Ludwig von Mises

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Ludwig von Mises

A major economist and philosopher. He promoted individualism as the basis for social science. Based on this belief, he advocated laissez faire policies and opposed nearly all government interventions in the economy. He was a proponent of the gold standard in monetary policy. He had significant influence of the Austrian School. He lived from 1881 to 1973.
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The third section analyzes Rothbard's effort to reconstruct welfare economics along lines consistent with Misesian foundations; it also considers Kirzner's coordination norm.
Today I would like to discuss four of these Misesian insights that pertain to macroeconomic issues.
Value equivalencies are rather alien to Misesian thought.
The near-demonization of Hayek and Lachmann for alleged deviations from an asserted Misesian orthodoxy is a most distressing phenomenon.
The question in Boettke's title was a rhetorical one; he wasn't actually proposing a Misesian socialism.
When one pierces the superficial differences arising from alternative terminologies and unimportant stylistic or expositional idiosyncracies, one must surely recognize that the dynamic entrepreneurial process central to the Misesian theory of the market is simply that very process of competitive discovery through which, for Hayek, the market solves its knowledge problems.
Even if we suppose that such arguments are too contentious to count as appropriate inputs at this stage, it is nonetheless the case that Misesian and Hayekian points about the impossibility of socialist calculation and the knowledge problems confronting all attempts to plan on a top-down basis render liberal democratic socialism a nonstarter and pose serious problems for property-owning democracy.
Hayekian spontaneous order theory shorn of Misesian microfoundations floats adrift into a near-mystical account of social coordination, while a Hayekian reading of Mises pays due diligence to the institutional contingencies that shape patterns of human interaction.
23) In turn, this might also be useful as an explanatory hypothesis for why later attempts to relate Misesian praxeology, the Austrian School, and Husserl did not succeed.
Of course, the Misesian case against interpersonal utility comparisons is based not on "skepticism concerning the possibility of knowledge of the states of mind of other people"--Putnam rightly dismisses this--but on the fact (pointed out by Mises in 1912, a full two decades before Robbins) that utilities are ordinal rather than cardinal, and so lack a common unit for interpersonal comparison.