Interventionism

Ever since its founding in October 1982, the Ludwig von Mises Institute has received many requests for introductory courses in Austrian economics for students and adults.

Our country is beset by a large number of economic myths that distort public thinking on important problems and lead us to accept unsound and dangerous government policies. Here are ten of the most dangerous of these myths and an analysis of what is wrong with them.

Our country is beset by a large number of economic myths that distort public thinking on important problems and lead us to accept unsound and dangerous government policies. Here are ten of the most dangerous of these myths and an analysis of what is wrong with them.

Private enterprise systems improve human cooperation and further peace and prosperity. Economic systems with which governments intervene are called liberal, or middle of the road economics. They declare they are not socialist. They say they wish to preserve market systems. But, is that possible? No. Nothing will be left of the free market. Capitalism and socialism cannot coexist. Step by step, interventionism erodes capitalism into some form of socialism. The clear distinction between production and government must be reestablished and left untouched.

Government interference with American business and with citizens' affairs results in bureaucratic management, instead of profit management.

The first virtue of a government administrator is to abide by the codes and decrees. He becomes a bureaucrat.

The introduction to Mises's 1944 Bureaucracy. Nobody doubts that bureaucracy is thoroughly bad and that it should not exist in a perfect world.

The preface to Ludwig von Mises's 1944 Bureaucracy.

The virtue of the profit system is that it puts on improvements a premium high enough to act as an incentive to take high risks.