''Austrian Economics Newsletter'' is a
newsletter
A newsletter is a printed or electronic report containing news concerning the activities of a business or an organization that is sent to its members, customers, employees or other subscribers. Newsletters generally contain one main topic of int ...
that was published quarterly by the
Ludwig von Mises Institute
Ludwig von Mises Institute for Austrian Economics, or Mises Institute, is a libertarian nonprofit think tank headquartered in Auburn, Alabama, United States. It is named after the Austrian School economist Ludwig von Mises (1881–1973).
It wa ...
until Winter 2003. It was established in the Fall of 1977 and published by the
Center for Libertarian Studies
The Center for Libertarian Studies (CLS) was a libertarian and anarcho-capitalist oriented educational organization founded in 1976 by Murray Rothbard and Burton Blumert, which grew out of the Libertarian Scholars Conferences. That year, the conf ...
, but moved to the
Mises Institute
Ludwig von Mises Institute for Austrian Economics, or Mises Institute, is a libertarian nonprofit think tank headquartered in Auburn, Alabama, United States. It is named after the Austrian School economist Ludwig von Mises (1881–1973).
It wa ...
in 1984. The newsletter covers economics from an Austrian perspective: "Each issue spotlights the writings and research of a scholar or financial journalist who works within the tradition of the Austrian School."
Through their official website, people can learn about the organization, from 2003, there are not only quarterly
newsletter
A newsletter is a printed or electronic report containing news concerning the activities of a business or an organization that is sent to its members, customers, employees or other subscribers. Newsletters generally contain one main topic of int ...
s, but also various ways to present the views of
Austrian economists
The Austrian School is a heterodox school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result exclusively from the motivations and actions of individuals. Austrian school ...
on the
economy
An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the ...
, such as academic books, events, video, etc., or non-academics such as blogs or podcasts. The
Mises Institute
Ludwig von Mises Institute for Austrian Economics, or Mises Institute, is a libertarian nonprofit think tank headquartered in Auburn, Alabama, United States. It is named after the Austrian School economist Ludwig von Mises (1881–1973).
It wa ...
commemorates
Ludwig von Mises
Ludwig Heinrich Edler von Mises (; 29 September 1881 – 10 October 1973) was an Austrian School economist, historian, logician, and Sociology, sociologist. Mises wrote and lectured extensively on the societal contributions of classical liberali ...
, an economist whose research fields include economics,
politics
Politics (from , ) is the set of activities that are associated with making decisions in groups, or other forms of power relations among individuals, such as the distribution of resources or status. The branch of social science that studies ...
, and
philosophy
Philosophy (from , ) is the systematized study of general and fundamental questions, such as those about existence, reason, knowledge, values, mind, and language. Such questions are often posed as problems to be studied or resolved. Some ...
. The purpose of the establishment is not only to commemorate him, but also to develop the economy and politics of the Austrian school, and the research funds are from private donations. The materials in this website are academic such as journals, forums, films, etc., published in each issue are scholars and experts visiting various fields.
The special point of this newsletter page is that they interviewed many experts and scholars at the same time through the author's interview, then can guess more different content through their conversation, especially for the "future trend" of Austrians. For people, this newsletter analyzes the comparison of the past and future of the Austrian school for the economy, and summarize and analyze the differences and similarities. The data provided by several academic experts in their field can be compared with their interview data from a long time ago, therefore, it may draw interesting comparisons.
Through the newsletter published every quarter, we can understand the friction between theory, environment and scholars from different schools. Austrian economics letter uses different theories and cases to compare and discuss from the traditional economic concept of the Austrian school and different schools in each period, and each view is based on the traditional 19th century theory. The Austrian school is to continue the thought of the economic school in the 15th century, therefore, it will fall behind many economic schools in terms of theory, relevant views and ideas, such as the difference between the Austrian school and
Keynesian economics
Keynesian economics ( ; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomic theories and models of how aggregate demand (total spending in the economy) strongly influences economic output an ...
.
History
The Austrian Economics Newsletter was first published in the
Center for Liberal Studies (CLS) from 1977 to 1984. The purpose of this organization is an American non-profit organization dominated by
Anarchic capitalism and liberalism. It was founded by Murray Rothbard and
Burton Blumert
Burton S. Blumert (; February 11, 1929 – March 30, 2009) was the president of the Center for Libertarian Studies in Burlingame, California, co-founder and chairman of the Mises Institute, and the publisher of LewRockwell.com. In a career that sp ...
in 1976. This organization was developed from the liberal conference, headquartered in
New York
New York most commonly refers to:
* New York City, the most populous city in the United States, located in the state of New York
* New York (state), a state in the northeastern United States
New York may also refer to:
Film and television
* '' ...
, and most of the early meetings were held in New York, but later the organization moved to
Burlingame, California
Burlingame () is a city in San Mateo County, California. It is located on the San Francisco Peninsula and has a significant shoreline on San Francisco Bay. The city is named after diplomat Anson Burlingame and is known for its numerous eucalyp ...
. The
Libertarian Research Center held conferences, seminars, dinners and other meetings, etc.
