Zwei Österreichische Ökonomen unter "World's Top 2% Scientists"

The famous school of Austrian economics lives on! 😊

Zwei WIFO-Ökonomen unter "World's Top 2% Scientists" - WIFO "Mit Vizedirektor Michael Peneder und Direktor Gabriel Felbermayr listet die Stanford University zwei Ökonomen des WIFO unter den 2% der besten Wissenschafter:innen weltweit."

Stanford/Elsevier Top 2% Scientists List 2024 (not sure whether this list is publicly accessible)

Who Was Ludwig von Mises?

Recommendable!

Free Market Masters: Ludwig von Mises

Recommendable!

About Two Essays by Ludwig von Mises

Recommendable!

"Like virtually all of the work of Ludwig von Mises, these two essays, his 1958 Liberty and Property and his 1950 Middle-of-the-Road Policy Leads to Socialism are timeless. They are as important now as they have ever been and will increase in relevance as the growth of government continues almost unabated. ..."

Why Everyone Should Read These Two Essays by Ludwig von Mises | Mises Wire: 

Joseph Schumpeter predicted the end of capitalism and the victory of socialism

Some food for thought! Joseph Schumpeter (1883-1950), besides Karl Marx, is probably one of the best known intellectuals to proclaim the demise of capitalism to be overtaken by socialism, but for different reasons.

Schumpeter is most famous for his economic concept of creative destruction!

I believe, Schumpeter was way too pessimistic as far as the success and survival of capitalism is concerned! No wonder, he lived through both  world wars and the Great Depression! He may have also underestimated the dynamics and power of creative destruction of capitalism.

"Can capitalism survive? No. I do not think it can... its very success undermines the social institutions which protect it, and ‘inevitably’ creates conditions in which it will not be able to live and which strongly point to socialism as the heir apparent.

—Joseph A. Schumpeter (1942), Capitalism, Socialism, and Democracy (Harper & Brothers), p. 61."

"... Many people today believe that Schumpeter’s predictions are coming true or at least the wheels of this transition are in motion in many of the world’s historically capitalist-based economies such as Canada, the United States, and most of Western Europe. These countries have all witnessed the size of government and economic intervention both growing rapidly. But to some, perhaps the clearest indicator that Schumpeter’s predicted transition, and its causes, are emerging is the growing prevalence of anti-capitalist views among the intellectual elite on college campuses."

A side note: Schumpeter was born in the same year as John Maynard Keynes (1883-1946).

Note: I did not have the time to read the essay below.

Entrepreneurial Economist Predicted Socialism | Fraser Institute

Entrepreneurial Economist Predicted Socialism (full essay)

The Essential Joseph Schumpeter

Schumpeter's Gale of Creative Destruction Again

Every the so often in human history major technological and economic changes transform our every day lives. The Austrian economist Joseph Schumpeter poetically described it as the recurrent "Gale of Creative Destruction".

With AI, robotics, advances in medicine and so forth it will be no different.

We still do not have a crystal ball! Most computer models of complex systems are still quite unreliable as far as forecasts are concerned!
However, a few things come immediately to mind:

1. Will we have finally more leisure time, if we desire? What will we do with more leisure time?
2. Will human to human services become more relevant as robots etc. free us more from our daily chores etc.
3. Managing and maintenance of advanced technology will probably be more in demand
4. Which jobs will be the hardest to be replaced by robots?
5. Perhaps the most important question could AI overtake humans one day? I think a symbiosis is more likely.

P.S. There are some older blog posts of mine related to this subject like here and here.

Ludwig von Mises Human Action Documentary

Recommendable, but this video has many shortcomings! E.g. we learn fairly little about von Mises ideas! However, this documentary deserves credit as Ludwig von Mises is not exactly a hot topic.

Von Mises wrote e.g. a book titled Liberalismus (1927, German, but also available in English translation), which was not mentioned at all in this documentary, although it is very recommendable! Among other things, von Mises warned about the rise of brutal dictatorships like communism and fascism!

Unfortunately, we also learn little what e.g. Friedrich von Hayek (a famous student of von Mises) or Milton Friedman thought about von Mises!