SALUTE TO LUDWIG VON MISES
(1881-1973)

Von Mises was an Austrian and American economist
and philosopher of the Austrian school.

His seminal book was Human Action: A Treatise on Economics
that provided bedrock understanding
of the structure of human decision making.
Fundamentally, he said we can always rely on human beings
to act in their own self interest.

Von Mises understood money
and its dynamics along with the system intricacies.
Importantly, he understood that economics
could not be effectively modeled with mathematical models
because human action agents often did not know
what they would do until the decision situation presented itself. 

He explained the business cycle in terms of excessive credit expansion
leading to a “boom” that would generate malinvestments
leading to a “bust” to correct the excesses.

He warned about government’s destructive propensity
to manipulate, debase, and inflate the currency.
The big lesson is to let free market capitalism work
and maintain a sound money system. 

Mises Institute information available at mises.org.

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