During the interwar years in the first half of the twentieth century, Ludwig von Mises emerged as one of the leading economic thinkers in Continental Europe. Though a general economic theorist, Mises's main contributions early in his career were in the field of monetary theory, monetary policy,...

This paper contextualizes the contribution of Risk, Uncertainty, and Profit to the development of economic theory in the 20th century. Our argument in this paper is twofold. First, we contend that this book embodied what had been the common knowledge of early neoclassical economics prior to...

This paper evaluates the contribution of Risk, Uncertainty, and Profit to the development ofeconomic theory in the 20th century. Our argument in this paper is twofold. First, we contend thatthis book embodied what had been the common knowledge of early neoclassical economics priorto WWII....

Early efforts to tame man’s passions going back to antiquity focused on the repression of those passions. As the political and social sciences emerged, the argumentative focus shifted from repressing to harnessing man's passions. This is what produced the discovery of the "invisible hand"...

Classical Political Economy is characterized by the systemic study of economic forces. Primarily concerned with the dynamics of economic growth, the classical economists sought to explain how and why wealth is created and destroyed. Their study found the role of institutions central in answering...

The systematic study of political economy begins with the recognition of two seemingly contradictory observations about commercial life. The first observation is that individuals pursue their self-interest and do so as effectively as they are capable of doing. The second observation is that...

Hayek is known primarily as an economic theorist and classical liberal political economist. A few scholars have delved deeply into the connection between Hayek's analytical contributions to economics and his visionary political economy of liberalism, but most prefer to divide Hayek's career into...