Who is Ludwig von Mises?

Thoughts on a Free Market Economy…

“Who is Ludwig von Mises?”

By Phyllis Hunsinger

March 1, 2019

Ludwig Heinrich Edler von Mises was one of the most notable economists of the 20h century.

One of the fundamental axioms he popularized was praxeology, which is the science of human action, that is, that human beings engage in conscious or purposeful actions toward chosen goals.

According to a historical biography, Ludwig von Mises was able to demonstrate:

(1)  the expansion of free markets, the division of labor, and private capital investment is the only possible path to the prosperity of the human race;

(2)  socialism would be disastrous for a modern economy because the absence of private ownership of land and capital goods prevents any sort of rational pricing or costs;

(3) government intervention hampers and cripples the market and proves to be counter- productive leading inevitably to socialsm.

Ludwig von Mises developed his methodology and political philosophy at the time and in the face of the socialist, Frederick Engels, who was devoted to statism and collectivism.  As the chief economic advisor to the Austrian government in the 1920”s, von Mises was credited with single-handedly slowing down Austrian inflation and demonstrating the validity of his economic philosophy. Fleeing the Nazis, von Mises came to the U.S. where he continued to be a prolific scholar, teaching and influencing young economists like Freidrick Hayek and Henry Hazlitt and demonstrating the power of market and economic freedom to better the living conditions of all.  His last public address, given just three years prior to his death was “Socialism versus the Free Market,” a subject to which he had devoted fifty years of thought.

What a shame that in today’s public schools and universities, the work of von Mises is rarely, if ever, mentioned, while socialism is lauded despite countless examples of the damage done to its citizens by the socialist doctrine.  Students are being denied the full story:  it is time to bring back the study of Ludwig Heinrich Edler von Mises.

https://www.free-dom.co.us, Phyllis Hunsinger © 2013 All Rights Reserved

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