Principles of market economics, particularly those emphasized in Austrian economic thought, are not confined to modern systems but persist across epochs. Ancient narratives, such as Mesopotamian epics, reflect profound insights into human decision-making, resource allocation, and the dynamics of power and exchange. I have become fascinated by deciphering the economic principles embedded within and underlying these ancient texts. One such story, The Poor Man of Nippur, dating back to the Kassite period (ca. 1595-1155 BCE), offers timeless lessons about economic behavior through the lens of Gimil-Ninurta’s struggles and triumphs.Set in the city of Nippur—a religious and administrative hub—the tale follows Gimil-Ninurta, a destitute man seeking a way to escape his poverty and humiliation.

What is the Mises Institute?

The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard. Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

Tariffs have been a key instrument in government trade policies for centuries. For instance, one of the wealthiest ancient countries, Khazaria (7th-10th centuries CE), did not tax its citizens directly but instead imposed tariffs on all passing caravans due to its strategic location along major trade routes. In the United States, before introducing the federal income tax (1913), the government generated revenue primarily through tariffs. The role of tariffs is widely debated today, especially during election periods.What Are Tariffs?A tariff is, in essence, a tax imposed by a government on goods and services imported from other countries. The main purpose of tariffs is to make imported goods more expensive, thereby protecting domestic industries from foreign competition, to raise

What is the Mises Institute?

The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard. Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

George Orwell, one of the most influential political writers of the 20th century, is widely recognized for his searing critiques of totalitarian regimes in his novels Animal Farm and 1984. Orwell’s portrayal of state control, propaganda, and the manipulation of truth has resonated with readers across the political spectrum. However, Orwell’s personal political ideology and his critiques of totalitarianism are far more complex than is often acknowledged. Rather than being a passive observer or simply an opponent of dictatorship, Orwell was deeply involved in the socialist movements of his time, aligning himself—whether accidentally or intentionally—with Trotskyist circles. Orwell was a powerful voice of the left, despite being a target in the war among socialist factions.Orwell’s Political

What is the Mises Institute?

The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard. Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

Economic laws, often regarded as objective principles governing the allocation of resources, have shaped human societies in various ways throughout history. These laws—including the dynamics of supply and demand, the role of private property, and the mechanisms of commodity exchange—are universal and operate across all epochs and societies. However, their manifestation varies significantly depending on the societal structure and historical context.Prehistoric Societies—Hunter-Gatherers and Early Sedentary CommunitiesIn prehistoric societies, characterized by hunter-gatherer and early agrarian lifestyles, economic activity was centered around subsistence. These societies did not operate with the complex economic systems that we associate with later historical periods. Instead, the economy

What is the Mises Institute?

The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard. Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

What is the Mises Institute?

The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard. Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

Human society is a complex and ever-evolving web of relationships, institutions, and behaviors. At the heart of this complexity lies a fundamental question: Why do people do what they do? What drives human action, and how does it shape the societies we live in? Ludwig von Mises, a prominent Austrian economist, offered a compelling answer through what he called the “action axiom.”What Is the Action Axiom?At its core, the action axiom is a simple yet profound idea: Humans act purposefully to achieve their desired ends. This means that every action we take is driven by a reason, a goal we’re trying to achieve. Whether it’s something as basic as eating to satisfy hunger or as complex as running a business to earn a profit, our actions are always aimed at improving our situation as we perceive

Henri Bergson (1859–1941) was a towering figure in the intellectual world of the late 19th and early 20th centuries. Born in Paris in 1859, Bergson became one of the most celebrated philosophers of his time, known for his innovative ideas on time, consciousness, and the nature of life itself.

The American political landscape is often perceived as sharply divided between left and right, with the Democratic Party representing the left and the Republican Party, by default, occupying the right. However, a deeper analysis of the policies and rhetoric of current presidential and vice-presidential candidates reveals a more complex reality. Using a framework of political analysis that considers attitudes towards private property rights, collectivization of consciousness, and wealth redistribution, it becomes evident that the United States is experiencing a gradual—but steady—shift towards the left.The Democratic Party: A Firm Commitment to Evolutionary SocialismThe Democratic Party, represented by Kamala Harris and Tim Walz, has openly embraced left-wing policies. Their platform

One of the central tenets of Marxism is the labor theory of value, which states that the value of a commodity is determined by the amount of socially-necessary labor time required to produce it. In this framework, labor itself becomes a commodity—something that can be bought and sold in the marketplace. Marx argues that, under capitalism, workers are forced to sell their labor power to capitalists, who exploit them by paying wages that are less than the full value their labor produces. This difference—or “surplus value”—is appropriated by the capitalist as profit. However, this analogy between labor and commodities reveals deep flaws when examined critically.The idea that labor is a commodity has been criticized in the works of many prominent economists, both from the Austrian school of

One of the central tenets of Marxism is the labor theory of value, which states that the value of a commodity is determined by the amount of socially-necessary labor time required to produce it. In this framework, labor itself becomes a commodity—something that can be bought and sold in the marketplace. Marx argues that, under capitalism, workers are forced to sell their labor power to capitalists, who exploit them by paying wages that are less than the full value their labor produces. This difference—or “surplus value”—is appropriated by the capitalist as profit. However, this analogy between labor and commodities reveals deep flaws when examined critically.The idea that labor is a commodity has been criticized in the works of many prominent economists, both from the Austrian school of

What is the Mises Institute?

The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard. Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

There are two main philosophical and ideological schools of thought that include the problem of internationalism in their principles. The first is liberal internationalism, which developed within the framework of classical liberalism. The second is orthodox Marxism and its various derivatives that entertain the idea of proletarian internationalism.