Although Mises is not a household name, Nobel laureate Friedrich Hayek once referred to him as “the master of us all.” To this day, professional economists and laypeople alike learn from the writings of a man I consider to be the most important economist of the twentieth century.
- Clearly, Ludwig von Mises was not only a giant of the Austrian school of economics. He was also one of the greatest social scientists in world history. In addition to his profound contributions in technical economics, including in monetary theory, business cycle research, and comparative institutional analysis, he was an unyielding advocate of individual liberty who understood like no one before him the ideas and practices necessary to secure the fruits of Western civilization. Mises asked the average citizen to learn the basic principles of economic science and remember them while voting at the ballot box. He knew that the blessings of economic freedom are available only in societies in which the government doesn’t sabotage the market.
Unfortunately, everybody has heard of John Maynard Keynes, who was wrong about most things, and few have heard of Ludwig von Mises, who was right about everything.
Read the whole thing at American Thinker.