Apply von mises to an incomplete world

Just a decade ago, I wrote an article on the famous Austrian economist Ludwig von Mises (1881-1973) and the numerous reflections and academic efforts it inspired. The clarity of Ludwig von Mises’ thinking and strict logical method made him a strong voice about economic truth and individual freedom. His ability to detect complex economic phenomena back to his fundamental principles has gained constant respect among the champions of free society, who saw in his work a strong defense of markets and human freedom. Books such as Human action; The theory of money and credit; Socialism They have pinched his reputation as one of the leading economists of all time.

Top thinking tanks continue to use Von Mises’ teachings as a reference point for the sound economy. For example, Tyler Cowen, an economist and chairman of the Board of Directors at the Mercatus Center, wrote an article with the optimistic title “Ludwig von Mises is the leading economist of Latin America.” On the other hand, however, the Cato Institute published a piece earlier this year with title “US Right abandon MISES.” Several decades ago, the inheritance institution published a paper Written by Richard Ebeling, one of Von Mises’ top experts, explaining the work of the economist as a policy analyst. This perspective is worth more attention, especially for those who have the responsibility to implement healthy economics policies.

In addition to his most important theoretical works, Von Mises also wrote various documents that constituted solutions during times of crisis and transition. These writings are less well known than his books, but they offer valuable ideas that can be great for politics. For example, we can mention Argentinean President Javier Milei, who is well known in the Austrian economy and often mentions Von Mises, his predecessor Carl Menger (1840-1921) and his successors, FA Hayek (1899-1992) and Murray N. Rothbard (1928).

In 1926, at the age of 45, Von Mises founded the Austrian Institute of Research on the Business Circle. Fa Hayek, only 27 years old, was her first manager. According to Richard Ebeling, the Institute was soon recognized internationally as a leading center for economic forecast and policy analysis in Central Europe. In 1931, Hayek moved to the London School of Economics and was replaced as a director by another young economist Oskar Morgenstern (1902-1977). Hayek will continue to win the Nobel Prize in 1974.

In addition to being a Professor of Economics at the University of Vienna, Von Mises worked as an economist for the Austrian Chamber of Commerce and served as Vice President of the Austrian Institute of Business Circles until 1934, when he moved to the Postgraduate Institute of Institutes. We have access to MISES’s policy analyzes before moving to Geneva thanks to Richard Ebeling and his wife Anna, who discovered Von Mises’ “lost cards” in the KGB files. Liberty Fund, a leading project publisher that supports a free economy, has published various books of these writings, which contain valuables to reform politics.

There is no doubt that Von Mises was a powerful supporter of a completely free economy. However, it was distinguished between theory and practice. It analyzed the economy in an unobstructed market without government intervention. He also wrote about commercial policy in situations of crisis, wars and other unfortunate conditions. In a monograph prepared at the request of Otto von Habsburg (1912-2011), dated May 1940, on how to rebuild Austria, Von Mises wrote: “Free trade does not imply the elimination of all duties. Commerce: 1) The duties imposed on articles for which consumption taxes (alcoholic beverages, products and products adopted by countries adopting the policy that adopt Australians’ policy are imposed.

Mises has always favored economic freedom, but realized that Austria could not continue to rely on agriculture. He had to be trapped and developed an export industry. In 1943, when Von Mises prepared a monograph for the Mexican economy, he also recommended industrialization in the wake of exports: “In order to increase exports, the goal of economic policy, not the industrialization should be the aim of limiting imports.” He was also open to gradually: “Although the open door policy fits better in Mexico’s interests-as any other country-we must realize that a sudden change would do more harm than good. His budget proposals on employer tax on social security costs did not mean his belief in their desire or necessity.

Those who want to sink further into Ludwig von Mises and achieve a better understanding of economics based on Austrian tradition now have a new resource other than his policy documents. Grove City College-which highlighted the Austrian school economy in its undergraduate programs-has completed an important digitization project of a 20,000-page letter of letters, manuscripts and notes by the great economist. Previously accessible only in person, the newly formed MISES Digital Archive It now allows scholars worldwide to study these documents online.

The top tanks of reflection inspired by Von Mises

Most of Von Mises -inspired thought tanks focus on theory rather than empirical research. The biggest is the MISES Institute in the United States, whose mission is to “promote teaching and research at the Austrian School of Economics, Individual Freedom, Honest History and International Peace, in the tradition of Ludwig von Mises and Murray N. Rothbard”. The Institute, founded in 1982, tends to reject pragmatism and states officially that “promotes[s] An order of private property that rejects taxation. ”

The other think tank named by Von Mises, which has much more extensive programs, is the Instituto Mises Brasil (IMB) based in Sao Paulo. One of the guidelines of this Institute is the restoration of the “critical role of theory, both in the economy and the social sciences, as opposed to empiricism”.

These reflection tanks usually publish books that focus on the principles of a free society, but sometimes sink into politics, publishing the works of partners, such as Daniel Lacalle, who works mainly with the MISES Institute in Spain, but also with the US Institute.

There are reflection tanks called Von Mises in more than twelve countries, but most are very small, with few programs or publications. MISES, for example, publishes on its website online editions of MISES books in Portuguese. Another example, one of the most promising and dynamic Mises Think Tanks was in Belarus. Led by the charismatic and talented Jaroslav Romanchuk, the Institute struggled to tour the complex waters of this Russian puppet state. Romanchuk moved to Ukraine, where he founded the Liberty International Institute, from which he promotes the work of Von Mises and other Austrian economists.

Those who promote the free business system would like to see more leaders who, like Javier Milei, are trying to put Von Mises ideas in practice. It would be good for them to keep in mind ebeling’s words: “The long recognized defense of” Laissez-faire “MISES did not mean an indifference to the course of the market economy.” We may never see a completely free economy, as Von Mises would like. In order to move on to this goal, however, leaders need to find creative paths to examine the specific obstacles that prevent faster and deeper reforms.

Marcus Louvier, info@libertariantimes.com conducted survey for this piece