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Ludwig von Mises

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I often use the term “deductive economics” to refer to the economic method usually called “Austrian economics“.  It seems to me that the “deductive” name gets to the heart of the matter. After all, who cares that many of the early deductive economists hailed from Vienna?

But, I must give credit where credit is due, and an enormous amount of credit is due to Ludwig von Mises. The Mises Institute, named for him, continues to be a locus for logical thinking and deductive economics. They have been a bountiful source of texts, study guides, and essays. But now they’ve done something truly wonderful: the Mises Wiki. Treat yourself and have a look.

The folks at the Mises Institute often use the term “classical liberalism“. This might be confusing to the uninitiated. Deductive economics leads to a general political view which used to be call liberalism. Over time, other political thoughts, including some contradictory ones, grafted themselves onto liberalism. The term liberal changed it’s meaning, so now the term classical liberalism is used to distinguish that viewpoint from the very different viewpoint of modern liberalism. It’s a fascinating intellectual story, but I won’t bore you with it now. Go check out the Wiki!

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