Planning for Freedom: Let the Market System Work; A Collection of Essays and Addresses

Ludwig von Mises (1881-1973) was recognized as one of the outstanding economist and social scientist of the twentieth century. He authored three of the century's most important works against totalitarian slavery: THE THEORY OF MONEY AND CREDIT, SOCIALISM, and HUMAN ACTION. In these works he forcefully set forth an "Austrian" analysis of free enterprise. Not only did he expertly refute socialist schemes, but showed the utter peril to freedom of socialism. While von Mises was often thought of as an astute theoretician, he also wrote several easy to read popular works for economic neophytes. This book, PLANNING FOR FREEDOM has seventeen of his essays, which serve an excellent summary of free market principles. In the first essay, same title as the book, von Mises, points to how most politicians feel they need to use government to plan the economy of a nation. ?Planning is a synonym for socialism and a small step away from communism. Von Mises ably refutes Keynesian theory throughout the book. As a free market economist he expertly explains how the system of profit and loss works in a free economy and how wages rise due to an increase in capital invested per worker, which causes an increase in the productivity of labor. ?The only means to increase a nations welfare is to increase and improve the output of its products.? This is an easy to read and understand book that should be read by all who wonder what role the government should have on our economic choices. As a retired Army officer and student of political philosophy, I found ?PLANNING FOR FREEDOM? a great book for anyone who wants to understand basic ?Austrian? economic theory.

Ludwig von Mises (1881-1973) was the outstanding economist and social thinker of the twentieth century. He wrote three of the century's most important works: THE THEORY OF MONEY AND CREDIT; SOCIALISM; and HUMAN ACTION. In these books he brilliantly set forth an "Austrian" analysis of free enterprise. He didn't merely refute socialist schemes, but showed the complete unworkability of socialism.While we often think of von Mises as the brilliant theoretician, he also wrote several popular works and gave many addresses to groups. PLANNING FOR FREEDOM contains seventeen essays and addresses. Taken as a whole, these works provide an excellent summary of free market principles and von Mises' thought. The title address dates from 1945. Von Mises points out that many advocate a "third way" in between socialism and capitalism. The goal of such an economy is "planning for freedom." However, it is one of the central insights of Austrian economics that a capitalist economy is a planned economy. In a free economy, the consumers decide what products are to be introduced and where new investments will take place. This is coordinated through the much-hated system of profit and loss. Socialism and other forms of economic intervention interfere with the price system, generating economic uncertainty. Such systems create - as von Mises noted in another work - "planned chaos."I particularly enjoyed the several essays that demolish many of the most basic economic fallacies. Many assert that wages rise due to labor unions. However, that is an elementary mistake. Wages rise because in an increase in capital invested per worker causes an increase in the productivity of labor. He also refutes inflationist schemes, of which Keyensianism is one.