Ludwig von Mises 1881--1973

"Human action is purposeful behavior. Or we may say: Action is will put into operation and transformed into an agency, is aiming at ends and goals, is the ego's meaningful response to stimuli and to the conditions of its environment, is a person's conscious adjustment to the state of the universe that determines his life."

Mises emphasizes that human actions are purposeful and intentional, driven by the individual's conscious choices to achieve specific goals in response to their environment.

"The history of mankind is the history of ideas. For it is ideas, theories, and doctrines that guide human action, determine the ultimate ends men aim at, and the choice of the means employed for the attainment of these ends."

Mises highlights the influential role of ideas in shaping human history. The evolution of societies is profoundly affected by prevailing ideas, theories, and doctrines, influencing people's actions and goals.

"Government means always coercion and compulsion and is by necessity the opposite of liberty."

Mises asserts that government involves the use of force and compulsion, inherently conflicting with the concept of liberty. The coercive nature of government stands in opposition to individual freedom.

"It is impossible to grasp the meaning of the idea of sound money if one does not realize that it was devised as an instrument for the protection of civil liberties against despotic inroads on the part of governments."

Mises argues that understanding the concept of sound money is crucial for protecting civil liberties. Sound money, free from manipulation, serves as a safeguard against government interference that could threaten individual freedoms.

"The body of economic knowledge is an essential element in the structure of human civilization; it is the foundation upon which modern industrialism and all the moral, intellectual, technological, and therapeutical achievements of the last centuries have been built."

Mises underscores the significance of economic knowledge as a foundational element in human civilization. He sees economics as essential for the progress of industrialism and various achievements in morality, technology, and healthcare.

ChatGPT - Give me a short biography on Ludwig von Mises.

• Ludwig von Mises (1881–1973) was a prominent Austrian economist and philosopher. Born in the Austro-Hungarian Empire, Mises studied law and economics at the University of Vienna. Influenced by the Austrian School, he earned his doctorate in 1906, later becoming an economic advisor to the Austrian government.

• Mises' career flourished in the 1920s, marked by significant contributions to economic debates on topics such as economic calculation, business cycles, and monetary policy. However, with the rise of the Nazi regime, Mises, of Jewish descent, emigrated to Geneva in 1934.

• In his extensive body of work, Mises critiqued socialism in "Socialism: An Economic and Sociological Analysis" (1922) and laid out his comprehensive economic philosophy in "Human Action" (1949). Emphasizing individual action and free markets, his writings became foundational in the Austrian School and classical liberal thought.

• Mises continued his academic pursuits in Geneva and later in the United States. Despite facing challenges due to his views, he remained a steadfast advocate for individual liberty and free-market principles until his passing in 1973.

ChatGPT - Give me interesting facts about Ludwig von Mises's personal life.

• Intellectual Mentorship: Ludwig von Mises played a crucial role in mentoring several notable economists who went on to become influential figures themselves. One of his most prominent students was Friedrich Hayek, who later received the Nobel Prize in Economic Sciences.

• Champion of Liberalism: Mises was a staunch defender of classical liberalism and individual freedom. His works, such as "Liberalism" (1927), articulate a robust defense of liberal principles, arguing for the importance of limited government, free markets, and the rule of law.

• Economic Calculation Problem: Mises developed the concept of the "economic calculation problem," a central tenet in his critique of socialist economic planning. He argued that without market prices determined through free exchange, socialist economies would lack the information necessary for efficient resource allocation.

• Escape from the Nazis: Mises, being of Jewish descent, had to flee Austria when the Nazis came to power. He sought refuge in Switzerland and later emigrated to the United States in 1940. His departure marked the tragic disruption of an intellectual community and the loss of valuable contributions to Austrian economic thought in Europe.

• Seminal Work, "Human Action": Mises's magnum opus, "Human Action" (1949), is considered one of the most important treatises in economics. In this comprehensive work, he systematically developed his praxeological approach to economics, emphasizing the study of human action as the foundation for economic understanding.

List of all major books by Ludwig von Mises: