Mises highlighted the problem of economic calculation in non-market economics. He saw the price system as the basis of economic calculation, and emphasized the importance of sound money for it to work properly. Mises created an all-encompassing theory of economics as a system of human action. Hayek emphasized the role of knowledge in economics, asserting that man "cannot acquire the full knowledge that would make mastery of events possible". He insisted that capitalism has improved the living conditions of workers. Hayek received the Nobel Prize in 1974.
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I bought the audio book because I am a believer in the Austrian School's philosophy and wanted to learn more. I will agree that the content is informative and enlightening. I would have preferred that Louis Rukeyser did all of the reading rather than inject other voices with thick accents that sometimes makes it difficult to understand. My rating is for the content of the book only . I wish there was a separate rating system for the verbalization component of audio books.
This is THE short-course for anyone who wants to understand natural law as it applies to economics. If you were taught Keynesian theory and it seemed like a foggy convoluted mess, Mises and Hayek will explain why in simple language. The vernacular accented voices in quotations adds color and sincerity where it isn't necessary but makes a most enjoyable addition. As David above states, the prophetic nature of these guys has been evident for decades, and those who fail to understand what Mises and Hayek teach are bound to slavery they will never comprehend.
I felt the Rukeyser's voice made this story very enjoyable. Both Hayek and Von Mises makes me suspicious of today economic thinking. Their thoughts on government interference to help social change are as current today as when they wrote them.
I read almost exclusively non-fiction; there are so many real stories that are worth knowing, and learning from.
Ludwig von Mises and his student, Friedrich Hayek, winner of the 1974 Nobel Prize, described the causes of the rise of socialism and facsism in Nazi Germany in the 1930's: the loss of individual freedoms in the marketplace, in favor of the state, which came to assume more and more power and control over Europe's citizenry. These brilliant economists simply the explanation of the path whereby the individual, wanting to be taken care of, cedes more and more freedom to government, run by men who in their lust for increasing power, intervene more and more in private affairs. This book, a synopsis of the works of both Mises and Hayek, woven together extremely well in a narrative by Louis Rukeyser, will probably shock you in its depiction of what has happened in the rise of socialism in the 20th century, and how that process parallels its rise in the past 2 decades in America, and in the goals of its current president. I highly recommend this book if you would like to understand economics.
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