Review of Austrian Economics - The Ludwig von Mises Institute

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Herbener: Mises and the Austrian School 49 the goods available to consumers; and fails to bring about the end aimed at, leading to a situation worse than the pre-intervention once it has exhausted the "surplus" it seeks to confiscate (Mises 1966, p. 858). The outcome of changes in Europe depend upon understanding and accepting these Misesian ideas. Optimists hope that at least those nations which have in the past developed the capitalist market economy and its civilization will cling to this system in the future too. There are certainly as many signs to confirm as to disprove such an expectation. It is vain to speculate about the outcome of the great ideological conflict between the principles of private ownership and public ownership, of individualism and totalitarianism, of freedom and authoritarian regimentation. All that we can know beforehand about the result of this struggle can be condensed in the following three statements: (1) We have no knowledge whatever about the existence and operation of agencies which would bestow final victory in this clash on those ideologies whose application will secure the preservation and further intensification of societal bonds and the improvement of mankind's material well-being. Nothing suggests the belief that progress toward more satisfactory conditions is inevitable or a relapse into very unsatisfactory conditions impossible. (2) Men must choose between the market economy and socialism. They cannot evade deciding between these alternatives by adopting a "middle-of-the-road" position, whatever name they may give to it. (3) In abolishing economic calculation the general adoption of socialism would result in complete chaos and the disintegration of social cooperation under the division of labor (Mises 1966, p. 861). We are all participating in this great ideological struggle and thus economic education holds paramount importance. Economics must not be relegated to classrooms and statistical offices and must not be left to exoteric circles. It is the philosophy of human life and action and concerns everybody and everything. It is the pith of civilization and of man's human existence. There is no means by which anyone can evade his personal responsibility. Whoever neglects to examine to the best of his abilities all the problems involved voluntary surrenders his birthright to a self-appointed elite of supermen. In such vital matters blind reliance upon "experts" and uncritical acceptance of popular catchwords and prejudices is tantamount to the abandonment of self-determination and to yielding to other people's domination. As conditions are today, nothing can be more important to every intelligent man than economics. His own fate and that of his progeny is at stake (Mises 1966, p. 878).
50 The Review of Austrian Economics, Vol. 5, No. 2 Conclusions The Austrian tradition is identified by and built upon praxeology— the application of deductive reasoning to the irrefutable fact of human action. This method is the red thread that runs from Menger to Bohm-Bawerk to Mises to Murray Rothbard and the modern practitioners of Austrian economics. Working within this tradition, economists have produced a great edifice of irrefutable, universally applicable economic theory. They have shown how the free market advances mankind in its struggle against scarcity and why socialism cannot do so. They have taught us that we must choose one of these two social arrangements, since no system exists between them. We must make our selection and advance, by education and persuasion, either capitalism or socialism. Let us choose wisely. References Bohm-Bawerk, Eugen. Capital and Interest. Spring Mills, Penn.: Libertarian Press, 1959. Ebeling, Richard. "Economic Calculation Under Socialism: Ludwig von Mises and His Predecessors," in The Meaning of Ludwig von Mises, Jeffrey Herbener, ed. Boston: Kluwer Academic Publishers, 1991. Friedman, Milton. "The Methodology of Positive Economics," in Essays in Positive Economics. Chicago: University of Chicago Press, 1974. Hayek, F. A. "Introduction," in Principles of Economics, by Carl Menger. New York: New York University Press, 1976. The Fatal Conceit: The Errors of Socialism. Chicago: University of Chicago Press, 1988. Hoppe, Hans-Hermann. Praxeology and Economic Science. Auburn, Ala.: The Ludwig von Mises Institute, 1988. Menger, Carl. Principles of Economics.NewYork:New York University Press, 1976. Investigations into the Method of the Social Sciences with Special Reference to Economics. New York: New York University Press, 1985. Mises, Ludwig von. Human Action: A Treatise on Economics, 3rd rev. ed. Chicago: Henry Regnery, 1966. Quoted by Margit von Mises in, "A Call to Activism," in The Free Market Reader. Auburn, Ala.: The Ludwig von Mises Institute, 1988. Rothbard, Murray. The Essential Ludwig von Mises. Auburn, Ala.: The Ludwig von Mises Institute, 1983. "Mises and the Role of Economist in Public Policy," in The Meaning of Ludwig von Mises, Jeffrey Herbener, ed. Boston: Kluwer Academic Publishers, 1991. Salerno, Joseph. "Ludwig von Mises as Social Rationalist," in The Meaning of Ludwig von Mises, Jeffrey Herbener, ed. Boston: Kluwer Academic Publishers, 1991.
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