Ludwig von Mises
Biography
Ludwig von Mises was born to Jewish parents in the city of Lemburg, Austria-Hungary (L’viv, Ukraine). At 19 years old, he attended the University of Vienna where he was influenced by the works of Carl Menger who was known as the founder of the Austrian School of Economics. 6 years later, in 1906, Mises was awarded his doctorate from the school of law (since there was no separate economics department, the only path to studying economics was through law).
During the years of 1904-1914, Mises attended lectures of an influential Austrian Economist by the name Eugene Bohn von Bawerk. After he graduated in 1906, he himself started lecturing on economics and in 1909, he became a member of the Vienna Chamber of Commerce and Industry. In 1934, Mises left Austria for Switzerland and worked as a professor at the Graduate Institute of International Studies.
In 1940, he left Europe and immigrated to the United States, specifically New York City, where he became a professor at the New York University. During this time, he became one of the founding members of the Mont Pelerin Society who very basically supported the views of freedom of expression, free market economic policies, and political values of an open society. He also received an award called the Austrian Decoration for Science and Art for political economy in Washington D.C. He passed away at the age of 92.
Ludwig von Mises was born to Jewish parents in the city of Lemburg, Austria-Hungary (L’viv, Ukraine). At 19 years old, he attended the University of Vienna where he was influenced by the works of Carl Menger who was known as the founder of the Austrian School of Economics. 6 years later, in 1906, Mises was awarded his doctorate from the school of law (since there was no separate economics department, the only path to studying economics was through law).
During the years of 1904-1914, Mises attended lectures of an influential Austrian Economist by the name Eugene Bohn von Bawerk. After he graduated in 1906, he himself started lecturing on economics and in 1909, he became a member of the Vienna Chamber of Commerce and Industry. In 1934, Mises left Austria for Switzerland and worked as a professor at the Graduate Institute of International Studies.
In 1940, he left Europe and immigrated to the United States, specifically New York City, where he became a professor at the New York University. During this time, he became one of the founding members of the Mont Pelerin Society who very basically supported the views of freedom of expression, free market economic policies, and political values of an open society. He also received an award called the Austrian Decoration for Science and Art for political economy in Washington D.C. He passed away at the age of 92.
Influences on His Life
Carl Menger
Carl Menger
- Introduced (through his works) Mises to the Austrian School of Economics
- Mises listened to Bawerk’s lectures to further his understanding of the Austrian School of Economics
- Richard was the founder of the Pan-Europa Movement which aimed to unify all of Europe. Mises studied currency issues for this movement
Major Publications
- Economic Policy: Thoughts on Today and Tomorrow (1979)
- Socialism: An Economic and Sociological Analysis (1922)
- Interventionism: An Economic Analysis (1941)
- Human Action (1940)
Major Ideas
Ludwig von Mises was an advocate of classical liberalism which sought to secure the freedom of the individual by limiting the power of the government. He believed that the government should relinquish control of the free market and let the free market do what it is supposed to do. In his treatise “Human Action” he investigates the decision making of a rational human being. He also states that any free-market economy will fundamentally do better than a government-planned market system which set the base for his methodological approach to economics.
Influence on the Field of Economics
Ludwig von Mises hired and taught Friedrich Hayek who would later go on to lead the movement of less government control in the economy. He also contributed to the Austrian School of Economics view of inflation. He stated that inflation is just a consequence of government or central bank policies that result in the increase of the total money supply in an economy.
Ludwig von Mises was an advocate of classical liberalism which sought to secure the freedom of the individual by limiting the power of the government. He believed that the government should relinquish control of the free market and let the free market do what it is supposed to do. In his treatise “Human Action” he investigates the decision making of a rational human being. He also states that any free-market economy will fundamentally do better than a government-planned market system which set the base for his methodological approach to economics.
Influence on the Field of Economics
Ludwig von Mises hired and taught Friedrich Hayek who would later go on to lead the movement of less government control in the economy. He also contributed to the Austrian School of Economics view of inflation. He stated that inflation is just a consequence of government or central bank policies that result in the increase of the total money supply in an economy.
Joseph Stiglitz - Keynes>Hayek. Government Intervention is better. Government Intervention fix the market. Government intervention fix the inequality. Government Intervention helps to aim macroeconomic goals !
From Keynes. Don't you feel that free market may make the economy stuck in a recession without government 's intervention? To what extent do you feel that wages and pir