctuating purchasing power of paper money and explores such ideas as the outcome of inflation, that is, the result of the increase in the amount of money, and an emancipation of monetary value from the influence of government. Written in 1928, the second essay, "Monetary Stabilization and Cyclical Policy" critiques schemes for stabilising prices and for "measuring" purchasing power. The third selection is a speech Mises gave in 1931, "The Causes of the Economic Crisis". It explores the nature and role of the market and cyclical changes in business conditions.

Ludwig von Mises was the leading exponent of the Austrian School of economics throughout most of the twentieth century. He has long been regarded as a most knowledgeable and respected economist, even though his teachings were generally outside the 'mainstream'. "Theory and History" is primarily a critique of Karl Marx, his materialism, and his prediction of the inevitability of socialism. Marx attributes the creation of tools and machines, as well as the economic structure of society, to undefined 'material productive forces'; Mises rejects this materialistic view; he points out that tools and machines are actually created by individuals acting on the basis of non-materialistic ideas.This book discusses the theory of economics, i.e., the study of purposive human action, and with history, the record of the past actions of individuals. All actions are determined by ideas. Thoughts and ideas are 'real things', Mises writes. "Although intangible and immaterial, they are factors in bringing about changes in the realm, of tangible and material things." Rather than rejecting the study of historical change as a 'useless pastime', Mises considers it of the utmost practical importance." History looks backward into the past, but the lesson it teaches concerns things to come." History opens the mind to an understanding of human nature, increases wisdom, and distinguishes civilized man from the barbarian. Moreover, historical knowledge is of the utmost importance in helping to anticipate and plan for the future.Though "Theory and History" may not be studied as often as other, more popular Mises works, it provides great insight into Mises' fundamental thoughts and is a fascinating exploration of human action.

LARGE PRINT EDITION More at LargePrintLiberty.com. In the 1960s, Ludwig von Mises lectured often on money and inflation. Bettina Bien Greaves was there taking shorthand. She has been working to transcribe them for a very long time. At last the results are here and they are fantastic. To have this work is like having Mises as your private tutor, telling you about money and inflation in a casual setting and in plain language. He is the prophet of the 20th century on these topics, and here he presents his entire apparatus. True, this book is not technically by Mises. It is not something he signed off on. But they are his lectures, and they provide a glimpse into the workings of an incredible mind on a topic that is crucial to our future.

Published by Liberty Fund for the first time in English, "On the Manipulation of Money and Credit" consists primarily of three pieces on monetary theory written by Ludwig von Mises between 1923 and 1931. As a precursor to "Human Action", Mises' magnum opus, this volume includes some of his most important contributions to trade-cycle theory. The first essay, "Stabilization of the Monetary Unit from the Viewpoint of Theory" written in 1923 during a period of German hyperinflation, discusses the consequences of the fluctuating purchasing power of paper money and explores such ideas as the outcome of inflation, that is, the result of the increase in the amount of money, and an emancipation of monetary value from the influence of government. Written in 1928, the second essay, "Monetary Stabilization and Cyclical Policy" critiques schemes for stabilising prices and for "measuring" purchasing power. The third selection is a speech Mises gave in 1931, "The Causes of the Economic Crisis". It explores the nature and role of the market and cyclical changes in business conditions.

Published for the first time together in one volume is Ludwig von Misess Notes and Recollections with The Historical Setting of the Austrian School of Economics. Written between 1940 and 1941, shortly after he arrived in the United States, Notes and Recollections is in effect Misess pre-1940 intellectual autobiography. This work reveals how Mises developed his theories, wrote his books, lectured, and taught; it describes his life in Vienna and the people with whom he worked. He also discusses his activities as an adviser to Austrian government officials and his frustrations in attempting to keep inflation and communist and Nazi ideas from destroying the Austrian economy. The Historical Setting of the Austrian School of Economics is an essay originally published in English in 1969 that reveals Misess intellectual development in the context of the origins of the Austrian School. It serves as a good introduction to the theory and history of the Austrian School. As Mises explains in these two works, his viewpoint that modern economics is based on subjective value and marginal-utility theory separated him from classical economists such as Adam Smith, David Ricardo, and John Stuart Mill.

Written toward the end of Mises's life, his last monograph, "The Ultimate Foundation of Economic Science", returned to science, economics as a science based on human action. Mises believed that, since the publication of "Human Action", economists and scientists alike had misinterpreted the idea of economics as a science by deeming it epistemological positivism - that they believed that the "science" basis was still more rooted in philosophy than in actual science. In this volume, Mises argued that economics is a science because human action is a natural order of life and that it is the actions of humans that determine markets and capital decisions. Since Mises believed these links could be proven scientifically, he concluded that economics, with its basis on that human action, is indeed a science in its own right and not an ideology or a metaphysical doctrine. What has been described as his most passionate work, "The Ultimate Foundation of Economic Science" brings together all of the themes from Mises's previous work.

In this anthology, Mises offers an articulate and accessible introduction to and critique of two topics he considers especially important: inflation and government interventionism. According to Mises, inflation, that is monetary expansion, is destructive; it destroys savings and investment, which are the basis for production and prosperity. Government controls and economic planning never accomplish what their proponents intend. Mises consistently argues that the solution to government intervention is free markets and free enterprise, which call for reforming government. For that, ideas must be changed to "let the market system work". There is no better "planning for freedom" than this.