Liberty, Knowledge, and the Economic Process


One of the most fundamental insights in economics is the role that prices play in coordinating human action. For the Austrians, however, the emphasis is placed on the price system as a knowledge communication process. This conference invited humanities scholars with particular interest in issues of communication to consider economics and prices as a method of communication of disparate and often tacit knowledge.


From Liberty Fund

Planning for Freedom

by By Ludwig von Mises
Edited by Bettina Bien Greaves

In this anthology, Mises offers an articulate and accessible introduction to and critique of two topics he considers especially important: inflation and government interventionism. Mises believes inflation, that is monetary expansion, is destructive; it destroys savings and investment, which are the basis for production and prosperity. Government controls and economic…

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Additional Readings

Hayek, F. A. Individualism and Economic Order. Chicago: University of Chicago Press, 1948, 1980.

Hayek, Friedrich A. Law, Legislation, and Liberty, Volume 2: The Mirage of Social Justice. Chicago: University of Chicago Press, 1978.

Lavoie, Don. “The Market as a Procedure for Discovery and Conveyance of Inarticulate Knowledge.” Comparative Economic Studies 28, no. 1 (Spring 1986): 1-19.

Mises, Ludwig von. Human Action: A Treatise on Economics, Volume 1. Edited by Bettina Bien Greaves. Indianapolis: Liberty Fund, 2007.

Mises, Ludwig von, “Economic Calculation in the Socialist Commonwealth” In Collectivist Economic Planning: Critical Studies on the Possibilities of Socialism, edited by F. A. Hayek, 87-116. London: Routledge, 1947.

Roberts, Russell. The Price of Everything: A Parable of Possibility and Prosperity. Princeton: Princeton University Press, 2008.

Simmel, Georg. The Philosophy of Money [Third Enlarged Edition]. Edited by David Frisby. Translated by Tom Bottomore and David Frisby. New York City: Routledge, 1978,1990, 2004.

Smith, Adam. An Inquiry into the Nature and Causes of the Wealth of Nations. Indianapolis: Liberty Fund, 1981.

Sowell, Thomas. Knowledge and Decisions. New York: Basic Books, 1996.