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In《 Ludwig von Mises – A Primer》 , Eamonn Butler provides a comprehensive yet accessible overview of Mises’ outstanding achievements. At a time of economic crisis, this monograph makes it clear that Mises’ work is highly relevant today. Indeed, while mainstream economics has been found wanting, the latest recession appears to have been entirely consistent with his analysis. Furthermore, the poor performance of state health and education services can be explained by Mises’ Austrian theories. Nevertheless, Mises remains neglected by the economics profession, policymakers and academics. This readable primer explains why his work should be at the core of economic thinking.

Ludwig von Mises was one of the greatest economists and political scientists of the twentieth century. He revolutionised the understanding of money, inflation and recessions; comprehensively refuted the arguments for socialism; and provided a devastating critique of the methodologies of mainstream economics. His contributions to the Austrian School laid the intellectual groundwork for thinkers such as F. A. Hayek, Murray Rothbard and Israel Kirzner.

Dr Eamonn Butler is director of the Adam Smith Institute, an influential think thank that has designed polices to promote choice and competition in the delivery of essential services. He has degrees in economics, philosophy and psychology, gaining a PhD from University of St Andrews in 1978. During the 1970s he also worked on pension and welfare issues for the US House of Representatives, and taught philosophy in Hillsdale College, Michigan. On returning to the UK he served as editor of The British Insurance Broker before devoting himself full time to the Adam Smith Institute, which he helped found with his colleague Dr Madsen Pirie. Dr Butler is the author of books on the Nobel laureates Milton Friedman and F.A. Hayek, and author of Luwig Von Mises: Fountainhead of the Mordern Microeconomics Revolution. For the IEA, he has authored Adam Smith - a Primer. He is also co-author of a number of books on intelligence and IQ testing, and a frequent contributor to UK print and broadcast media.

The author
Foreword by Steven Baker
Summary
1 Why Mises is important
Intellectual contributions
2 Life, career and writings
Career in Europe and America
Writings on economics, political science and method
The legacy of Mises today
3 The science of economics
The importance of values
The science of human action
Interpreting values from actions
Faulty thinking in mainstream economics
4 The logic of human action
The origins of exchange and prices
The false foundations of textbook economics
5 The dynamic economy
Change is inherent in economics
The real nature of markets
The critical importance of time
6 entrepreneurship
Entrepreneurship and proft
The pricing process
The prices of production goods
7 competition, cooperation and the consumer
The sovereignty of consumers
The process of competition
Capitalism does not lead to monopoly
8 capital and interest
The importance of time in human choices
The complexities of capital
The phenomenon of interest
9 Money and infation
Money as an exchange good
The supply, demand and price of money
The real consequences of monetary expansion
The goals of monetary policy
A commodity standard?
10 The tragedy of the business cycle
The lure of cheap borrowing
The progress of the business cycle
No painless escape
The Mises–Hayek explanation today
11 The problems of socialism
Consumption and production goods
The socialist calculation problem
The need for a unit of account
Market socialism
12 The faws in Marxism
The supposed problems of capitalism
Ideology and class
Marxism and classical economics
The erosion of freedom under socialism
13 Interventionism and bureaucracy
Hostility against capitalism
Misguided efforts to improve capitalism
Interventionism
Bureaucracy
14 The liberal alternative
The liberal framework
The benefts of liberalism
Liberalism and equality
15 Quotations from Ludwig von Mises
On the problems of socialism
On the dangers of interventionism
On liberalism
On the drivers of economic progress
On the importance of individual values
On entrepreneurship and competition
On infation, booms and busts
Selected books and articles by Mises
About the IEA
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