Ludwig von Mises

Ludwig von Mises was an Austrian-born economist and social theorist who defended laissez-faire capitalism and helped shape the Austrian School of economics.

Praxeology: The study of purposeful human action, which Mises treated as the foundation of economic theory. Mises made praxeology the starting point for his deductive approach to economics.
Socialist calculation debate: A debate over whether a socialist economy can allocate resources without private ownership and market prices. Mises initiated the modern debate by arguing that socialism lacks the prices needed for calculation.
Friedrich Hayek: An Austrian-born economist and political thinker who studied with Mises and developed influential theories of knowledge and markets. Hayek carried forward parts of Mises’s market argument while developing his own account of dispersed knowledge.
Human Action: Mises’s 1949 treatise presenting his systematic account of economics as a science of human action. This major work gathers his mature arguments on markets, money, and social cooperation.
Marxism: A body of social, political, and economic theory derived from Karl Marx’s critique of capitalism. Mises rejected Marxist accounts of value, class, and the possibility of socialist coordination.
Subjective theory of value: The view that the value of goods depends on individuals’ preferences and circumstances. Mises used subjective value to explain prices through people’s choices rather than intrinsic properties.
Economic calculation in the Socialist Commonwealth: A 1920 essay by Mises arguing that socialist planners cannot calculate economic costs without market prices. This essay presents the concise original form of his calculation argument.
Murray Rothbard: An American economist and political theorist who combined Austrian economics with anarcho-capitalism. Rothbard became a prominent student and advocate of Mises’s economic framework.
The Theory of Money and Credit: Mises’s 1912 book integrating monetary theory with the Austrian theory of value. The book applies marginal utility analysis to money and develops his account of credit cycles.
Keynesian economics: An economic tradition emphasizing aggregate demand and the role of fiscal and monetary policy in stabilizing output. Its support for active stabilization differs from Mises’s opposition to credit expansion and intervention.

Linked from 11 pages