Blog

The Austrian Institute Blog offers current analyses and opinions on capitalism, the market economy, social policy, and questions of justice.

Elon Musk’s Reach for the Stars: Why Eccentric Entrepreneurs Also Benefit the Rest of Us

Elon Musk might rub some people the wrong way, but this eccentric entrepreneur has accomplished some things that many believed were unlikely or even impossible. And ultimately society has benefited.

In Our Heads We Are All Marxists—How Marx’s Myths Shape Our Affluent Society

Even though few self-identify as Marxists, many of the Marx’s ideas remain in fashion. In particular, his denigration of capitalists and entrepreneurs as stealing from workers, and his failure to identify their effective beneficence, remain quite popular.

On the Abuse of Monetary Policy

The euro has been a political project since its inception. That is why the independence of the European Central Bank was also in danger from the outset. In the end, it always came down to the alternative “Cambridge or Vienna” or, rather, “Keynes or Hayek.” The option for Keynes led to an increasing politicization of monetary policy in the European Monetary Union.

Freedom of Expression and Democracy: Opening Lecture at the Students for Liberty Regional Conference

Freedom of expression is a fundamental right without which a free and democratic society cannot exist. We all grew up in this culture of freedom. But Political Correctness and conformism endanger it.

Commodity Speculation: Does it Harm the Poor?

Pope Francis’ Encyclical “Laudato si’” and other Vatican documents have criticized speculation in food markets for being damaging to the interests of the poor. There is, however, no evidence for this. In fact, the opposite is likely to be the case.

The Ethics of the Market Economy: A Critical Appraisal of Ludwig von Mises’ Utilitarian Interpretation (Academic paper)

Mises’ interpretation of market capitalism is flawed. In truth, Mises is best interpreted in a non-utilitarian way.

The True Meaning of ‘Social Justice’: A Catholic View of Hayek (Academic paper)

Hayek’s dismissal of the concept of “social justice” is well-known. While we can basically agree with Hayek’s critique, we should not entirely reject this concept. There exists a true meaning of social justice.

Crony Capitalism: Inefficient, Unjust, and Corrupting

Donald Trump’s candidacy has brought many topics to greater public attention. One subject, however, that has gained significant traction because of the Trump campaign is the problem of crony capitalism—or, more simply, cronyism.

“Give unto Caesar what is Caesar’s”—but no more: monetary policy as a strategy to extend state power

When contemplating the future, and trying to imagine possible developments, there is always a fine line between optimism and self-delusion. We generally overestimate our abilities to influence what lies ahead; and we tend to underestimate the power of external factors.

Does Capitalism Cause Poverty?

Capitalism gets blamed for many things nowadays: poverty, inequality, unemployment, even global warming. As Pope Francis said in a recent speech in Bolivia: “This system is by now intolerable: farm

On Our Own Behalf: The Austrian Institute introduces itself

In 1949, Friedrich August von Hayek—one of the most important representatives of the Austrian School of Economics—said in an essay entitled “The Intellectuals and Socialism”: “What we lack is a liberal utopia…a truly liberal radicalism which does not spare the susceptibilities of the mighty…

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