Classical Liberalism and the Austrian School by Ralph Raico, David Gordon, Jörg Guido Hülsmann

By Ralph Raico, David Gordon, Jörg Guido Hülsmann

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this is the booklet to benefit classical liberalism from the floor up, written via the key historian within the Austrian tradition--Ralph Raico. he is taking on all comers, casting off all rivals of the marketplace from Keynesians to Marxists and everybody in among, with crackling prose and scorching wit. The liberal background comes alive with Raico’s pen, and whilst quenches the reader’s thirst for aspect, infusing an pleasure that urges the reader to additional discover. Raico’s breadth of scholarship is on complete reveal, combining insights and arguments from disparate issues. He presents readability to a heritage that's usually slanted and distorted. a number of reference lists inside the publication will function a classical liberal treasure trove for college students and students for many years to come back.

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His fundamental idea was that we knew things about “human action” (the title of his famous book) because we are human beings. As a result, he argued, we have absolutely certain knowledge of the motivations of human actions [sic]21 and he maintained that we can derive substantive conclusions from that basic knowledge. Facts, statistical or other evidence cannot, he argued, be used to test those conclusions. . That philosophy converts an asserted body of substantive conclusions into a religion.

From the opposing camp, a long line of socialist critics, from the 1890s on, pilloried marginalism as a mere rationalization for the exploitative capitalist system. The Italian socialist Achille Loria assailed the marginal approach for precluding “the possibility of a deep analysis of social relations” and eliminating “any theoretical threat against the established economic system” (Barucci 1972: 529). Karl Kautsky, the Pope of German Marxism before the First World War, took note of the Austrian challenge in the form of Böhm-Bawerk’s work, declaring: “Böhm-Bawerk’s and Marx’s theories of value are mutually exclusive....

Early economic thought, functioning as a kind of secular morality which sought to uphold the idea of the ‘normal,’ conceived of need or utility in universal terms. . ” Birken’s analysis, however, would appear to apply much more to the Austrian than the neoclassical variant of marginalism. Classical Liberalism and the Austrian School 13 Apriorism: Mises, Hayek, and Popper The reliance on the deductive method that has always characterized Austrian economics culminated in the rigorously a priori approach of Ludwig von Mises and his followers (Rothbard 1997, 1: 28–77, 100–08; Hoppe 1995; Smith 1986, 1994a: 299–332, 1994b, and 1996).

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