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- Jul 28, 2007
10. Birth, Decline, and Rebirth of the Second Mises Revolution
Birth: By the late 1940s, Mises was recognized in libertarian centers, but overnight in 1949 he became a central intellectual figure by his publication of Human Action. Leonard Read and FEE became devoted Misesians, along with Hans Sennholz and Murray Rothbard. In 1953 a new edition of The Theory of Money and Credit dealt with monetary reform including a gold standard.Decline: From 1960 to the late 1980s. The followers of Mises were too young to take of leadership roles. The emergence of a so-called conservative movement like The National Review drew support away. Finally, the divisions within the Circle Bastiat between Randians and Rothbard dissipated energies. This decline benefited the Chicago School of Economics.Rebirth: Hayek received the Nobel Prize in 1974 for his business cycle theory. South Royalton Conference occurred in 1974 on Austrian Economics. Most importantly, Mises Institute was established in 1982.Lecture 10 of 10 from The Life, Times, and Work of Ludwig von Mises, a George and Joele Eddy Seminar.
- Jul 27, 2007
8. Nationalökonomie
This work of six years of labor appeared in 1940. It was the predecessor to Human Action published nine years later. Epistemology and value theory were the two central problems.Action includes more than behavior. Value is really preference. Choice matters more than need. The Law of Diminishing Marginal Utility has nothing to do with satiation. The line is drawn between praxeology and psychology.Socialism is incapable of economic calculation. Political interventions in the money supply are unwarranted. Entrepreneur and entrepreneurship are distinguished. Begin reading Human Action with Part Four. Even when Mises restated previous concepts he revised them, so there was much that was new in this book.Lecture 8 of 10 from The Life, Times, and Work of Ludwig von Mises, a George and Joele Eddy Seminar.
- Jul 27, 2007
9. New Life in America
Arriving in New York in 1940, Mises found many friends from Geneva there, but no income or assets at the age of 59. Mises began writing in English. During this time, Leonard Read created FEE – the Foundation for Economic Education- which later on turned into a forum for Austrian economics.Lecture 9 of 10 from The Life, Times, and Work of Ludwig von Mises, a George and Joele Eddy Seminar.
- Jul 26, 2007
6. Mises in His Prime
Mises was in his prime from 1920-1934 while he was 39-53 years old. Three main areas in these years were certain people, his intellectual contributions, and other work.Hayek, Machlup, Robbins, and Margit were chief among the people. Intellectually, he found socialism and interventionism to be inefficient. Mises refines his business cycle theory. He strengthens the case for free banking. Economics begins with choice. The theories are a priori. Mises worked on sociology, history, and epistemological problems of economics. He reported on the causes of the great depression in Austrian and wonders why the crisis lasts so long. He determines that it is interventionism that prolongs the crisis. He identified that union wage rates were obstacles to recovery.Lecture 6 of 10 from The Life, Times, and Work of Ludwig von Mises, a George and Joele Eddy Seminar.
- Jul 26, 2007
7. Years in Geneva
Mises left Vienna for six years in Geneva, 1934 – 1940, to write his treatise and leave behind the Austrian branch of the Nazi Party. In Geneva, Mises held the Chair for International Relations. Mises and the Rockefeller Foundation had some financial connections. His salary was the 2007 equivalent of about $160,000 per year. Mises taught in English although he did not speak it so well or so fluently.In 1938, the German march into Austria interrupted both Mises’ desire to return to Vienna and Mises’ intent to marry Margit. Mises’ Vienna apartment was searched and ransacked by Hitler’s men. The Gestapo took all his books and belongings. It all ended up in a secret archive in Moscow. Guido Hulsmann made copies of almost everything found in Moscow. The material resides in Mises Institute archives.Intellectuals in the 1930s created the Third Way creed that is now called neo-liberalism. Government intervention was justified – a real departure from laissez-faire liberalism.Mises left Geneva and Austria in 1940 upon the advice of his brother, Richard, and Machlup. He did not return until 1947 when he attended the first Mont Pelerin Society meeting.Lecture 7 of 10 from The Life, Times, and Work of Ludwig von Mises, a George and Joele Eddy Seminar.
- Jul 25, 2007
4. The Great War and Its Aftermath
Mises was not surprised by WWI, 1914-1920. He was posted on the Northern Front of the Austro-Hungarian towns as a Lieutenant in an artillery unit. He often used his private initiative and competitive advantages during dangerous and hard battles in that first year.He became involved in the economic side of the war. He saw inflation lead to increased prices, price controls and black markets. Mises did not believe that conquest in the East would be any advantage to Austro-Hungary. The Russian Front collapsed in 1917. Mises joins another department and becomes a professor in an unpaid position.Social Democrats prevailed in the new Austrian republic. Mises was an economic consultant, a professor, and a member of the government. He prevented Bolshevism from prevailing in Vienna. He saw that a currency collapse would at least have the liberating effect of destroying the system that brought it about. This was like creative destruction.Lecture 4 of 10 from The Life, Times, and Work of Ludwig von Mises, a George and Joele Eddy Seminar.
- Jul 25, 2007
5. A Copernican Shift
Mises’ socialist calculation argument reshaped the debate about socialism. It was not true that socialism could work and could use the same techniques as capitalism. The book Socialism had a decisive impact on Hayek and other rising economists.Mises made four main claims in his book Socialism. They were: 1) the promises of socialism are empty because they are impossible, 2) there was no process of social evolution that led to socialism, 3) none of the ethical justifications stood up to rational scrutiny, and 4) socialism in general destroys capital, destroying civilization.Mises also subtly created ten original contributions. Among them is attacking socialist common property, without using the phrase moral hazard.Lecture 5 of 10 from The Life, Times, and Work of Ludwig von Mises, a George and Joele Eddy Seminar.
- Jul 24, 2007
2. The Austrian School Around 1900
Carl Menger (b. 1840) dared to create something he called the Austrian School of Economics. His was a new way of doing economic analysis. He sided with Aristotle’s realism.Menger studied human needs and saw discreet units of need – the essence of his marginal approach. Value is subjective dependent upon individuals. His theory of marginal utility rejected the cost-of-production theories of value that had been developed by Smith and Ricardo.To Menger, human economy included the passage of time, control of property, value, prices, and a theory of money. He stood for realistic empirical theory.Two schools - the historical school and the mathematical approach- competed with the new Austrian school. The breakthrough came when Menger was appointed tutor to the Crown Prince of Austria in 1875. He enjoyed the protection of the Royal house. The Austrian School started strong and then weakened. Menger left the university in 1902 due to scandal, love affairs, and health problems. Economic realism lost its voice. Wieser was the next strongest economist, although he never understood subjective value. Wieser was followed by Schumpeter.Lecture 2 of 10 from The Life, Times, and Work of Ludwig von Mises, a George and Joele Eddy Seminar.
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About The Life, Times, and Work of Ludwig von Mises
In this ten-lecture course sponsored by George and Joele Eddy, Jörg Guido Hülsmann explains how Ludwig von Mises's life took dramatic turns, what contributions Mises made to the social sciences, and how Mises never gave up and never gave in.Download the complete audio of this event (ZIP) here.
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