Ludwig von Mises (September 29, 1881 – October 10, 1973) was an Austrian economist, philosopher, and one of the most prominent figures in the [[Austrian School of Economics]]. Born in Lemberg, Austria-Hungary (now Lviv, Ukraine), Mises came from a prominent Jewish family. He received his formal education in Vienna, where he earned a doctorate in law and [economics](https://doctorparadox.net/category/economics/) from the University of Vienna in 1906. Mises made significant contributions to several fields in economics, including monetary theory, value theory, and business cycle theory. Some of his key works and ideas include: 1. **Theory of Money and Credit (1912)**: In this foundational work, Mises integrated the theory of money with the theory of marginal utility, thus providing a new framework for understanding the role of money in the economy. He also introduced the concept of "fiduciary media," which explained how bank-issued money substitutes could impact the [[money supply]] and credit conditions. 2. **Socialism**: An Economic and Sociological Analysis (1922): In this influential book, Mises critiqued the viability of socialism and central planning. He argued that without [private property](https://doctorparadox.net/property-vs-people/) and the price mechanism, economic calculation would be impossible, leading to the inefficient allocation of resources and ultimately, the failure of socialist economies. 3. **Human Action**: A Treatise on Economics (1949): Mises' magnum opus, Human Action, presented a comprehensive system of economic thought grounded in the principles of praxeology – the study of human action. The book covers a wide range of topics, from epistemology and methodology to monetary theory, capital theory, and the role of government in the economy. In addition to his academic work, Mises held various positions in government and industry throughout his career. He served as an economic advisor to the Austrian government and was a senior official in the Austrian Chamber of Commerce. Fleeing from the rise of [[Nazis]]m, Mises moved to Switzerland in 1934 and later to the United States in 1940, where he continued his academic career at New York University. Despite facing significant challenges and skepticism from mainstream economists, Mises remained steadfast in his advocacy of [[free markets]] and free markets, sound money, and limited government intervention. His ideas influenced numerous economists, including [[Friedrich Hayek]], [[Murray Rothbard]], and Israel Kirzner, as well as the broader [libertarian movement](https://doctorparadox.net/libertarian-narcissism-right-wing-ideology/). Ludwig von Mises passed away in New York City on October 10, 1973.