Von mises stress

Ludwig Heinrich Edler von Mises (September 29, 1881 - October 10, 1973) was a notable Austrian-American economist and a major influence on the modern libertarian movement and revival of classical liberalism. Prominent in the Austrian school of economics, his theories influenced many other significant economists of the twentieth century, including Friedrich von Hayek and Murray Rothbard. His view that "value lies in us, not in things" exemplifies the subjective theory of value promoted by the Austrian School and opposition to materialism. Using the analysis of the individual consumer as the basis rather than starting with classes of goods, he developed applications of the concept of marginal utility to issues such as the value of money. Von Mises also produced a devastating critique of a socialist economy, showing that it was not a viable system. His conclusion was that without private property, no society ever developed into an advanced civilization—competition and the o Ludwig von mises books.