by Mises
[Title Page and Foreword by Fritz Machlup]: Title page and a brief introductory note by Fritz Machlup praising the harmony and clarity of Mises's fundamental ideas on economy and society. [Introduction by Margit von Mises]: Margit von Mises describes the context of the 1958 Buenos Aires lectures, noting the political climate after Peron's fall and her husband's commitment to explaining capitalism and individual liberty to students unfamiliar with these concepts. [First Lecture: Capitalism]: Mises defines capitalism as mass production for the masses, contrasting it with feudalism where status was fixed. He argues that the Industrial Revolution saved the 'proletariat' from starvation and that the consumer, not the entrepreneur, is the ultimate 'sovereign' in a market economy. He critiques Marx's 'iron law of wages' and emphasizes that capital investment per capita is the only path to rising real wages. [Second Lecture: Socialism]: Mises explains that economic freedom is the foundation of all other liberties. He introduces his famous thesis on the impossibility of economic calculation under socialism, arguing that without market prices for production factors, a central planner cannot determine the most efficient use of resources. He critiques the 'Soviet experiment' and the illusion of 'planning' as a substitute for individual choice. [Third Lecture: Interventionism]: Mises analyzes interventionism as a 'middle way' that inevitably fails. Using examples like milk price ceilings and rent controls, he demonstrates how isolated interventions create shortages, leading to further state interference until full socialism is reached. He discusses the historical failures of Diocletian and the French Revolution, and how wartime controls in Germany and Britain led to de facto socialism. [Fourth Lecture: Inflation]: Mises defines inflation as an increase in the money supply, not a rise in prices. He explains the sequential nature of price increases (the Cantillon effect) and critiques the use of inflation to finance government spending or to 'cheat' workers into lower real wages to combat unemployment. He advocates for the gold standard as a check on government power and warns that persistent inflation leads to the total collapse of the currency. [Fifth Lecture: Foreign Investment]: Mises argues that the disparity in living standards between nations is due to the amount of capital invested per capita. He highlights the 19th-century role of British capital in global development and warns that modern hostility toward foreign investors (expropriation, high taxes) prevents developing nations from industrializing. He concludes that only capital accumulation, not protectionism or unions, can raise real wages. [Sixth Lecture: Politics and Ideas]: Mises discusses the decline of classical liberalism and the rise of 'pressure groups' that seek special privileges at the expense of the nation. He compares the current crisis to the fall of the Roman Empire, which he attributes to interventionism and inflation. He remains optimistic, however, arguing that because the current social order is the result of ideas, it can be changed by replacing bad ideas with better ones through intellectual struggle. [About the Author and Publication Metadata]: A biographical sketch of Ludwig von Mises, highlighting his education in Vienna, his major works like 'Human Action', his exile from the Nazis, and his legacy as a teacher of Hayek and others. Includes publication details and a brief review of his other work 'Im Namen des Staates'.
Title page and a brief introductory note by Fritz Machlup praising the harmony and clarity of Mises's fundamental ideas on economy and society.
Read full textMargit von Mises describes the context of the 1958 Buenos Aires lectures, noting the political climate after Peron's fall and her husband's commitment to explaining capitalism and individual liberty to students unfamiliar with these concepts.
Read full textMises defines capitalism as mass production for the masses, contrasting it with feudalism where status was fixed. He argues that the Industrial Revolution saved the 'proletariat' from starvation and that the consumer, not the entrepreneur, is the ultimate 'sovereign' in a market economy. He critiques Marx's 'iron law of wages' and emphasizes that capital investment per capita is the only path to rising real wages.
Read full textMises explains that economic freedom is the foundation of all other liberties. He introduces his famous thesis on the impossibility of economic calculation under socialism, arguing that without market prices for production factors, a central planner cannot determine the most efficient use of resources. He critiques the 'Soviet experiment' and the illusion of 'planning' as a substitute for individual choice.
Read full textMises analyzes interventionism as a 'middle way' that inevitably fails. Using examples like milk price ceilings and rent controls, he demonstrates how isolated interventions create shortages, leading to further state interference until full socialism is reached. He discusses the historical failures of Diocletian and the French Revolution, and how wartime controls in Germany and Britain led to de facto socialism.
Read full textMises defines inflation as an increase in the money supply, not a rise in prices. He explains the sequential nature of price increases (the Cantillon effect) and critiques the use of inflation to finance government spending or to 'cheat' workers into lower real wages to combat unemployment. He advocates for the gold standard as a check on government power and warns that persistent inflation leads to the total collapse of the currency.
Read full textMises argues that the disparity in living standards between nations is due to the amount of capital invested per capita. He highlights the 19th-century role of British capital in global development and warns that modern hostility toward foreign investors (expropriation, high taxes) prevents developing nations from industrializing. He concludes that only capital accumulation, not protectionism or unions, can raise real wages.
Read full textMises discusses the decline of classical liberalism and the rise of 'pressure groups' that seek special privileges at the expense of the nation. He compares the current crisis to the fall of the Roman Empire, which he attributes to interventionism and inflation. He remains optimistic, however, arguing that because the current social order is the result of ideas, it can be changed by replacing bad ideas with better ones through intellectual struggle.
Read full textA biographical sketch of Ludwig von Mises, highlighting his education in Vienna, his major works like 'Human Action', his exile from the Nazis, and his legacy as a teacher of Hayek and others. Includes publication details and a brief review of his other work 'Im Namen des Staates'.
Read full text