The Phaserl


Mises on the Social Security System

by Gary North, Lew Rockwell:

Ludwig von Mises was resented by several generations of economists, 1912 (Theory of Money and Credit) until his death in October 1973.

They had reasons for this resentment. First, he held to a rigorously free market-based explanation of economic causation. They were statists. Second, he kept predicting things that kept coming true – events which his critics had denied would ever happen. This made him look good. It made them look bad. They resented this.

They wanted to bring him down a notch – more notches, if they could. This is always the motive of envy. Some of his critics were green with it.

Recently, I wrote an article on the decision of Yale University Press in 1963 to issue a grotesque edition of Mises’ masterpiece, Human Action (1949). It is a forgotten story, even within Austrian economics circles. You can read my article here.

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