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Tag Archives: Carl Menger

#RestartVienna at an unforgettable 10th Austrian Economics Conference – 1st Day

On November 4-5, the 10th Austrian Economics Conference took place at the Austrian Central Bank (Österreichische Nationalbank). The event was organized in collaboration with the Fundación Bases and the Hayek Institut and received more than 150 academics, researchers, think-tankers, entrepreneurs, and student advocates of the ideas of freedom from all over the world. #RestartVienna became a great motivation for the promoters of the ideas of the Austrian School to...

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Ludwig von Mises & “Circulation Credit” Theory of the Trade Cycle

[This article is part of the Understanding Money Mechanics series, by Robert P. Murphy. The series will be published as a book in late 2020.] Starting with Carl Menger’s undisputed role in the “marginal revolution,” which ushered in subjective value theory, the Austrian school has made important contributions that have been absorbed into standard economic theory. However, the Austrian theory of the business cycle is still something unique to the school, differing not...

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Is the Economy a Machine?

Is the Economy a Machine? A Science Goes Astray Human beings have a strong tendency to look for patterns. The natural sciences have shown that the universe is governed by laws, the effects of which are observable and measurable in an objective manner. Mostly, anyway — there is, after all, the interesting fact that observers are influencing measurements at the quantum level by the act of observation. (For our lives in the “macro” world, however, this is not relevant. An engineer does not...

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