“The Indispensability of Freedom” — New Book on Austrian Economics
It is with great pleasure that we write these lines to introduce this volume, which edits most of the papers presented at the 8th International Conference “The Austrian School of Economics in the 21st Century.” The event was held at the Oesterreichische Nationalbank (OeNB) on November 13th and 14th, 2019. It was co-organized by Fundación Internacional Bases, the Austrian Economics Center (AEC), and the Hayek Institut.
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About the Conference
This Austrian conference was originally born in Rosario, Argentina of all places. Even though this country is not particularly famous for the adoption of sound economic policies, it has had a strong Austrian tradition for many decades now. In fact, Ludwig von Mises himself gave a series of six lectures in Argentina in 1959. Incidentally, these lectures were later edited as a book under the title Economic policy: Thoughts for today and tomorrow. According to the Mises Institute, it is probably Mises’s best selling book.
Thanks to the efforts of Alberto Benegas Lynch (Sr), who invited Mises to Argentina, the Austrian School took root in the country. The other two most influential Austrians are Alberto Benegas Lynch (Jr) and Juan Carlos Cachanosky. Standing on the shoulders of these three giants, the Austrian school grew, disseminated scholars in several universities, and created higher learning institutions of its own like ESEADE.
Juan Carlos Cachanosky is a key figure for the growth of the conference and its current form. Sadly, Juan Carlos passed away much too early on the last day of 2015. As a way to honor his memory and work we established in Vienna in 2019 the Juan Carlos Cachanosky Memorial Lecture, which we plan to continue throughout all future editions of the conference.
We believe that the Austrian conference in Vienna lived up to the expectations created by the previous editions. To begin with, the keynote speakers were Veronique de Rugy (France), Robert Murphy (USA), and Erich Weede (Germany). They were joined by Richard J Stephenson (Cancer Treatment Centers of America) and Tom Woods (Senior Fellow, Mises Institute, USA) who received the 2019 Hayek Lifetime Achievement Awards.
This impressive lineup was accompanied by a program comprised of scholars from all over the world who came to discuss the most compelling issues of the Austrian school. Incidentally, thanks to the efforts of our friends from the Mises Institute Poland, the Capitalism Center, and the Freedom and Entrepreneurship Foundation, the Polish delegation was the largest one.
Nevertheless, there were speakers and attendees from all continents populated by mankind — except Antarctica. Indeed, participants from the Americas, Africa, Asia, Oceania, and most of Europe came to Vienna for our event.
One of the explicit objectives of the conference was to bring Austrian economics back to Austria. As a matter of fact, Vienna is the place where the school was born and developed. Unfortunately, the tragic European events of the thirties and forties utterly dismembered the Austrian school and have removed it from its birthplace ever since.
Therefore, the fact that approximately one third of the participants of the conference were Austrian residents is certainly encouraging. It is our intention to organize the conference once again in Vienna in September 2021.
We hope that all these efforts reignite the flame of Austrian economics in the place where it all began.
Barbara Kolm, Victoria Schmid & Federico N. Fernández
Vienna, October 2020
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Table of Contents
Preface — Robert Holzmann
The History of the Austrian Economics Conference — The Editors
Juan Carlos Cachanosky Memorial Lecture: The Continuing Importance of Misesian Economics — Robert Murphy
Keynote: Geopolitics, Economic Freedom, and Economic Performance — Erich Weede
The Role of Non-Democratic Institutions in a Democracy, according to Montesquieu, Tocqueville, Acton, Popper, and Hayek, Applied to the EU — Jitte Akkermans
Mind with a purpose: a humanistic conversation between Psychology and some postulates of the Austrian School of Economics — Silvia Aleman Menduinna
What Is Wrong With Sustainable Development Goals? — Horacio Miguel Arana
A Unique Methodology using the Principles of the Austrian School of Economics — Applied To Investing and Trading — Richard Bonugli
The Intellectual Partnership of Hayek and Popper — Rafe Champion
Economic Society in Kraków as Polish Prewar Pro-Liberty Think Tank — Marcin Chmielowski
Freedom in and from the West — Georgiana Constantin-Parke
The Austrian School of Economics versus Mainstream Economic Historians: The “Methodenstreit” (1871–1886) — Facundo Gustavo Corvalán
Israel Kirzner on Dynamic Efficiency and Economic Development — Victor I. Espinosa
Communication, Propaganda, and Freedom — Leonardo Facco
Healthcare and the Failure of Market Failure — Marc Fouradoulas
Law and Praxeology — Alessandro Fusillo
Free Private Cities — There is an Alternative — Titus Gebel
The Mengerian Roots of Hayek’s Conservative Liberalism — Hannes H. Gissurarson
The Principle of the Universal Destination of Goods and the Right to Private Property — Jacek Gniadek
Roger Myerson’s Mechanism Design and His Views on Hayek: a Reinterpretation of Moral Hazard and Adverse Selection — Christoph Klein
Entrepreneurship under Socialism: The Case of Former Soviet Economies — Anca Elena Lungu, Gabriel Claudiu Mursa
Economic Liberalism and Praxis — Dario Monasterio
The Mississippi Bubble (1719–1720). An ”Austrian” Explanation — Gabriel Mursa, Mihaela Ifrim
Even Virtue has a Need of Limits — Classical Liberalism in the 21st Century — Scott B. Nelson
An Alternative View on Saving and Investment From an Austrian Economics Perspective — Youliy Ninov
Paving the Road to Serfdom: The Epistemology of Elitist Utopianism in Contemporary Social Science — Marc Orlitzky
A Contemporary Analysis on Ludwig von Mises and his Contribution to the Development of Modern Liberal Theory — Artenis Peka
Calculation of Private Product According to Rothbard’s Approach — Olga Peniaz
From Boehm-Bawerk’s “Positive Theory” to Schumpeterian Dynamics — Hanns Pichler
An Assault on the Individual: A Preliminary Comparative Study Between the Psychology of a Socialist State and Narcissistic Abuse — Agnieszka Płonka
The Problem of Information War in the Framework of Natural Law — the Paradox of Tolerance Revisited in the Light of Soviet Propaganda — Agnieszka Płonka
Fractional Reserve Banking Unmasked — Luis Enrique Ponce Goyochea
The Hayek MV-Rule — Pavel Potuzak
The Austrian School of Economics in Spain: From Dictatorship to Democracy. The Roots for the 21st Century — Carlos Puente
Dynamic Monetary Theory and the Phillips Curve with a Positive Slope — Adrián O. Ravier
Carl Menger and His Theoretical Foundations to Austrian Economics — Stanislaw Rzepka
Baumol-Tobin: An Austrian Perspective — Carlos Alberto Salguero, María Bernarda Salguero
UBI — Utopian Dream or Dystopian Nightmare? — Antony Sammeroff
The Future of the European Union Seen from the Perspective of the Austrian School of Economics — Karl Socher
The Natural Market, of the Natural Order, in Contraposition to the “Free” Market — Alejandro A. Tagliavini
Mengerian Foundations and the Austrian Business Cycle Theory: Linkages and Controversies — András Tóth
Intellectual Dark Web — A Series of Footnotes to Hayek — Žiga Turk, Federico Reho
Resolving the St. Petersburg Paradox: A Triumph for Austrian Economics — Robert W. Vivian
Austrian Economics as a Paradigm of Golden Mean Thinking — Jakub Bożydar Wiśniewski
Free Banking and the Capital Structure of Production — Karol Zdybel
The Logic of the Reform Contained in the “Dual Track System” — Zhu Haijiu
