Print
Share
Add to MyMises
Subscribe

Ludwig von Mises (1881-1973)

Mises Daily by Murray N.=20 Rothbard | Posted on 7/27/2005 12:00:00 AM

One of the most notable economists and social philosophers of the = twentieth=20 century, Ludwig von Mises, in the course of a long and highly productive = life,=20 developed an integrated, deductive science of economics based on the = fundamental=20 axiom that individual human beings act purposively to achieve desired = goals.=20 Even though his economic analysis itself was "value-free" -- in the = sense of=20 being irrelevant to values held by economists, Mises concluded that the = only=20 viable economic policy for the human race was a policy of unrestricted=20 laissez-faire, of free markets and the unhampered exercise of the right = of=20 private property, with government strictly limited to the defense of = person and=20 property within its territorial area.

3D"" For Mises was able to = demonstrate=20 (a) that the expansion of free markets, the division of labor, and = private=20 capital investment is the only possible path to the prosperity and = flourishing=20 of the human race; (b) that socialism would be disastrous for a modern = economy=20 because the absence of private ownership of land and capital goods = prevents any=20 sort of rational pricing, or estimate of costs, and (c) that government=20 intervention, in addition to hampering and crippling the market, would = prove=20 counter-productive and cumulative, leading inevitably to socialism = unless the=20 entire tissue of interventions was repealed.

Holding these views, and hewing to truth indomitably in the face of a = century=20 increasingly devoted to statism and collectivism, Mises became famous = for his=20 "intransigence" in insisting on a non-inflationary gold standard and on=20 laissez-faire.

Effectively barred from any paid university post in Austria and later = in the=20 United States, Mises pursued his course gallantly. As the chief economic = adviser=20 to the Austrian government in the 1920s, Mises was single-handedly able = to slow=20 down Austrian inflation; and he developed his own "private seminar" = which=20 attracted the outstanding young economists, social scientists, and = philosophers=20 throughout Europe. As the founder of the "neo-Austrian School" of = economics,=20 Mises's business cycle theory, which blamed inflation and depressions on = inflationary bank credit encouraged by Central Banks, was adopted by = most=20 younger economists in England in the early 1930s as the best explanation = of the=20 Great Depression.

Having fled the Nazis to the United States, Mises did some of his = most=20 important work here. In over two decades of teaching, he inspired an = emerging=20 Austrian School in the United States. The year after Mises died in 1973, = his=20 most distinguished follower, F.A. Hayek, was awarded the Nobel Prize in=20 economics for his work in elaborating Mises's business cycle theory = during the=20 later 1920s and 1930s.

Mises was born on Sept 29, 1881, in the city of Lemberg (now Lvov) in = Galicia, where his father, a Viennese construction engineer working for = the=20 Austrian railroads, was then stationed. Both Mises's father and mother = came from=20 prominent Viennese families; his mother's uncle, Dr Joachim Landau, = served as=20 deputy from the Liberal Party in the Austrian Parliament.

Entering the University of Vienna at the turn of the century as a = leftist=20 interventionist, the young Mises discovered Principles of = Economics by=20 Carl Menger, the founding work of the Austrian School of economics, and = was=20 quickly converted to the Austrian emphasis on individual action rather = than=20 unrealistic mechanistic equations as the unit of economics analysis, and = to the=20 importance of a free-market economy.

Mises became a prominent post-doctoral student in the famous = University of=20 Vienna seminar of the great Austrian economist Eugen von Bohm-Bawerk = (among=20 whose many accomplishments was the devastating refutation of the Marxian = labor=20 theory of value).

During this period, in his first great work, The Theory of Money = and=20 Credit (1912) Mises performed what had been deemed an impossible = task: to=20 integrate the theory of money into the general theory of marginal = utility and=20 price (what would now be called integrating "macroeconomics" into=20 "microeconomics.") Since Bohm-Bawerk and his other Austrian colleagues = did not=20 accept Mises's integration and remained without a monetary theory, he = was=20 therefore obliged to strike out on his own and found a "neo-Austrian"=20 school.

In his monetary theory, Mises revived the long forgotten British = Currency=20 School principle, prominent until the 1850s, that society does not at = all=20 benefit from any increase in the money supply, that increased money and = bank=20 credit only causes inflation and business cycles, and that therefore = government=20 policy should maintain the equivalent of a 100 percent gold = standard.

