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Essay / Research Paper Abstract
This 6-page paper discusses Von Mises' economic treatise, "Planned Chaos," and explains why it supports the free market. Bibliography lists 2 sources.
Page Count:
6 pages (~225 words per page)
File: D0_MTplanchao.rtf
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Unformatted sample text from the term paper:
banks are trying to alleviate the situation by "doing something." That "something" involves everything from lowering interest rates to encourage lending to printing more money so banks have something to
lend, to funding trillion-dollar bailouts to buy up some of the toxic paper that is clogging the financial system. If Austrian economist
Ludwig Van Mises were alive, however, hed be appalled at the government hand in trying to avert even more of a financial meltdown. Von Mises was in favor of a
free economy as long as a century ago, when he first applied the concept of marginal utility theory to money itself (Formaini, 2001). Furthermore, he created huge controversy when he
claimed that central planning was impossible to implement from an economic standpoint (Formaini, 2001). The entire concept came together in a slim volume, entitled "Planned Chaos," which was released in
the 1940s, and which listed every single reason why socialist economics, in which the government would prop up economies, was doomed to failure.
But to understand Von Mises theories, its important to understand his background as well. Well offer a brief look at his background, then move on to an analysis
of "Planned Chaos." Van Mises - A History Born in 1881 in Lemberg, Austria-Hungary, Mises enrolled in the University of Vienna in
1900, and received his law and economics doctorate six years later (Formaini, 2001). Passionately devoted to the Austrian school of economics, Von Mises founded the Austrian Institute for Trade Cycle
Research in 1926 (Formaini, 2001). After teaching in Switzerland following Germanys crossing of the Maginot Line in France, Von Mises and his wife emigrated to the United States in 1940
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