Dusting off that sixty-year old book
I was reminded today that this year marks the 60th anniversary of the publication of Ludwig von Mises’ “Human Action.”
Why read a 60-year old economics textbook today? Because insights from economists such as von Mises are relevant for evaluating the claim that capitalism is at fault for today’s economic crisis, and for understanding its real cause. Ayn Rand put it best in a letter she wrote in 1960:
“As to your statement that ‘laissez-faire’ capitalism is the cause of depressions-this is an issue of economic fact and is simply untrue. The cause of depressions is government interference into economics. For proof, I refer you to such books as Capitalism the Creator by Carl Snyder, Economics in One Lesson by Henry Hazlitt, How Can Europe Survive by Hans Sennholz, and the works of the great economist Ludwig von Mises.”
I think I’ll take some of those economics books off the shelf…And stay tuned for more commentary from VOICES for REASON on the subject of what is causing today’s financial crisis.