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Showing posts with label Austrian economics. Show all posts
Showing posts with label Austrian economics. Show all posts

Saturday, July 13, 2013

Financial Independence and Intellectual Influence

 If you are interested in the history of ideas, at some point this question will occur to you: "How is it possible for someone to gain influence, yet at the same time retain his independence?" If you traffic in ideas, you have to be able to do both. 

A crackpot can go online today and argue for his favorite theory. He is completely independent. He is also completely ignored. His independence does him no good, because what he writes has no influence.
I suppose my two favorite recent examples of people who have maintained their independence, but whose ideas have had considerable influence, are Ludwig von Mises and Murray Rothbard. They are more influential today than they were at the time of their deaths. Mises died in 1973. Rothbard died in 1995.
Mises had the great advantage in the final phase of his intellectual career in the fact that Yale University Press published his books from 1944 to 1957. This gave him an audience.

Sunday, June 30, 2013

Mises' Answer to Would-Be Conspirators: You Will Lose

by Gary North

Over half a century ago, Ludwig von Mises made a crucial observation.
The capitalistic social order, therefore, is an economic democracy in the strictest sense of the word. In the last analysis, all decisions are dependent on the will of the people as consumers. Thus, whenever there is a conflict between the consumers' views and those of the business managers, market pressures assure that the views of the consumers win out eventually.
I have long believed he was correct. Like Mises' disciple Murray Rothbard, I am a student of conspiracies. They all have this in common: the seek leverage through the state. They instinctively know that Mises was correct, that they are the servants of customers in a free market order. So, they seek to rig the markets by means of the state.
Once a person comes to grips with Mises' observation, conspiracies appear less formidable. The state is a weak reed when compared to the long-run effects of liberty. The free market prospers under liberty. It expands its control over production and distribution.
This leads me to the topic at hand.