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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Of the next generation, the most prominent members were Joseph Schumpeter, Hans Mayer, and Ludwig Mises. Schumpeter had been appointed early to a chair in Czemowitz, then in 1911 became professor in Graz, and after an interlude in politics, as the hapless Minister of Finance, in 1919, he eventually retired from teaching for a (still less successful) career in the Austrian banking business.
The socialist calculation debate started in the 1920s and 1930s when economists Ludwig Mises and Friedrich Hayek argued that a market economy, with its extensive division of labor and corresponding division of knowledge, was too subtle and complex a process to be planned by a central bureau.
On the theoretical level, socialism of all brands has been dogged for most of this century by the critiques of Ludwig Mises and Friedrich Hayek.