Imperialism and Social Classes

Joseph Schumpeter was not a member of the Austrian School, but he was an enormously creative classical liberal, and this 1919 book shows him at his best. He presents a theory of how states become empires and applies his insight to explaining many historical episodes. His account of the foreign policy of Imperial Rome reads […]

A Biography of Eugen von Bohm-Bawerk

Eugen von Böhm-Bawerk (Born February 12, 1851; Died 1914) was in the right place at the right time to contribute importantly to the development of Austrian economics. Studying at the University of Vienna, he was twenty years old when Carl Menger‘s Principles of Economics appeared in print in 1871. His formal university training was in law (and thus he was […]

History of Economic Analysis

Review by Google Books At the time of his death in 1950, Joseph Schumpeter was working on his monumantal History of Economic Analysis. Unprecedented in scope, the book was to provide a complete history of economic theory from Ancient Greece to the end of the second world war. A major contribution to the history of ideas […]

A Biography of Joseph Alois Schumpeter

“ Can capitalism survive? No. I do not think it can.” Thus opens Schumpeter’s prologue to a section of his 1942 book, Capitalism, Socialism and Democracy. One might think, on the basis of the quote, that Schumpeter was a Marxist. But the analysis that led Schumpeter to his conclusion differed totally from Karl Marx’s. Marx believed that capitalism would be […]

The Fallacy of the ‘Public Sector’

By Murray N. Rothbard This article is excerpted from Economic Controversies, chapter 21, “The Fallacy of the ‘Public Sector’” (2011). It was originally in the New Individualist Review (Summer, 1961): 3–7. We have heard a great deal in recent years of the “public sector,” and solemn discussions abound through the land on whether or not […]