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Read Some Frank Fetter

January 18, 2014 in Economics

By Mises Updates

The Spring Semester hasn’t yet started for many, so to help students prepare,  Piet le Roux at The Mises Institute South Africa has some helpful suggestions:

 For those about to hit the road and keen on brushing up on economics,  Mises.org has a fine repository of audio works, including lectures, essays and even complete economic treatises. Download them from here to compliment the sights as you drive by those herds of springbok in the Karoo, the inviting waters of the South coast, etc.

And for those who have exhausted the above library, consider visiting LibriVox.org, where you have access to gems like Frank Fetter’s 1904 work The Principles of Economics with Applications to Practical Problems (audio book). [Buy his newly-released ebook here.]

Here’s Jeffrey Herbener on Frank Fetter:

In the period between the founders of the Austrian school (Menger, Böhm-Bawerk, and Wieser) and its next generation (led by Mises and Hayek), Frank Albert Fetter was the standard bearer of the Austrian tradition. His 1904 treatise, Principles of Economics, constructed a general theory of economics in the Austrian tradition that went unsurpassed until Ludwig von Mises’s treatise of 1940, Nationaloekonomie. Yet Fetter, an American Austrian long before the interwar migration from Austria, has not received due recognition for his many contributions to the tradition.

Using the axiomatic-deductive method, he traced economic laws to individual human action, and demonstrated that just as the price of each consumer good is determined solely by subjective value, the rate of interest is determined solely by time preference. The rental price of each producer good is imputed to it by entrepreneurial demand and is equal to its discounted marginal value product. The capital value of each durable good is equal to the discounted value of its future rents. Fetter showed how this uniform, subjective theory of value implies the demise of socialist theories of labor exploitation, Ricardian theories of rent, and productivity theories of interest.

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Source: MISES INSTITUTE

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A Guide For Austrian Economists in Vienna

January 18, 2014 in Economics

By Mises Updates

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Mises’s Vienna 2.0: This map and the guide below have been compiled by Mises University graduates Andrew Finnerty and Robert Müürsepp, who were able to meet up in Vienna to explore the places important to the scholars of the Austrian school.

University of Vienna: It should be noted that Hans Kelsen has a bust just to the right as you’re looking at the Wieser plaque in the courtyard. Kelsen graduated high school with Ludwig von Mises, was born and died in the same years, wrote the constitution of Austria, and was the best man at Lu and Margit’s wedding. It would be nice to know the precise room Mises held his private seminar at the school.

Café Künstler (Artist Café, Across from the University): According to Gottfried Haberler:

At eleven thirty or so those members who were not yet exhausted went to the Cafe Künstler, opposite the University, the favorite meeting place of economists in Vienna in those days. Mises was always among the hardy ones who went to the Künstler Cafe and was the last one to leave for home, never before 1 a.m.[i]

We did not see this find this exact place, however there is a coffee shop (that serves beer) across from the university as well as a “Wein & Co” that would likely be open quite late. It would be nice to know the precise building the café was located and what now exists in its place.

Wirtschaftskammer Wien (Chamber of Commerce, Stubenring 8-10): Powell wrote of some controversy regarding a plaque that was put-up by LvMI in 1988 signifying the “Saal” Mises gave his seminar in. Lawrence White had given a lecture in it several weeks before we arrived, but no one mentioned the plaque nor the name of the exact “Saal” the lecture was held. We fear this plaque may have been lost in bureaucratic limbo. But we think we have a solution to this unfortunate misplacement if you read further down.

We went inside expecting to be accosted by officials telling us to leave. Robert was amazed that there were no security guards nor even a receptionist as there would be in Estonia (and I assume as well in the District of Corruption). No one was even by the door, so we started up the stairs. All the “Saals” were closed and we did not venture towards a room with the lights pouring out. It …read more

Source: MISES INSTITUTE

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Photos From Today’s Mises Circle

January 18, 2014 in Economics

By Mises Updates

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For more photos, see our Instagram page. From Houston today:

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Source: MISES INSTITUTE

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Today: The Police State: Know It When You See It

January 18, 2014 in Economics

By Mises Updates

Watch today’s Mises Circle beginning at 10:00 AM Central Time:

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Source: MISES INSTITUTE

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The Mises Institute and the Future of Higher Education

January 18, 2014 in Economics

By Mises Updates

keyboard message, earth

Lew Rockwell writes in today’s Mises Daily:

But of course it’s not just our online education that is paving the way for a new kind of education. Back in 2011, when Sebastian Thrun, then a professor at Stanford, decided to begin offing online courses on robotics and artificial intelligence, 160,000 people enrolled in the first class. After that, Thrun decided to leave behind his tenured position and founded a new online education operation through which he believes he can reach half a million students with low-cost higher education taught by some of the world’s best faculty.

The demand for these online educational programs illustrates just how useful they are in the marketplace, and the Mises Institute is already part of this new world of higher education.

At the same time, many colleges or universities are trying to jump on the bandwagon, and for many of them, it is already too late. Many small colleges and universities will be going out of business in coming decades because the costs are high and the benefit to students is low at those institutions. It’s true that the elite schools aren’t going to go out of business, and the big state universities aren’t going to go out of business, but much of the higher education world is feeling the ground moving under its feet, and they’re worried. They should be worried.

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Source: MISES INSTITUTE