The Enirejntttewrial Character cf the Misesian Market Process

The prime active element in the Misesian market process is the profit-motivated activity of entrepreneurs. The driving force of the market, the element tending toward unceasing innovation and improvement, is provided by die restlessness of die promoter and his eagerness to make profits as large as possible* (ha, 255). The driving force of the market process is provided by die promoting and speculating entrepreneurs (ha, 328). The entrepreneur is the person who acts in the face of uncertainty in...

The Theory of Money and Credit

Mises was barely thirty years old when he published this, his first book, The Theory of Money and Credit, which was to estab lish him as an important theorist in the Austrian tradition. Many of the reviews of this book in economic journals were quite negative. But professional opinion regarding die work changed rather rapidly. When Lionel Robbins introduced die 1934 English translation of this volume, he remarked that he knew few works which convey a more profound impression of the logical...

Ludwig Von Mises

The purpose of this short work is to provide a picture of Ludwig von Mises, the economist and social thinker. Such a picture must consist primarily of lines and brush strokes representing Mises' ideas, and explaining how these ideas differed importantly from those of his contemporaries. The subsequent chapters offer such accounts and explanations. But a picture consists of more than lines and strokes it includes the canvas upon which these are imposed. Hie story of Mises, the intellectual and...

Mises and Methodological Dualism

The bedrock conviction upon which Mises built his epistemological system was the insight that in spite of the unity of the logical structure of our thought, we are compelled to have re course to two separate spheres of scientific cognition the science of nature and the science of human action We approach the subject matter of die natural sciences from without. The result of our observations is the establishment of functional relations of dependence In the sciences of human action, on the other...