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Welcome to the Austrian Economics Wiki A free encyclopedia of Austrian economics and the libertarian tradition The Austrian Economics Wiki is a free, in-depth encyclopedia of the Austrian School of economics and the broader libertarian and classical-liberal tradition — from praxeology and the subjective theory of value to the business cycle, the economic calculation problem, and sound money. Its 1,416 articles explain the ideas, arguments, and thinkers of free-market economics for students, teachers, and the merely curious. It is the reference companion to the Free Capitalists book and media library — over 1,800 books, journals, and recorded lectures on liberty and economics — giving a new generation of readers one place to look up a concept, trace an argument, or meet a thinker. The corpus continues the Mises Wiki as it stood in 2014, restored here with full revision history and original authorship. Editing is open again — create an account to contribute, or see the about page for more.

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New here? Start with these Never studied economics? Begin with the Austrian School, then praxeology — why Austrians reason from human action — and the subjective theory of value. Want to understand booms and busts? Read the Austrian business cycle theory and the economic calculation problem — the Austrian case against central planning and easy money. Here for the thinkers? Meet Carl Menger, Ludwig von Mises, Friedrich Hayek, and Murray Rothbard — and read Mises's Human Action. Featured article Criticism of fractional reserve banking and central banking have been put forward from a variety of perspectives, although the most vigorous and sustained criticism now comes from libertarians and anarcho-capitalists such as economists Jesús Huerta de Soto and Jörg Guido Hülsmann, American politician Ron Paul, and commentators such as historian Thomas Woods, Jim Grant of Grant's Interest Rate Observer and former US Budget Director David Stockman. Most in the mainstream (both on the left and right) remain silent on the issue of fractional reserve banking and central banking, although past critics have included mainstream economists such as Irving Fisher, and Milton Friedman. Within the economics profession, most criticisms are from the Austrian School. There are also critics from outside the economics profession who advocate monetary reform. Critics of fractional reserve banking and the related fiat paper monetary system may refer to it by the term debt-based monetary system, or credit-based monetary system. They may also refer to money created in parallel with debt as debt money or endongenous money, reflecting the fact that virtually all new money is currently created by people or businesses or governments further indebting themselves to banks. This monetary system is called "endogenous" because the money supply is flexible, expanding in parallel with the demand for debt and stalling or contracting when demand for debt declines. Some consider this a perverse and dysfunctional way of introducing new money into the economy. (more...) Edit this box

Read the source texts Every idea in this wiki traces back to a book, essay, or lecture. Read them in full at the Free Capitalists library — 1,800+ works by Mises, Hayek, Rothbard, Menger, and more, free to download. More at freecapitalists.org. This week in history August 11 (add): 1987 – Alan Greenspan was confirmed by the US Senate as the 13th Chairman of the Federal Reserve.