Mises added to this insight the elements of his business cycle = theory: that=20 credit expansion by the banks, in addition to causing inflation, makes=20 depressions inevitable by causing "malinvestment," i.e. by inducing = businessmen=20 to overinvest in "higher orders" of capital goods (machine tools, = construction,=20 etc.) and to underinvest in consumer goods.

The problem is that inflationary bank credit, when loaned to = business,=20 masquerades as pseudo-savings, and makes businessmen believe that there = are more=20 savings available to invest in capital goods production than consumers = are=20 genuinely willing to save. Hence, an inflationary boom requires a = recession=20 which becomes a painful but necessary process by which the market = liquidates=20 unsound investments and reestablishes the investment and production = structure=20 that best satisfies consumer preferences and demands.

Mises, and his follower Hayek, developed this cycle theory during the = 192Os,=20 on the basis of which Mises was able to warn an unheeding world that the = widely=20 trumpeted "New Era" of permanent prosperity of the 192Os was a sham, and = that=20 its inevitable result would be bank panic and depression. When Hayek was = invited=20 to teach at the London School of Economics in 1931 by an influential = former=20 student at Mises's private seminar, Lionel Robbins, Hayek was able to = convert=20 most of the younger English economists to this perspective. On a = collision=20 course with John Maynard Keynes and his disciples at Cambridge, Hayek = demolished=20 Keynes's Treatise on Money, but lost the battle and most of his = followers to the tidal wave of the Keynesian Revolution that swept the = economic=20 world after the publication of Keynes's General Theory in = 1936.

The policy prescriptions for business cycles of Mises-Hayek and of = Keynes=20 were diametrically opposed. During a boom period, Mises counseled the = immediate=20 end of all bank credit and monetary expansion; and, during a recession, = he=20 advised strict laissez-faire, allowing the readjustment forces of the = recession=20 to work themselves out as rapidly as possible.

Not only that: for Mises the worst form of intervention would be to = prop up=20 prices or wage rates, causing unemployment, to increase the money = supply, or to=20 boost government spending in order to stimulate consumption. For Mises, = the=20 recession was a problem of under-saving, and over-consumption, and it = was=20 therefore important to encourage savings and thrift rather than the = opposite, to=20 cut government spending rather than increase it. It is clear that, from = 1936 on=20 Mises was totally in opposition to the worldwide fashion in = macroeconomic=20 policy.

Socialism-communism had triumphed in Russia and in much of Europe = during and=20 after World War I, and Mises was moved to publish his famous article, = "Economic=20 Calculation in the Socialist Commonwealth," (1920) in which he = demonstrated that=20 it would be impossible for a socialist planning board to plan a modern = economic=20 system; furthermore, no attempt at artificial "markets" would work, = since a=20 genuine pricing and costing system requires an exchange of property = titles, and=20 therefore private property in the means of production.

Mises developed the article into his book Socialism (1922), = a=20 comprehensive philosophical and sociological, as well as economic = critique which=20 still stands as the most thorough and devastating demolition of = socialism ever=20 written. Mises's Socialism converted many prominent economists = and=20 social philosophers out of socialism, including Hayek, the German = Wilhelm Ropke,=20 and the Englishman Lionel Robbins.

In the United States, the publication of the English translation of=20 Socialism in 1936 attracted the admiration of the prominent = economic=20 journalist Henry Hazlitt, who reviewed it in the New York Times, and = converted=20 one of America's most prominent and learned Communist fellow-travelers = of the=20 period, J.B. Matthews, to a Misesian position and to opposition to all = forms of=20 socialism.

Socialists throughout Europe and the United States worried about the = problem=20 of economic calculation under socialism for about fifteen years, finally = pronouncing the problem solved with the promulgation of the "market = socialism"=20 model of the Polish economist Oskar Lange in 1936. Lange returned to = Poland=20 after World War II to help plan Polish Communism. The collapse of = socialist=20 planning, in Poland and the other Communist countries in 1989, left=20 Establishment economists across the ideological spectrum, all of whom = bought the=20 Lange "solution", mightily embarrassed.

Some prominent socialists, such as Robert Heilbroner, have had the = grace to=20 admit publicly that "Mises was right" all along. (The phrase "Mises was = Right"=20 was the title of a panel at the annual 1990 meeting of the Southern = Economic=20 Association at New Orleans.)

