Why Libertarians Should Read Mises
By Duncan Whitmore
In this final part of three essays exploring the importance of Ludwig von Mises’ for libertarian thought, we will examine Mises’ views on the fundamental importance of economics in society, and the meaning of this for understanding the particular nature of the state and statism in our own time. We will then conclude (in a separate post) with an annotated bibliography of Mises’ major works.
The Fundamental Importance of Economics in Society
Mises had a particularly insightful understanding of the special, foundational status of economics and the influence of economic theory in human society. In his own words:
Economics […] is the philosophy of human life and action and concerns everybody and everything. It is the pith of civilization and of man’s human existence.
Economics deals with society’s fundamental problems; it concerns everyone and belongs to all. It is the main and proper study of every citizen.
The body of economic knowledge is an essential element in the structure of human civilization; it is the foundation upon which modern industrialism and all the moral, intellectual, technological, and therapeutical achievements of the last centuries have been built. It rests with men whether they will make the proper use of the rich treasure with which this knowledge provides them or whether they will leave it unused. But if they fail to take the best advantage of it and disregard its teachings and warnings, they will not annul economics; they will stamp out society and the human race.1