The most interesting and completely overlooked aspect of Ludwig von Mises’s theory of probability is the total absence of any explicit definition for probability in his theory. This paper examines Mises’s theory of probability in light of the fact that his theory possesses no definition for probability. It is argued, first, that Mises’s theory differs in important respects from his brother’s famous theory of probability. A defense of the subjective definition for probability is then provided, which is (...) subsequently used to critique Ludwig von Mises’s theory. It is argued that only the subjective definition for probability comports with Mises’s other philosophical positions. Since Mises did not provide an explicit definition for probability, it is suggested that he ought to have adopted a subjective definition. (shrink)

Within the Anglo-American world, economic liberalism is generally viewed as having only one progenitor—Adam Smith—and one offspring—neoliberalism. But it actually has two. The work of G. W. F. Hegel was also very influential on the development of economic liberalism, at least in the German-speaking world, and the most powerful contemporary instantiation of economic liberalism within that world is not neoliberlaism, but ordoliberalism, although this is generally unknown and certainly unacknowledged outside of Continental Europe. Accordingly, what I am going to be (...) doing in this piece is trying to bring ordoliberalism more directly into the light—I will argue that by comparing and contrasting the views of Smith and Hegel or at least between how Smith and Hegel tend to be currently (mis)understood, we can better understand both the roots and the nature of these two contemporary incarnations of economic liberalism, and the light this sheds, in turn, brings some interesting and important features of these two contemporary theories into view. From Smith, for example, neoliberals took the idea of the invisible hand, although I am going to argue that contemporary advocates of invisible hand theory have largely misconstrued or at the very least overstated the significance of this metaphor. From Hegel, in contrast, ordoliberals took the idea of the civil society, and I will argue that the civil society is a much better metaphor not only for Hegel's but also for Smith's views. Indeed, I will argue that ordoliberalism, not neoliberalism, is a better and more coherent instantiation of economic liberalism than neoliberalism could ever be. (shrink)

Foundations of Economic Personalism is a series of three book-length monographs, each closely examining a significant dimension of the Center for Economic Personalism's unique synthesis of Christian personalism and free-economic market theory. In the aftermath of the momentous geo-political and economic changes of the late 1980s, a small group of Christian social ethicists began to converse with free-market economists over the morality of market activity. This interdisciplinary exchange eventually led to the founding of a new academic subdiscipline under the rubric (...) of economic personalism. These scholars attempt to integrate economic theory, history, and methodology with Christian personalism's stress upon human dignity, humane social structures, and social justice. This volume presents the methodological and theoretical foundations for economic personalism through a detailed investigation of human action from two different, yet complementary perspectives: from the personalist perspective of Karol Wojtyla in the Acting Person , and the free-market perspective of Ludwig von Mises in Human Action . By comparing and contrasting the viewpoints of Wojtyla and Mises, the authors develop a comprehensive praxeology capable of analyzing human action from moral and economic perspectives. Beyond Self-Interest illustrates how a unified praxeology could encourage more sustained analysis of the moral dimensions of economic activity while simultaneously softening the utilitarian prejudice of contemporary economic analysis. (shrink)

An argument is made for the relevance of phenomenological hermeneutics to economics, with special attention to recent debates on hermeneutics among economists of the Austrian school of Ludwig von Mises and F. A. Hayek. Hermeneutics is explicated in the context of Husserlian phenomenology, with special attention to phenomenology's Aristotelian roots. Naive and methodological forms of ?objectivism?; are contrasted with hermeneutics, which recovers the horizons of scientific knowledge: the whole, and the activities of the human knower. Finally, the charges that (...) hermeneutics entails pernicious forms of relativism and historicism are confronted. (shrink)

ABSTRACT Legislative sovereignty is often discussed with one eye on the past and one eye on the procedural functions of law-making in the present. This limits the scope for a conceptual understanding of legislative sovereignty and hinders its theoretical progress. This article argues that legislative sovereignty contains within it the concept of an idol and that understanding the scope and impact of the idol of sovereignty is necessary for future development in this field. Theories from Kant, Nietzsche, von Mises (...) and Derrida are used to offer a divergent critique of legislative sovereignty while the author calls for a move towards a nuanced view of legislative and Parliamentary Sovereignty to account for its idolism. The key factor preventing the development of a truly nuanced and reflective theory of sovereignty is the devotion to former idols which are inoperable and inconsistent with modern geopolitical, inter-state relationships. The author also argues that our knowledge of sovereignty is synthetic a priori and that development in this area can only be by reason, as knowledge derived experientially is subject to the Kantian Transcendental Idealism. (shrink)

This comprehensive study of probability considers the approaches of Pascal, Laplace, Poisson, and others. It also discusses Laws of Large Numbers, the theory of errors, and other relevant topics.

INTRODUCTION TO THE THIRD EDITION: FROM VALUE THEORY TO PRAXEOLOGY Ludwig von Mises (1881–1973) is arguably the most important economist of the twentieth ...

Preface LUDWIG von Mises published many books and articles in his long and productive life, each of them making important contributions to the theory and ...

Preface LUDWIG von Mises published many books and articles in his long and productive life, each of them making important contributions to the theory and ...

Like Hayek, Mises moved beyond economics in his later years to address questions regarding the foundation of all social science. But unlike Hayeks attempts, Misess writings on these matters have received less attention than they deserve. Theory and Histor, writes Rothbard in his introduction, "remains by far the most neglected masterwork of Mises. Here Mises defends his all-important idea of methodological dualism: one approach to the hard sciences and another for the social sciences. He defends the epistemological (...) status of economic proposition. He has his most extended analysis of those who want to claim that there is more than one logical structure by which we think about reality. He grapples with the problem of determinism and free will. And presents philosophy of history and historical research. Overall, this is a tremendously lucid defense of the fundamental Misesian approach to social philosophy. "It is Misess great methodological work, explaining the basis of his approach to economics, and providing scintillating critiques of such fallacious alternatives as historicism, scientism, and Marxian dialectical materialism. Austrian economics will never enjoy a genuine renaissance until economists read and absorb the vital lessons of this unfortunately neglected work." Theory and History should be required for any student of 20th century ideas. (shrink)

The reviewer welcomes Von Mises' book as a most valuable contribution to the nowadays so badly needed clarifying of philosophical terminology. The author confesses himself to positivism, but his work bears a far more psychological and significal stamp than those of most present positivists.

This memorandum was written at the request of Henry Hazlitt to provide Mises’s comments on and concerns about F.A. Hayek’s initial proposals for what became the Mont Pèlerin Society. Mises stresses that those who favor liberty and freedom and oppose totalitarianism must also oppose interventionism. The memo argues that those who fought and lost against the rising tide of totalitarianism at the turn of the 20th Century lost their battles because they settled for middle-of-the-road policies that conceded considerable (...) ground to the socialists. The weak point in Professor Hayek’s plan is that it relies upon the cooperation of many men who are today’s middle-of-the-roaders. As interventionists, they may not be the hoped-for intellectual pioneers to inspire people to build a freer world. (shrink)