If socialism was an economic catastrophe, government intervention = could not=20 work, and would tend to lead inevitably to socialism. Mises elaborated = these=20 insights in his Critique of = Interventionism (1929), and=20 set forth his political philosophy of laissez-faire liberalism in his=20 Liberalism (1927).

In adition to setting himself against all the political trends of the = twentieth century, Mises combated with equal fervor and eloquence what = he=20 considered the disastrous dominant philosophical and methodological = trends, in=20 economics and other disciplines. These included positivism, relativism,=20 historicism, polylogism, (the idea that each race and gender has its own = "logic"=20 and therefore cannot communicate with other groups), and all forms of=20 irrationalism and denial of objective truth. Mises also developed what = he=20 considered to be the proper methodology of economic theory -- logical = deduction=20 from evident axioms, which he labeled "praxeology", and he leveled = trenchant=20 critiques of the growing tendency in economics and other disciplines to = replace=20 praxeology and historical understanding by unrealistic mathematical = models and=20 statistical manipulations.

Emigrating to the United States in 1940, Mises's first two books in = English=20 were important and influential. His Omnipotent Government = (1944) was=20 the first book to challenge the then-standard Marxian view that fascism = and=20 Nazism were imposed upon their nations by big business and the = "capitalist=20 class." His Bureaucracy(1944) was a still unsurpassed analysis = of why=20 government operation must necessarily be "bureaucratic" and suffer from = all the=20 ills of bureaucracy.

Mises's most monumental achievement was his Human Action = (1949), the=20 first comprehensive treatise on economic theory written since the first = World=20 War. Here Mises took up the challenge of his own methodology and = research=20 program and elaborated an integrated and massive structure of economic = theory on=20 his own deductive, "praxeological" principles. Published in an era when=20 economists and governments generally were totally dedicated to statism = and=20 Keynesian inflation, Human Action was unread by the economics=20 profession. Finally, in 1957 Mises published his last major work, = Theory and=20 History, which, in addition to refutations of Marxism and = historicism, set=20 forth the basic differences and functions of theory and of history in = economics=20 as well as all the various disciplines of human action.

In the United States as in his native Austria, Mises could not find a = paid=20 post in academia. New York University, where he taught from 1945 until = his=20 retirement at the age of 88 in 1969, would only designate him as = Visiting=20 Professor, and his salary had to be paid by the conservative-libertarian = William=20 Volker Fund until 1962, and after that by a consortium of free-market=20 foundations and businessmen. Despite the unfavorable climate, Mises = inspired a=20 growing group of students and admirers, cheerfully encouraged their = scholarship,=20 and himself continued his remarkable productivity.

Mises was also sustained by and worked together with free-market and=20 libertarian admirers. From its origin in 1946 until his death, Mises was = a=20 part-time staff member of the Foundation for Economic Education at=20 Irvington-on-Hudson, New York; and he was in the 1950s an economic = advisor to=20 the National Association of Manufacturers (NAM) working with their = laissez-faire=20 wing which finally lost out to the tide of "enlightened" statism.

As a free trader and a classical liberal in the tradition of Cobden, = Bright,=20 and Spencer, Mises was a libertarian who championed reason and = individual=20 liberty in personal as well as economic matters. As a rationalist and an = opponent of statism in all its forms, Mises would never call himself a=20 "conservative," but rather a liberal in the nineteenth-century = sense.

Indeed, Mises was politically a laissez-faire radical, who denounced = tariffs,=20 immigration restrictions, or governmental attempts to enforce morality. = On the=20 other hand, Mises was a staunch cultural and sociological conservative, = who=20 attacked egalitarianism, and strongly denounced political feminism as a = facet of=20 socialism. In contrast to many conservative critics of capitalism, Mises = held=20 that personal morality and the nuclear family were both essential to, = and=20 fostered by, a system of free-market capitalism.

Mises's influence was remarkable, considering the unpopularity of his = epistemological and political views. His students of the 1920s, even = those who=20 later became Keynesians, were permanently stamped by a visible Misesian=20 influence. These students included, in addition to Hayek and Robbins, = Fritz=20 Machlup, Gottfried von Haberler, Oskar Morgenstern, Alfred Schutz, Hugh=20 Gaitskell, Howard S. Ellis, John Van Sickle, and Erich Voegelin.

