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  1. Ludwig von Mises was born to Jewish parents in the city of Lemberg, Galicia, Austria-Hungary (now Lviv, Ukraine).The family of his father, Arthur Edler von Mises, had been elevated to the Austrian nobility in the 19th century (Edler indicates a noble landless family) and they had been involved in financing and constructing railroads.

  2. Ludwig von Mises was the acknowledged leader of the Austrian school of economic thought, a prodigious originator in economic theory, and a prolific author. Mises's writings and lectures encompassed economic theory, history, epistemology, government, and political philosophy. His contributions to economic theory include important clarifications on the quantity theory of money, the theory of the ...

  3. Ludwig von Mises (1881-1973) was the acknowledged leader of the Austrian School of economic thought, a prodigious originator in economic theory, and a prolific author. Mises’ writings and lectures encompassed economic theory, history, epistemology, government, and political philosophy.

    • Who Was Ludwig Von Mises?
    • Understanding Ludwig Von Mises
    • Ludwig Von Mises Contributions

    Ludwig von Mises, one of the most influential Austrian economists of his era, was an advocate of laissez-faire economics and a staunch opponent of all forms of socialism and interventionism. He also wrote extensively on monetary economics and inflation. Mises taught at the University of Vienna and later New York University and published his most renowned work, Human Action, in 1940.

    Ludwig von Mises was born in the Eastern-Europe region of Galicia, then part of Austria-Hungary, in 1881 to Jewish parents who were part of the Austro-Hungarian nobility, and he was a distant relative to a Liberal Party deputy to the Austrian Parliament.1Von Mises showed scholastic gifts early on through the fluent use of German, Polish, French, and Latin. But politics would not be his field of study when von Mises entered the University of Vienna. It was there that he would learn from economist Carl Menger, one of the founders of the Austrian School of Economics. Menger had developed a theory called "the subjective side of economics," whereby the value of goods derives from their use-value to individuals and all participants in a trade exchange benefit, to the extent that they value the use of the good they receive in trade more than what they give up. In 1906, von Mises graduated with a Juris Doctorate in law and began a career as a civil servant, but between 1904 and 1914 he bega...

    As an economist, von Mises was known for his consistent, and, at times, strident adherence to the principles of free marketsand opposition to government intervention into economic matters. He was also famous for his insistence on the use of logical, deductive reasoning as the primary tool of the science of economics (which he called "praxeology") as opposed to the collection and mathematical analysis of statistical data to form and test hypotheses.

  4. Ludwig von Mises, Austrian-American libertarian economist known for his contribution to liberalism in economic theory and his belief in the power of the consumer. Von Mises was a professor at the University of Vienna (1913–38) and at New York University (1945–69).

    • Early Life
    • Professional Life
    • in The United States
    • Curriculum Vitae
    • Bibliography
    • See Also
    • Further Reading
    • Links

    Mises was born on Sept 29, 1881, in the city of Lemberg (now Lvov) in Galicia, where his father, a Viennese construction engineer working for the Austrian railroads, was then stationed. Both Mises’s father and mother came from prominent Viennese families; his mother’s uncle, Dr Joachim Landau, served as deputy from the Liberal Party in the Austrian Parliament. Entering the University of Vienna at the turn of the century as a leftist interventionist, the young Mises discovered Principles of Economics (text, pdf) by Carl Menger, the founding work of the Austrian School of economics, and was quickly converted to the Austrian emphasis on individual action rather than unrealistic mechanistic equations as the unit of economics analysis, and to the importance of a free-market economy. Mises became a prominent post-doctoral student in the famous University of Vienna seminar of the great Austrian economist Eugen von Böhm-Bawerk(among whose many accomplishments was the devastating refutation...

    During this period, in his first great work, The Theory of Money and Credit(1912) (text, pdf) Mises performed what had been deemed an impossible task: to integrate the theory of money into the general theory of marginal utility and price (what would now be called integrating "macroeconomics" into "microeconomics"). Since Bohm-Bawerk and his other Austrian colleagues did not accept Mises’s integration and remained without a monetary theory, he was therefore obliged to strike out on his own and found a "neo­-Austrian" school. In his monetary theory, Mises revived the long forgotten British Currency School principle, prominent until the 1850s, that society does not at all benefit from any increase in the money supply, that increased money and bank credit only causes inflation and business cycles, and that therefore government policy should maintain the equivalent of a 100 percent gold standard. Mises added to this insight the elements of his business cycle theory: that credit expansion...

    Emigrating to the United States in 1940, Mises’s first two books in English were important and influential. His Omnipotent Government (1944; text) was the first book to challenge the then-standard Marxian view that fascism and Nazism were imposed upon their nations by big business and the "capitalist class". His Bureaucracy (1944; text) was a still unsurpassed analysis of why government operation must necessarily be “bureaucratic” and suffer from all the ills of bureaucracy. Mises’s most monumental achievement was his Human Action (1949), the first comprehensive treatise on economic theory written since the first World War. Here Mises took up the challenge of his own methodology and research program and elaborated an integrated and massive structure of economic theory on his own deductive, “praxeological” principles. Published in an era when economists and governments generally were totally dedicated to statism and Keynesian inflation, Human Action was unread by the economics profes...

    Dr. Jur. (Doctorate of Law), University of Vienna, Austria (1906)
    Lecturer of Economics, Vienna Business Academy, Austria (1906-1912)
    Lecturer of Economics, University of Vienna, Austria (1913-1914)
    Associate Professor of Economics, University of Vienna, Austria (1919-1934)
    Economic Councillor, Austrian Chamber of Commerce (1909-1934)
    Distinguished Service Award, Fellowship of Former Overseas Rotarians (1957)
    Hülsmann, Jörg Guido. Mises: The Last Knight of Liberalism(Auburn: Ludwig von Mises Institut, 2007) ISBN 978-1-933550-18-3
    Kirzner, Israel M. Ludwig von Mises: the man and his economics(2001)
    Eamonn Butler, Ludwig von Mises – A Primer, Institute of Economic Affairs (2010)
    Brian Doherty, Radicals for Capitalism: A Freewheeling History of the Modern American Libertarian Movement(2007)
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