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Mises, Menger and Bastiat in ‘The Dao of Capital’

August 23, 2013 in Economics

By Mises Updates

John Tamny at Forbes reviews Mark Spitznagel’s The Dao of Capital: Austrian Investing in a Distorted World. Writes Tamny:

As evidenced by the book’s title, Spitznagel’s economics and investing are rooted in the Austrian School tradition of Carl Menger, Eugen von Bohm-Bawerk, Ludwig von Mises whom he deems the greatest economist of them all, along with Bastiat and Hazlitt. Spitznagel rightly notes about Hazlitt that his Economics In One Lesson is the only book he’ll ever require his children to read, assuming they reveal no broader interest in the subject. To readers who e-mail this reviewer about books to read, it’s always said that a read of Hazlitt’s best known book will have them more informed about how economies work than 99.9% of economists. It’s that good, or perhaps economists are that bad. It would be a good debate…

Austrian thinkers correctly look ahead to the ‘unseen,’ as in if the initial business owner hadn’t had to pay for a broken window, he could have invested in a new hire who might expand the productivity of his business, he might have expanded into a new product line, or perhaps expended his always limited capital on signage meant to make his business more attractive to the passerby…

See more here.

The book includes a foreword by Ron Paul.

Authors interested in reviewing this book (or other books) for Mises Daily are encouraged to send submissions to Ryan at rwmcmaken@mises.org.

…read more

Source: MISES INSTITUTE

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