War and the Austrian School: Applying the economics of the Founders

The Austrian school of economics is generally considered an antiwar school. The Austrian view is not derived from a religious or class-based ideological view. Instead, it derives entirely from the school's fundamental economic tenets. This article applies the economic views of the Austrian school's founders -Menger, Bohm-Bawerk, and Wieser- to the issue of war.Austrian school, history of economic thought

War and the Austrian School: Ludwig von Mises and Friedrich von Hayek

The Austrian school of economics is generally considered an antiwar school. The Austrian view is not derived from a religious or class-based ideological viewpoints, but instead derives entirely from the school’s fundamental economic tenets. This article examines the writings of Ludwig von Mises and Friedrich von Hayek as they relate to war and the causes of war. [An predecessor article on Carl Menger, Eugen von Böhm-Bawerk, and Friedrich von Wieser, the founders of the Austrian School, appeared in vol. 5(1) of this journal.]Peace, security, Austrian School

What is seen and unseen on the Gulf coast

Purpose – The purpose of this paper is to analyze the rebuilding of the Gulf coast post-Hurricane Katrina. Design/methodology/approach – The paper posits that though Frédéric Bastiat passed away in 1850, the beauty of his sound economic reasoning is that it does not change over time and that his essay, “That which is seen, and that which is not seen,” is especially insightful in analyzing the rebuilding of the Gulf coast. The paper first expounds his lesson and then applies it to the conflict between the private and public sectors in order to attack the fallacies of government spending and vindicate the free-market approach to reconstruction. Findings – The paper finds that the areas where the government has coercively arrogated to itself a monopoly – police and fire departments to protect lives and property, courts to punish rights violators, water and sewer systems to restore potable water to homes – are the areas where recovery lags the most. Since government has diverted its attention from these services where competition is not allowed, and has instead become involved in the provision of goods and services otherwise provided on the free market – houses, food, clothing – its efforts have not only not assisted the recovery, they have actually stood in its way. Originality/value – The paper provides a valuable overview of lessons that can be learnt from the aftermath of the Katrina disaster.Construction operations, Economic theory, Floods, Man-made disasters, Natural disasters, United States of America