In 1982, Rothbard and Blumert, together with
Lew Rockwell
Llewellyn Harrison Rockwell Jr. (born July 1, 1944) is an American author, editor, and political consultant. A libertarian and a self-professed anarcho-capitalist, he founded and is the chairman of the Mises Institute, a non-profit dedicated t ...
, founded a free attention non-profit Mises Institute, which is a liberal non-profit Institute. The founding motivation of this institute involved promoting the specific contribution of Ludwig von Mises. Many scholars worried that his research results would be ignored by liberal institutions funded by other scholars, therefore they founded the Institute on the premise of ensuring and continuing his achievements. The philosophy defined by this research institute is practice and economics. It develops inferences through deduction. The conclusions obtained according to these statements will be more objective and universal for the analysis of human behavior, however, there is a lot of space for the discussion of this inferential form of economics.
Center for Liberal Studies published and sponsored many newsletters, papers, periodicals, articles and special topics, etc. from 1977 to 2000, including not only scholars, but also students and scholars who have studied in this field, and even the Journal of libertarian studies, which was evaluated by academic scholars in the same field. It was founded by Murray and was based on non interventionism, liberalism, etc, And other political positions as the promotion place of the primary principle. Now it is also published by Ludwig von Mises Institute, and continues to promote the papers published by political scholars of various sects.
Due to the early environment, there were only paper-based newsletters at the beginning, so most readers only have experts, scholars and students who are interested in or have research in this field. However, with the change of time and environment, the original paper release has been transferred to electronic online. Therefore, in the era of promotion and information connection, readers span more and read more conveniently. Furthermore, at the beginning, only discussed the school of Austrian economics. Most of the articles are about the differences between this school and other schools or the discussion of new theories. From a neutral perspective, you will feel that the early words are too subjective and biased towards Austrian economics, Although the original creation of this newsletter is to promote and discuss Austrian economics, or explore each other through philosophy and economics. For example, in the early articles published in 1990, the whole article mainly discusses the problem "apriorism" in the field of philosophy. The author completes the whole article through the central theoretical thought of Mises Institute. Therefore, it will appear more subjective under the reading and understanding of supporters of other sects. Although there is no absolute right or wrong in the field of philosophy, and the supporters of each side are with more subjective arguments, the progress and new discoveries will be made only when theories collide or oppose each other, and each side has its own supporters.
With the development of time, environment and technology, the current Australian economics newsletter is published online, and the style is different from the previous typesetting. It becomes more like the typesetting of online articles, which also makes readers more convenient and fluent in reading. Because it used to be printed for readers to read, and it used to be like an author completing an academic article, the layout is relatively monotonous, and most of them only have a picture of the author. In contrast, with the progress of science and technology, not only photos but also films can be put on the Internet. Through the vivid interview, intonation and language of the film, etc., readers can reduce the amount of text they read, replace it with the vitality brought by the film to readers, and can interpret the content of the interview with their own opinions through watching the film, because only through the author's text may have some misunderstandings about the content, And through the presentation of the film, we can attract more readers who are different from the past to increase their interest in this field. Moreover, the current articles focus on a wider area. In the past, most of them discussed or demonstrated the relationship between philosophy and Austrian economics. However, the current topics have been added to business cycles, calculation and knowledge, money and banking, monetary theory, and prices, etc., with up to 24 categories. In the past, the newsletter was launched quarterly, just like the paper exploration launched in each issue, allowing experts and scholars to explore each other's views. Now it is like promoting the field of Australian economics, so that more students, experts, office workers, etc. can understand this field and even the future trend in a relatively easy way. Through a clearer distinction between themes, we can not only understand the previous theories, current situation and future trends, but also help all readers have a new understanding of economics, and let people in different fields cross compare with each other through the text of the article, the dialogue of the film and the author's views.
Austrian Economics vs. Keynesian Economics
The classical school of economics emphasizes the atmosphere of laissez faire. They believe that when businesses want to produce a product, there must be a reason. They will not produce an unproductive product for no reason, that is to say, every commodity will be created only when there is demand. Their main proposition is "
Say's law
In classical economics, Say's law, or the law of markets, is the claim that the production of a product creates demand for another product by providing something of value which can be exchanged for that other product. So, production is the source ...
", which believes that the government should rule by inaction without being responsible for the market, because just like the most basic ethics of
supply
Supply may refer to:
*The amount of a resource that is available
**Supply (economics), the amount of a product which is available to customers
**Materiel, the goods and equipment for a military unit to fulfill its mission
*Supply, as in confidenc ...
and
demand
In economics, demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given time. The relationship between price and quantity demand is also called the demand curve. Demand for a specific item ...
in economics, someone will make up for the lack of supply and goods, and the price, cost and profit of all goods will return to the original line. Therefore, this
equilibrium will also be in everyone's interests on the premise that no one knows and according to the self-interest pursued by each businessman, customer and operator.
Keynesian economics
Keynesian economics ( ; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomic theories and models of how aggregate demand (total spending in the economy) strongly influences economic output an ...
began to rise after 1930. They believed that the government needed to make some intervention to give the economy a chance to take off and wake up. At that time, this theory was also adopted by former US President Roosevelt. Keynes believed that because the effective demand is not enough, he believed that the government should intervene and participate in economic activities.
