Austrian Economics Newsletter is a newsletter that was published quarterly by the Ludwig von Mises Institute until Winter 2003. It was established in the Fall of 1977 and published by the Center for Libertarian Studies, but moved to the Mises Institute in 1984. The newsletter covers economics from an Austrian perspective: "Each issue spotlights the writings and research of a scholar or financial journalist who works within the tradition of the Austrian School."[1]
Through their official website, people can learn about the organization, from 2003, there are not only quarterly newsletters, but also various ways to present the views of Austrian economists on the economy, such as academic books, events, video, etc., or non-academics such as blogs or podcasts. The Mises Institute commemorates Ludwig von Mises, an economist whose research fields include economics, politics, and philosophy.[2] The purpose of the establishment is not only to commemorate him, but also to develop the economy and politics of the Austrian school, and the research funds are from private donations. The materials in this website are academic such as journals, forums, films, etc., published in each issue are scholars and experts visiting various fields.
The special point of this newsletter page is that they interviewed many experts and scholars at the same time through the author's interview, then can guess more different content through their conversation, especially for the "future trend" of Austrians. For people, this newsletter analyzes the comparison of the past and future of the Austrian school for the economy, and summarize and analyze the differences and similarities.[3] The data provided by several academic experts in their field can be compared with their interview data from a long time ago, therefore, it may draw interesting comparisons.
Through the newsletter published every quarter, we can understand the friction between theory, environment and scholars from different schools. Austrian economics letter uses different theories and cases to compare and discuss from the traditional economic concept of the Austrian school and different schools in each period, and each view is based on the traditional 19th century theory.[4] The Austrian school is to continue the thought of the economic school in the 15th century,[5] therefore, it will fall behind many economic schools in terms of theory, relevant views and ideas, such as the difference between the Austrian school and Keynesian economics.[6]
History
The Austrian Economics Newsletter was first published in the Center for Liberal Studies (CLS) from 1977 to 1984. The purpose of this organization is an American non-profit organization dominated by Anarchic capitalism and liberalism. It was founded by Murray Rothbard and Burton Blumert in 1976. This organization was developed from the liberal conference, headquartered in New York, and most of the early meetings were held in New York, but later the organization moved to Burlingame, California. The Libertarian Research Center held conferences, seminars, dinners and other meetings, etc.[7]
In 1982, Rothbard and Blumert, together with Lew Rockwell, founded a free attention non-profit Mises Institute, which is a liberal non-profit Institute. The founding motivation of this institute involved promoting the specific contribution of Ludwig von Mises. Many scholars worried that his research results would be ignored by liberal institutions funded by other scholars, therefore they founded the Institute on the premise of ensuring and continuing his achievements. The philosophy defined by this research institute is practice and economics. It develops inferences through deduction. The conclusions obtained according to these statements will be more objective and universal for the analysis of human behavior, however, there is a lot of space for the discussion of this inferential form of economics.
Center for Liberal Studies published and sponsored many newsletters, papers, periodicals, articles and special topics, etc. from 1977 to 2000, including not only scholars, but also students and scholars who have studied in this field, and even the Journal of libertarian studies, which was evaluated by academic scholars in the same field. It was founded by Murray and was based on non interventionism, liberalism, etc, And other political positions as the promotion place of the primary principle. Now it is also published by Ludwig von Mises Institute, and continues to promote the papers published by political scholars of various sects.[8]
Due to the early environment, there were only paper-based newsletters at the beginning, so most readers only have experts, scholars and students who are interested in or have research in this field. However, with the change of time and environment, the original paper release has been transferred to electronic online. Therefore, in the era of promotion and information connection, readers span more and read more conveniently. Furthermore, at the beginning, only discussed the school of Austrian economics. Most of the articles are about the differences between this school and other schools or the discussion of new theories. From a neutral perspective, you will feel that the early words are too subjective and biased towards Austrian economics, Although the original creation of this newsletter is to promote and discuss Austrian economics, or explore each other through philosophy and economics. For example, in the early articles published in 1990, the whole article mainly discusses the problem "apriorism" in the field of philosophy. The author completes the whole article through the central theoretical thought of Mises Institute. Therefore, it will appear more subjective under the reading and understanding of supporters of other sects. Although there is no absolute right or wrong in the field of philosophy, and the supporters of each side are with more subjective arguments, the progress and new discoveries will be made only when theories collide or oppose each other, and each side has its own supporters.[9]
With the development of time, environment and technology, the current Australian economics newsletter is published online, and the style is different from the previous typesetting. It becomes more like the typesetting of online articles, which also makes readers more convenient and fluent in reading. Because it used to be printed for readers to read, and it used to be like an author completing an academic article, the layout is relatively monotonous, and most of them only have a picture of the author. In contrast, with the progress of science and technology, not only photos but also films can be put on the Internet. Through the vivid interview, intonation and language of the film, etc., readers can reduce the amount of text they read, replace it with the vitality brought by the film to readers, and can interpret the content of the interview with their own opinions through watching the film, because only through the author's text may have some misunderstandings about the content, And through the presentation of the film, we can attract more readers who are different from the past to increase their interest in this field. Moreover, the current articles focus on a wider area. In the past, most of them discussed or demonstrated the relationship between philosophy and Austrian economics. However, the current topics have been added to business cycles, calculation and knowledge, money and banking, monetary theory, and prices, etc., with up to 24 categories. In the past, the newsletter was launched quarterly, just like the paper exploration launched in each issue, allowing experts and scholars to explore each other's views. Now it is like promoting the field of Australian economics, so that more students, experts, office workers, etc. can understand this field and even the future trend in a relatively easy way. Through a clearer distinction between themes, we can not only understand the previous theories, current situation and future trends, but also help all readers have a new understanding of economics, and let people in different fields cross compare with each other through the text of the article, the dialogue of the film and the author's views.