Mises's influence also played a highly important, if unheralded role = in=20 swinging post-World War II Europe from a socialist and inflationist to a = roughly=20 free-market and hard-money policy. Germany's great Ludwig Erhard, almost = single-handedly responsible for West Germany's "economic miracle" based = on free=20 markets and hard money, was himself an economist and a friend and = disciple of=20 Alfred Muller-Armack and Wilhelm Ropke, themselves heavily influenced by = Misesian ideas.

In France, General DeGaulle's major economic and monetary adviser, = who helped=20 swing France away from socialism, was Jacques Rueff, an old friend and = admirer=20 of Mises. And part of post-World War II Italy's shift away from = socialism was=20 due to its President Luigi Einaudi, a distinguished economist and = long-time=20 friend and free-market colleague of Mises. In the United States, Mises = was=20 scarcely as influential. Under less promising academic conditions, his = students=20 and admirers included Henry Hazlitt, Lawrence Fertig, Percy Greaves, = Jr.,=20 Bettina Bien Graeves, Hans F. Sennholz, William H. Peterson, Louis M. = Spadaro,=20 Israel M. Kirzner, Ralph Raico, George Reisman, and Murray N. Rothbard. = But=20 Mises was able to build a remarkably strong and loyal following among=20 businessmen and other non-academics; his massive and complex Human=20 Action has sold extraordinarily well ever since the year of its = original=20 publication.

Since Mises's death in New York City on October 10, 1973 at the age = of 92,=20 Misesian doctrine and influence has experienced a renaissance. The = following=20 year saw not only Hayek's Nobel Prize for Misesian cycle theory, but = also the=20 first of many Austrian School conferences in the United States. Books by = Mises=20 have been reprinted and collections of his articles translated and = published.=20 Courses and programs in Austrian Economics have been taught and = established=20 throughout the country.

Taking the lead in this revival of Mises and in the study and = expansion of=20 Misesian doctrine has been the Ludwig von Mises Institute, founded by = Llewellyn=20 Rockwell, Jr. in 1982 and headquartered in Auburn, Alabama. The Mises = Institute=20 publishes scholarly journals and books, and offers = courses in=20 elementary, intermediate and advanced Austrian economics, which attract=20 increasing numbers of students and professors. Undoubtedly, the collapse = of=20 socialism and the increased attractiveness of the free market have = greatly=20 contributed to this upsurge of popularity.

Murray N. Rothbard (1926-1995) was dean of the Austrian School after = Mises's=20 death. This piece was written circa 1990 and has never before appeared = in print=20 or online. Comment on the=20 blog.

You can receive the Mises Dailies in your inbox. = Go here to subscribe or=20 unsubscribe.

User-Contributed Tags: = Tag=20 this document!

What is 2 + 3? =20 (Sign in to turn off = the=20 captcha.)=20

Add a=20 Tag =20 (Ex: Human Action, Inflation)

Print
Share
Add to MyMises
Subscribe

Digg
del.icio.us
Facebook
Newsvine
StumbleUpon

Search

">Advance= d Search=20 =C2=BB=20

The = Bailout=20 Reader

Mises Daily Search

rss=20

About the Author

Murray N. = Rothbard=20

Murray N. Rothbard (1926=E2=80=931995) was dean of the Austrian = School. He was an=20 economist, economic historian, and libertarian political philosopher. =

view = archives

Featured

=20

Future of = Austrian=20 Economics, The (DVD)

Author: Ludwig von Mises=20 Institute
$15.00
view = all=E2=80=A6=20

Mises Community

Software Models and = Austrian=20 Economics Sat, 08 Aug 2009 12:14:56 -0600 by Robert = Blumen=20
"Feser on Rothbard = as a=20 Philosopher," by Gerard Casey [Libertarian Papers, Vol. 1 (2009), Art. = No.=20 34] Sat, 08 Aug 2009 02:21:00 -0600 by Stephan = Kinsella=20
My Lucas = Critique=20 Fri, 07 Aug 2009 23:36:59 -0600 by Robert = Murphy=20
The Ten-Year = Stagnation=20 Fri, 07 Aug 2009 21:38:32 -0600 by Jeffrey = Tucker=20
G.A. Cohen = Fri, 07=20 Aug 2009 14:20:30 -0600 by David Gordon =
Modern Austrian = History: A=20 Response to Pete (Part 1) Fri, 07 Aug 2009 11:16:37 -0600 by = Joseph = Salerno=20
No Job Losses in=20 Government Fri, 07 Aug 2009 10:12:15 -0600 by Jeffrey = Tucker=20

