To quote the last paragraph of this 2008 article by Robert Murphy, when asked why Austrian school economics should be studied, the best answer is: the Austrian theory of capital is the best one you can find if you really want to grasp how the economy actually works—beyond sterile mathematics and static timeless analysis.

Every once in a while, Mises is accused of having been a fascist by slanderers who are either ignorant or acting in bad faith—or even both.

Without a monopolist central bank, market forces would restrain the issuance of bank notes. But once central banks monopolize money creation, wealth is systematically transferred to the central bank and the privileged few who are favored by the state.

Modern central banks have already moved far beyond what was once considered the proper role for a central bank as a “lender of last resort.” Now Keynesians and MMTers (modern monetary theorists) want to take things even further.

When Mario Draghi’s tenure was approaching its end, I argued for a sterner governor for the European Central Bank (ECB); hence, I was not even slightly enthusiastic when Draghi’s successor turned out to be Christine Lagarde—a patent dove, as can be inferred from her ideological proximity to a famous Keynesian like Olivier Blanchard.