Austrian Economics vs. Keynesian Economics
The classical school of economics emphasizes the atmosphere of laissez faire. They believe that when businesses want to produce a product, there must be a reason. They will not produce an unproductive product for no reason, that is to say, every commodity will be created only when there is demand. Their main proposition is "Say's law", which believes that the government should rule by inaction without being responsible for the market, because just like the most basic ethics of supply and demand in economics, someone will make up for the lack of supply and goods, and the price, cost and profit of all goods will return to the original line. Therefore, this equilibrium will also be in everyone's interests on the premise that no one knows and according to the self-interest pursued by each businessman, customer and operator.
Keynesian economics began to rise after 1930. They believed that the government needed to make some intervention to give the economy a chance to take off and wake up. At that time, this theory was also adopted by former US President Roosevelt. Keynes believed that because the effective demand is not enough, he believed that the government should intervene and participate in economic activities.[10] Only through the government's policies could the market be effectively stimulated, resulting in the increase of market demand, which is associated with the increase of productivity and employment levels of the population at that time.[10] They believe that it is because the national employment rate has decreased and the number of unemployed has increased. The decline of national income has led to the shortage of national consumption and the decline of consumption level., when the economy is declining, the government needs to join in to increase and stimulate market demand.[11] There only when the government takes the lead in increasing expenditure and driving the employment rate can we improve people's income. Although the government's funds may become scarlet letters, it can stimulate people's economy and improve people's income in a short time.
Comparison of articles in different periods
Interviewing experts in the field is the most direct way to let readers understand the opinions of different experts and scholars on a field. Whether it is the exchange between them or personal research results, it can well show the diversity of the same field.
In 1996, the newsletter was still published on paper, so the content of the interview was presented in transcript. Because of the words, the whole article was a verbatim record of the Austrian Economics Newsletter’s editor and James grant.[12]
With the change of time, AEN has gradually changed from printing to online web pages. The presentation of the interview includes not only the complete version of the text, but also the videos taken during the interview are put on the web page, therefore, people can listen to the experts' views more vividly. Even some proper nouns or experts' names on the web page are attached with hyperlink, to let readers search more quickly.[13]
Moreover, by 2022, according to the living habits of modern people, people are used to listening to music or podcasts on vehicles or when walking. AEN also released a podcast of this article at the same time of publishing an article, so that more people can learn about new knowledge in this field in their lives.[14]
Features and Operations
Austrian School Topics - As the topics of writing are becoming more diversified, articles, podcasts and videos about economy are all classified here.
Anarcho-capitalism is an anti-statist, libertarian, and anti-political philosophy and economic theory that seeks to abolish centralized states in favor of stateless societies with systems of private property enforced by private agencies, the non-aggression principle, free markets and the right-libertarian interpretation of self-ownership, which extends the concept to include control of private property as part of the self. In the absence of statute, anarcho-capitalists hold that society tends to contractually self-regulate and civilize through participation in the free market, which they describe as a voluntary society involving the voluntary exchange of services and goods. In a theoretical anarcho-capitalist society, the system of private property would still exist and be enforced by private defense agencies and/or insurance companies selected by customers which would operate competitively in a market and fulfill the roles of courts and the police. According to many anti-capitalist modern anarchist schools of thought, the word "anarchy" is sometimes considered to be the antithesis of hierarchy, therefore, "anarcho-capitalism" is sometimes considered to be a term with differences philosophically to what they personally consider to be true anarchism, as an Anarcho-Capitalist society would inherently contain hierarchy – though said hierarchy is largely considered consensual. This point is typically responded to by Anarcho-Capitalists by pointing out that etymologically, "anarchy" simply means "the absence of government," and by arguing that the stark difference between "government" and "governance" be considered; thus, many believe the philosophy's common name is indeed consistent, as it promotes private governance, but is vehemently anti-government.