view all=E2=80=A6 mises blog = rss

M= y first=20 interview: Art is commitment and support for life 8/8/2009 = 4:18:00 PM=20 by rroop= str=20
Non-scarcity=20 of intellectual property 8/7/2009 4:55:00 AM by Solre= yus=20
I= f you=20 don't like it... 8/5/2009 11:54:00 PM by thedo= =20
= A View=20 from the Trenches, August 6th, 2009: "Not so fast!" 8/5/2009 = 8:52:00=20 PM by Tinc= ho=20 Sibileau
a=20 poem 8/5/2009 4:17:00 AM by Solre= yus=20
= A View=20 from the Trenches, August 5th, 2009: An interesting day = 8/4/2009=20 7:29:00 PM by Tinc= ho=20 Sibileau
= A View=20 from the Trenches, August 4th, 2009: "Updating the forecast" = 8/4/2009=20 7:55:00 AM by Tinc= ho=20 Sibileau
Ask=20 Not... 8/3/2009 3:53:00 PM by Futbo= lGuru=20
Obama=20 Proves Tax Cuts Stimulate Economy 8/3/2009 3:33:00 PM by Futbo= lGuru=20
Environmentalism=20 and the Austrian Response 8/2/2009 12:07:00 PM by roma= ntivist=20
M= ore=20 Thoughts on Categorizing Economic Schools 8/1/2009 5:08:00 PM = by zirag= t=20
E= ntrevista=20 6 agosto 2009 como artista pict=C3=B3rico 8/1/2009 2:36:00 PM = by rroop= str=20
Mises=20 Daily Editing Group Newsletter 2 7/31/2009 4:39:38 PM by natma= rcus=20
A=20 Teachable Moment 7/31/2009 10:20:00 AM by Futbo= lGuru=20
Econ= omics=20 in One Lesson=E7=BC=96=E6=A0=A1the proofreading plan for Chinese = translation 7/30/2009=20 9:54:00 PM by Dingd= ong=20 Pu
T= he=20 Importance of Fellow Travelers 7/30/2009 3:39:00 PM by zirag= t=20
= A View=20 from the Trenches, July 30th, 2009: "A quick summary of main = thoughts"=20 7/29/2009 10:26:00 PM by Tinc= ho=20 Sibileau
Jatropha=20 biofuel, Third World exploitation 7/29/2009 1:41:00 PM by Charl= es=20 Anthony
Econ= omics=20 in One Lesson=E6=A0=A1=E8=AF=91=E4=B9=8B24. The Assault on Saving = (4-1,2) 7/29/2009 3:31:00 AM=20 by Dingd= ong=20 Pu
= A View=20 from the Trenches, July 29th, 2009: "On systemic risk and savings" = 7/28/2009 11:19:00 PM by Tinc= ho=20 Sibileau

