Monday, November 3, 2008

Why Austrian Economics Matters More Than Ever (Lew Rockwell)

Here's a transcript of Lew Rockwell's fabulous speech at the Mises Institute's Supporters Summit this past Saturday:

I originally conceived of this talk – a case for abolishing the central bank – as an applied update to my 1995 lecture at the Heritage Foundation on "Why Austrian Economics Matters." That's because so many of the policy ideas suggested within the Austrian framework can be subsumed under the need to abolish the central bank.

The Austrian school has been battling the central bank since 1913 and before. Right now, the writings of our tradition are more prominent than ever before, thanks to our great predecessors, our faculty, our students, our donors, our publishing programs, our electronic media, and the desperate search on the part of people all over the world for an explanation of the current crisis, and a new way out.

Never have the ideas of the Austrian tradition reached such heights as in recent weeks. I'm pleased to report that the Mises Institute, after 26 years of preparation, was ready in every way. We have economists, historians, philosophers, and many others working at the university level all over the country and the world who have been trained in our programs, such as the Mises University, the Rothbard Graduate Seminar, and the Summer Graduate Fellowships. They were ready to provide answers in a classroom setting and for the media.

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