[Morgan, Jason. "THE PRICE OF PEACE: MONEY, DEMOCRACY, AND THE LIFE OF JOHN MAYNARD KEYNES." The Quarterly Journal of Austrian Economics 24, no. 3 (2021): 9-20] Only through the government's policies could the market be effectively stimulated, resulting in the increase of market demand, which is associated with the increase of productivity and employment levels of the population at that time.
They believe that it is because the national employment rate has decreased and the number of unemployed has increased. The decline of national income has led to the shortage of national consumption and the decline of consumption level., when the economy is declining, the government needs to join in to increase and stimulate market demand. There only when the government takes the lead in increasing expenditure and driving the employment rate can we improve people's income. Although the government's funds may become scarlet letters, it can stimulate people's economy and improve people's income in a short time.
Comparison of articles in different periods
Interviewing experts in the field is the most direct way to let readers understand the opinions of different experts and scholars on a field. Whether it is the exchange between them or personal research results, it can well show the diversity of the same field.
In 1996, the newsletter was still published on paper, so the content of the interview was presented in transcript. Because of the words, the whole article was a verbatim record of the Austrian Economics Newsletter’s editor and James grant.
With the change of time, AEN has gradually changed from printing to online web pages. The presentation of the interview includes not only the complete version of the text, but also the videos taken during the interview are put on the web page, therefore, people can listen to the experts' views more vividly. Even some proper nouns or experts' names on the web page are attached with hyperlink, to let readers search more quickly.
Moreover, by 2022, according to the living habits of modern people, people are used to listening to music or podcasts on vehicles or when walking. AEN also released a podcast of this article at the same time of publishing an article, so that more people can learn about new knowledge in this field in their lives.
[“Christianity and the Development of Human Capital: Challenging the Narratives,” Mises Institute, accessed May 20, 2022, https://mises.org/library/christianity-and-development-human-capital-challenging-narratives]
Features and Operations
# Austrian School Topics - As the topics of writing are becoming more diversified, articles, podcasts and videos about economy are all classified here.
# Austrian Economics Overview
#
Business Cycles
Business cycles are intervals of expansion followed by recession in economic activity. These changes have implications for the welfare of the broad population as well as for private institutions. Typically business cycles are measured by examini ...
# Calculation and Knowledge
# Cantillon
#
Capital
Capital may refer to:
Common uses
* Capital city, a municipality of primary status
** List of national capital cities
* Capital letter, an upper-case letter Economics and social sciences
* Capital (economics), the durable produced goods used f ...
and Interest Theory - By explaining these two terms and analyzing current events, readers can understand the market.
#
Entrepreneurship
Entrepreneurship is the creation or extraction of economic value. With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values th ...
- Teach the precautions and basic instructions for entrepreneurship in combinatio n with local legal knowledge.
#
Fiscal Theory - Understand the trend of the country by analyzing the current financial reports of the government.
# Gold Standard
# History of the Austrian School of Economics
#
Interventionism
# Monetary Theory
# Money and Banking
# Money Supply
# Monopoly and Competition
# Other schools of Thought
# Philosophy and
Methodology
In its most common sense, methodology is the study of research methods. However, the term can also refer to the methods themselves or to the philosophical discussion of associated background assumptions. A method is a structured procedure for bri ...
# Political Theory
#
Praxeology
In philosophy, praxeology or praxiology (; ) is the theory of human action, based on the notion that humans engage in purposeful behavior, contrary to reflexive behavior and other unintentional behavior.
French social philosopher Alfred Espinas g ...
# Prices
#
Private Property
Private property is a legal designation for the ownership of property by non-governmental legal entities. Private property is distinguishable from public property and personal property, which is owned by a state entity, and from collective or ...
#
Production Theory
Production is the process of combining various inputs, both material (such as metal, wood, glass, or plastics) and immaterial (such as plans, or knowledge) in order to create output. Ideally this output will be a good or service which has value an ...
#
Subjectivism
Subjectivism is the doctrine that "our own mental activity is the only unquestionable fact of our experience", instead of shared or communal, and that there is no external or objective truth.
The success of this position is historically attribute ...
# Value and Exchange
See also
*
Ludwig von Mises Institute
Ludwig von Mises Institute for Austrian Economics, or Mises Institute, is a libertarian nonprofit think tank headquartered in Auburn, Alabama, United States. It is named after the Austrian School economist Ludwig von Mises (1881–1973).
It wa ...
*
Center for Libertarian Studies
The Center for Libertarian Studies (CLS) was a libertarian and anarcho-capitalist oriented educational organization founded in 1976 by Murray Rothbard and Burton Blumert, which grew out of the Libertarian Scholars Conferences. That year, the conf ...
References
{{reflist
External links
Archives of The Austrian Economics NewsletterLudwig von Mises Institute Home
Austrian School periodicals
Business newsletters
Magazines established in 1977
Business magazines published in the United States
Magazines published in Alabama