Peter's Blog

A century ago, Austrian economist Ludwig von Mises tangled with socialists in the so-called Socialist Calculation Debate, in which Mises proved that socialism is not feasible. Today, with the power of modern computing and AI, socialists are again championing centralized control of the economy, but they misunderstand Mises’ core point: economic calculation and raw computation […]

Interventionists insist markets require elite, educated technocrats to study and calibrate advanced models of the economy. Much like a physicist in a lab, they see themselves as scientific and data-driven, but as the Austrian School demonstrates, economics is nothing like the natural sciences.

When analyzing the errors of policymakers, politicians, and pundits, it’s useful to trace their misunderstandings to the source– debunked and fallacious economic theories, such as Keynesianism and Protectionism. The antidote to these mistakes is sound theory– such as that espoused by the Austrian School of Economics– that correctly understands money, entrepreneurship, and the nature of […]

In a perpetually inflationary economy, politicians and policymakers love to spread fallacies related to market prices. Whether they’re blaming business for inflation or downplaying the costs of tariffs, they frequently rely on the false premise that prices are somehow “measurements of value.” The following article was originally published by the Mises Institute. The opinions expressed […]