Book Review: “The Ultimate Foundation of Economic Science” – Ludwig von Mises

In this essay, published in 1962, Mises elaborates in depth what praxeology means, what implications it has for the study of human action, and criticizes doctrines contradictory to the praxeological method (especially logical positivism). Mises takes complete distance from the classical characterization of man as "Homo oeconomicus" (that is, a purely self-interested and rational person), … Continue reading Book Review: “The Ultimate Foundation of Economic Science” – Ludwig von Mises

Answers to World Economic Forum’s 6 Key Questions on “Globalization 4.0”

The World Economic Forum recently asked readers for their ideas on how to answer six questions they identified that they proclaim "we must address to make Globalization 4.0 work for all." Suggestions can be sent in the form of short videos under a minute. Such shortness is not my strongest trait, but I wanted to … Continue reading Answers to World Economic Forum’s 6 Key Questions on “Globalization 4.0”

Mises’ Economic Calculation Problem: An Answer to “Is it possible to have an economic system with no money?”

This answer was originally posted on Quora in September. Short answer: No Long answer: This proposition was disproved theoretically by Ludwig von Mises in the first half of the twentieth century. He is known for having elaborated the “economic calculation problem”, first in his 1920 article “Economic Calculation in the Socialist Commonwealth” and expanded upon … Continue reading Mises’ Economic Calculation Problem: An Answer to “Is it possible to have an economic system with no money?”