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
5 The dynamic economy
Change is inherent in economics
The real nature of markets
The critical importance of time
6 entrepreneurship
Entrepreneurship and proft
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 infation
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
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 faws 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 benefts of liberalism
Liberalism and equality
15 Quotations from Ludwig von Mises
On the problems of socialism
On the dangers of interventionism
On liberalism
On the drivers of economic progress
On the importance of individual values
On entrepreneurship and competition
On infation, booms and busts
Selected books and articles by Mises
About the IEA
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