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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 Democracy is a government in which the majority of people exercise sovereignty either directly, through ballot measures or town hall-style meetings, or indirectly, through elected representatives. Ludwig von Mises favored democracy because he believed that a minority would, in the long run, be unable to rule over a majority that refused to acquiesce. Mises viewed democracy as a means of avoiding needless bloodshed and destruction by allowing the majority to peacefully take the reins of power, without resort to violent revolution. Some later economists in the Austrian school, such as Hans-Hermann Hoppe, author of Democracy: The God That Failed, have argued against this view. Murray Rothbard points out in Power and Market that there are many factors besides numerical strength of the participants that decide civil wars. For example, the participants' physical strength, military training, enthusiasm and bravery would factor into the outcome. One might even use money as a shorthand for military victory, since the side with the most wealth can afford the best equipment and training and to pay high enough salaries to attract high-quality professional, volunteer soldiers rather than conscripting illiterate, destitute peasants; and thereby prevail even against a numerically superior enemy. (more...)

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