Posts Tagged ‘flaw’

Ludwig von Mises

Despite the veneration of Ludwig von Mises by his devotees, his works do contain their flaws, and an example was pointed out by a fellow Austrian School economist, no less.

Giving the 2009 F.A. Hayek lecture, George A. Selgin said (at 1:34):

Years ago, I gave a lecture commemorating the anniversary of Human Action, in which I wrote an essay about Mises and the gold standard, and of course I criticized Mises. I pointed out that he had actually undermined his own case for a gold standard, somewhat. And, as a result, somebody — a very prominent fan of von Mises — wanted to suppress the article, saying “this is terrible, this is critical of Mises.”

Austrian School economists would be wise to follow the example set by Selgin and critically analyze the works of the great names in the Austrian School of Economics and recognize that they didn’t have all the answers, even from a “free market” perspective.

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