"I define anarchist society as one where there is no legal possibility for coercive aggression against the person or property of any individual. Anarchists oppose the State because it has its very being in such aggression, namely, the expropriation of private property through taxation, the coercive exclusion of other providers of defense service from its territory, and all of the other depredations and coercions that are built upon these twin foci of invasions of individual rights." -Murray Rothbard in Society Without a State
The Austrian School is a heterodox school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result exclusively from the motivations and actions of individuals. Austrian school theorists hold that economic theory should be exclusively derived from basic principles of human action.
Murray Newton Rothbard was an American economist of the Austrian School, economic historian, political theorist, and activist. Rothbard was a central figure in the 20th-century American libertarian movement and a founder and leading theoretician of anarcho-capitalism. He wrote over twenty books on political theory, history, economics, and other subjects.
Hans-Hermann Hoppe is a German-American economist of the Austrian School, philosopher and political theorist. He is Professor Emeritus of Economics at the University of Nevada, Las Vegas (UNLV), Senior Fellow of the Ludwig von Mises Institute, and the founder and president of the Property and Freedom Society.
Ludwig von Mises Institute for Austrian Economics, or Mises Institute, is a libertarian nonprofit think tank headquartered in Auburn, Alabama, United States. It is named after the Austrian School economist Ludwig von Mises (1881–1973).
Llewellyn Harrison Rockwell Jr. is an American author, editor, and political consultant. A libertarian and a self-professed anarcho-capitalist, he founded and is the chairman of the Mises Institute, a non-profit dedicated to promoting the Austrian School of economics.
In philosophy, praxeology or praxiology is the theory of human action, based on the notion that humans engage in purposeful behavior, contrary to reflexive behavior and other unintentional behavior.
Mark Thornton is an American economist of the Austrian School. He has written on the topic of prohibition of drugs, the economics of the American Civil War, and the "Skyscraper Index". He is a Senior Fellow with the Ludwig von Mises Institute in Alabama and a Research Fellow with the Independent Institute.
In the United States, libertarianism is a political philosophy promoting individual liberty. According to common meanings of conservatism and liberalism in the United States, libertarianism has been described as conservative on economic issues and liberal on personal freedom, often associated with a foreign policy of non-interventionism. Broadly, there are four principal traditions within libertarianism, namely the libertarianism that developed in the mid-20th century out of the revival tradition of classical liberalism in the United States after liberalism associated with the New Deal; the libertarianism developed in the 1950s by anarcho-capitalist author Murray Rothbard, who based it on the anti-New Deal Old Right and 19th-century libertarianism and American individualist anarchists such as Benjamin Tucker and Lysander Spooner while rejecting the labor theory of value in favor of Austrian School economics and the subjective theory of value; the libertarianism developed in the 1970s by Robert Nozick and founded in American and European classical liberal traditions; and the libertarianism associated with the Libertarian Party, which was founded in 1971, including politicians such as David Nolan and Ron Paul.
Ludwig Heinrich Edler von Mises was an Austrian School economist, historian, logician, and sociologist. Mises wrote and lectured extensively on the societal contributions of classical liberalism. He is best known for his work on praxeology studies comparing communism and capitalism. He is considered one of the most influential economic and political thinkers of the 20th century.
Burton S. Blumert was the president of the Center for Libertarian Studies in Burlingame, California, co-founder and chairman of the Mises Institute, and the publisher of LewRockwell.com. In a career that spanned almost 50 years until his retirement in 2008, he bought and sold precious metals as the proprietor of Camino Coin Company.
Right-libertarianism, also known as libertarian capitalism or right-wing libertarianism, is a libertarian political philosophy that supports capitalist property rights and defends market distribution of natural resources and private property. The term right-libertarianism is used to distinguish this class of views on the nature of property and capital from left-libertarianism, a type of libertarianism that combines self-ownership with an egalitarian approach to natural resources. In contrast to socialist libertarianism, right-libertarianism supports free-market capitalism. Like most forms of libertarianism, it supports civil liberties, especially natural law, negative rights, the non-aggression principle, and a major reversal of the modern welfare state.
Joseph T. Salerno is an American Austrian School economist who is Professor Emeritus of Economics in the Finance and Graduate Economics departments at the Lubin School of Business at Pace University, Academic Vice President of the Ludwig von Mises Institute, and holds the John V. Denson II Endowed Professorship in the economics department at Auburn University. He earned his B.A. at Boston College and his M.A. and Ph.D. at Rutgers University.
