One of the constant pleasures of my morning ritual is sitting down with the Financial Times (paper version) and coffee after an early run with the dog.
It’s always a stimulating read, but this morning my attention was particularly caught in an article entitled ‘The 2012 rivals can be named: Hayek v Keynes’ by the following quotation:
‘“I love von Mises,” Michele Bachmann told one interviewer. “When I go on vacation and I lay on the beach, I bring von Mises.”’
Now, I have never read anything by von Mises, and it is not part of my self-image that I’m less well-read than Michele Bachmann, so I scurried to my bookshelves. None of my standards helped – he’s not mentioned in Mark Blaug’s [amazon_link id=”0521577012″ target=”_blank” ]Economic Theory in Retrospect[/amazon_link], nor in Eric Roll’s [amazon_link id=”0571165532″ target=”_blank” ]History of Economic Thought[/amazon_link].
Next I went to the internet to download some books by the man himself, and started on his 1951 lectures, ‘The Free Market and Its Enemies’ (pdf). The first three of these are about economic methodology. The first essay, Economics and Its Opponents, I struggle to sum up, but it ends by asking why Marxists think about the philosophical basis of society while defenders of capitalism don’t bother. I think this is perhaps the same issue raised by a number of historians such as Mark Mazower and David Runciman. The second essay, Pseudo-Science and Historical Understanding, argues (I think) that the study of economics must be essentially an application of historical method, that it is not amenable to the methods of the natural sciences. The third, Acting Man and Economics, says: “The way in which economic knowledge, economic theory, and so on relate to economic history and everyday life is the same as the relation of logic and mathematics to our grasp of the natural sciences.” In other words, economics is an a priori body of knowledge.
At this point, struggling with the dense prose and lack of clarity, I gave up. The negative contemporary reviews quoted in Wikipedia were beginning to make sense. Whittaker Chambers, for example, apparently said von Mises epitomized “know-nothing conservatism” at its “know-nothingest.”
I’m left with a question. It’s hard to believe that Michele Bachmann has really spent lots of hours on the beach or at a desk carefully studying the many writings of von Mises. So what exactly do she and other Tea Party-goers think he says (in fact, what does he say?), and what is their source material?
Please, leave the poor woman alone. She meant, of course, Ludwig von Drake, the loveable Austrian economist cousin of Donald Duck, who was merely _based_ on Ludwig von Mises. (Don’t believe me? See http://www.facebook.com/pages/Ludwig-Von-Drake/32901130307)
See the resemblance? http://en.wikipedia.org/wiki/File:Ludwig_von_Mises.jpg
I can’t say anything useful about von Mises or Bachmann but thank you for including a photo of your dog, who is gorgeous. :oD
I have to agree but I’m biased…
I suspect the source material is The Theory of Money and Credit but I have not read it so I can’t say more.
I cannot answer your question, because I am baffled, intrigued, and slightly repelled by what she’s doing on the beach. Personally, when I go on vacation and *lie* on the beach, I tend to read a book.
How very ….. radical!
A.Sandmo refers in his book ‘Economics Evolving ‘ to ‘Economic Calculation In The Socialist Commonwealth’ as Mises’s main contribution. It considers (I think) primarily the lack of market determined prices in a socialist economy.
(http://mises.org/resources.aspx?Id=71e20725-ee72-4adb-ade2-34dfdabf7755)
Thank you for flagging that up. I suppose we usually attribute that point to Hayek, and his famous paper on the use of knowledge:
http://www.econlib.org/library/Essays/hykKnw1.html
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Andrew Chamberlain credits Mises with kickstarting the socialist economic calculation debate in 1920 with ‘Economic Calculation in the Socialist Commonwealth’. Yeah, that’s probably what Bachmann’s doing: figuring out whether Lange was crazy for thinking general equilibrium could be used as the basis for centralised economic planning…
Yes, probably……
PS you should have bigged-up Covered in Bees: http://www.coveredinbees.org/about