view all=E2=80=A6 user blogs = rss

Mises=20 Blog
User = Blogs
Forums

Where do = people=20 get the idea that it is honorable to fight in a war? 7/20/2009 = 1:11:49=20 PM by Silen= tXtarian=20
Actual = Logical=20 Proof of Natural Law 8/5/2009 6:56:04 AM by Aman= ojack=20
Valid = Casuistry:=20 Deriving Ought from Ought 8/7/2009 6:03:21 PM by Lilb= urne=20
How do = natural=20 rights theories cross the is/ought divide? 8/1/2009 8:20:29 PM = by Lilb= urne=20
Healthcare: = what's=20 wrong with it? 8/8/2009 2:03:28 AM by yoshi= mura=20
Ed = Herman and Noam=20 Chomsky's Propaganda Model 8/8/2009 3:02:21 PM by VanD= oodah=20
Ideological=20 "evolution" among libertarians 8/7/2009 3:19:17 PM by ivanf= oofoo=20
Propaganda for = the=20 State 8/8/2009 1:38:07 PM by Laugh= ing=20 Man
Which = behemoth=20 book should I start with? Human Action or Man, Economy and State?=20 8/7/2009 10:31:56 PM by McDuf= fie=20
non-US = central=20 banks 8/3/2009 5:05:55 AM by libe= rtyman=20
Leninists?=20 8/4/2009 3:30:39 PM by E. = R.=20 Olovetto
Mises is = Spreading 8/8/2009 11:13:04 AM by Scott= =20 Jefferies
Fallacy = of the=20 Money Multiplier & The Three Multiplier Revelations of = Economics=20 8/8/2009 9:19:04 AM by MrLi= berty=20
Question = on Human=20 Action, Chapter XX, Page 557. 8/8/2009 12:33:28 PM by Peter= Van=20 Wieren
Fractional = Reserve=20 Banking 7/28/2009 7:54:59 PM by adam = knott
Property = rights=20 are an initiation of force? 8/7/2009 10:43:14 AM by Fried= =20 Egg
Antitrust: I need = a good retort to a stupid, stupid comment... 8/7/2009 11:42:22 = AM by=20 McDuf= fie=20
osman = kadri koca=20 'economist' 8/8/2009 6:00:41 AM by osma= nkadrikoca=20
Is it = even=20 possible for savings in China to cause a bubble here 7/24/2009 = 9:45:31=20 AM by inqu= isitiveteenager=20
Can You = Define=20 Natural Rights as a Meaningful Concept? 8/7/2009 4:06:58 PM by = Aman= ojack=20

view all=E2=80=A6=20 forums=20 rss

Literature

rss=20

Feser = on=20 Rothbard as a Philosopher by Gerard N. Casey
= Reply=20 to Matt Mortellaro on "Block=E2=80=99s Paradox": Causation, = Responsibility,=20 Libertarian Law, Entrapment, Threats and Blackmail by Walter=20 Block
Gold, = the Golden=20 Rule, and Government: Civil Society and the End of the State = by D. G.=20 White
History of = American=20 Socialisms by John Humphrey Noyes
The Freeman 1999 = by=20 Foundation for Economic Education
The Freeman 1997 = by=20 Foundation for Economic Education
The Freeman 1996 = by=20 Foundation for Economic Education
Pro= perty,=20 Freedom, and Society: Essays in Honor of Hans-Hermann Hoppe by = J=C3=B6rg=20 Guido H=C3=BClsmann
The Freeman 1995 = by=20 Foundation for Economic Education
The Freeman 1986 = by=20 Foundation for Economic Education
The Freeman 1985 = by=20 Foundation for Economic Education
The Libertarian = Review December=20 1980 by Libertarian Review

view all=E2=80=A6

Upcoming Events

rss=20

San Francisco, California, = Intercontinental Hotel August 29, 2009
= =20
Dealing with Economic Depression (Mises Circle sponsored by Mark = L. Hart=20 III)
Seattle, Washington=20 September 12, 2009
=20
The Greatest Depression? (Mises Circle, sponsored by James M.=20 Wolfe)
Greenville, South = Carolina=20 October 3, 2009
=20
Depression, Monetary Destruction, and the Path to Sound Money = (Mises=20 Circle sponsored by Atlantic Bullion and Coin, and Professional = Planning of=20 Easley LLC)
Salamanca, Spain = October=20 21-24, 2009
=20
The Birthplace of Economic Theory: A Trip to Salamanca,=20 Spain

view=20 all=E2=80=A6

Ludwig von Mises Institute

Ludwig von Mises (1881-1973)

User-Contributed Tags: = Tag=20 this document!

Search

The = Bailout=20 Reader

Mises Daily Search

About the Author

Murray N. = Rothbard=20

Related

Featured

Future of = Austrian=20 Economics, The (DVD)

Mises Community

Literature

Upcoming Events

San Francisco, California, = Intercontinental Hotel August 29, 2009

Dealing with Economic Depression (Mises Circle sponsored by Mark = L. Hart=20 III)

Seattle, Washington=20 September 12, 2009

The Greatest Depression? (Mises Circle, sponsored by James M.=20 Wolfe)

Greenville, South = Carolina=20 October 3, 2009

Depression, Monetary Destruction, and the Path to Sound Money = (Mises=20 Circle sponsored by Atlantic Bullion and Coin, and Professional = Planning of=20 Easley LLC)

Salamanca, Spain = October=20 21-24, 2009

The Birthplace of Economic Theory: A Trip to Salamanca,=20 Spain

The Quotable = Mises