The Center for Libertarian Studies (CLS) was a libertarian and anarcho-capitalist oriented educational organization founded in 1976 by Murray Rothbard and Burton Blumert, which grew out of the Libertarian Scholars Conferences. That year, the conference was sponsored by industrialist and libertarian Charles Koch. It published the Journal of Libertarian Studies from 1977 to 2000, a newsletter, several monographs, and sponsors conferences, seminars, and symposia.
Walter Edward Block is an American Austrian School economist and anarcho-capitalist theorist. He currently holds the Harold E. Wirth Eminent Scholar Endowed Chair in Economics at the School of Business at Loyola University New Orleans, and is a senior fellow of the non-profit think-tank Ludwig von Mises Institute in Auburn, Alabama. He is best known for his 1976 book Defending the Undefendable, which takes contrarian positions in defending acts which are illegal or disreputable but Block argues are actually victimless crimes or benefit the public.
Gene Epstein is an American economist. He worked as the economics editor of Barron's Magazine from 1993 to 2017. He calls himself a follower of the Austrian School of economics and is an associated scholar at the Ludwig von Mises Institute in Auburn, Alabama.
David Gordon is an American libertarian philosopher and intellectual historian influenced by Rothbardian views of economics. Peter J. Boettke, in his Reason Foundation "Reason Papers," Issue No. 19, Fall 1994, describes Gordon as "a philosopher and intellectual historian who is deeply influenced by the Rothbardian strand of economics." He is a senior fellow at the Ludwig von Mises Institute and editor of The Mises Review.
Ronald Hamowy was a Canadian academic, known primarily for his contributions to political and social academic fields. At the time of his death, he was professor emeritus of Intellectual History at the University of Alberta in Edmonton, Canada. Hamowy was closely associated with the political ideology of libertarianism and his writings and scholarship place particular emphasis on individual liberty and the limits of state action in a free society. He is associated with a number of prominent American libertarian organizations.
Norman Patrick Barry was an English political philosopher best known as an exponent of classical liberalism. For much of his career he was a professor of social and political theory at the University of Buckingham.
Jörg Guido Hülsmann is a German-born economist of the Austrian School of economics who studies issues related to money, banking, monetary policy, macroeconomics, and financial markets. Hülsmann is professor of economics at the University of Angers’ School of Law, Economics, and Management.
↑ Manish, G. P., Franklin G. Mixon, Jr., and Mark Thornton. "Has The Rise Of Socialism In US Politics Been A Boon To Austrian Economics? Evidence From Social Media And Other Metrics.”The Quarterly Journal of Austrian Economics 24, no. 3 (2021): 397+. Gale Academic OneFile
↑ Murray N. Rothbard. “Interview with Murray Rothbard on Man, Economy, and State, Mises, and the Future of the Austrian School: Murray N. Rothbard.” Mises Institute, 9 Aug, 2018, https://mises.org/library/interview-murray-rothbard-man-economy-and-state-mises-and-future-austrian-school.
↑ "Journal of the History of Economic Thought". The History of Economics Society.
↑ Morgan, Jason. "The Price Of Peace: Money, Democracy, and The Life Of John Maynard Keynes." The Quarterly Journal of Austrian Economics 24, no. 3 (2021): 508+. Gale Academic OneFile (accessed April 20, 2022). https://link.gale.com/apps/doc/A684366873/AONE?u=usyd&sid=bookmark-AONE&xid=3613dcd1.
↑ “The Journal of Libertarian Studies,” Mises Institute, accessed May 25, 2022, https://mises.org/archives/the-journal-of-libertarian-studies
↑ Barry Smith, “The Question of Apriorism [Full Edition of Vol. 12, No. 1]”, Philosophy and MethodologyPraxeology
1 2 Morgan, Jason. "THE PRICE OF PEACE: MONEY, DEMOCRACY, AND THE LIFE OF JOHN MAYNARD KEYNES." The Quarterly Journal of Austrian Economics 24, no. 3 (2021): 9-20
↑ Bylund, Per L. "CLASSICAL ECONOMIC THEORY AND THE MODERN ECONOMY." The Quarterly Journal of Austrian Economics 24, no. 2 (2021): 38-71
↑ James Grant, “The Trouble with Prosperity: An Interview with James Grant, ” Volume 16, Number 4 (Winter 1996).
↑ “Interview with Murray Rothbard on Man, Economy, and State, Mises, and the Future of the Austrian School: Murray N. Rothbard,” Mises Institute, accessed May 9, 2022, https://mises.org/library/interview-murray-rothbard-man-economy-and-state-mises-and-future-austrian-school
↑ “Christianity and the Development of Human Capital: Challenging the Narratives,” Mises Institute, accessed May 20, 2022, https://mises.org/library/christianity-and-development-human-capital-challenging-narratives
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