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Forget The Deniers, The Truthful House Of Murray Rothbard Inward The Austrian Schoolhouse Tradition

Murray Rothbard, Henry Hazlitt, Ludwig von Mises

By Joseph T. Salerno

Recently a immature Austrian scholar made a real interesting observation inwards an informal give-and-take on Facebook: 

I own got experienced that when you lot quote Mises instead of Rothbard (and they say basically the same inwards most circumstances) other Austrians are commonly to a greater extent than receptive in addition to willing to engage you lot inwards a discussion. Have you lot guys experienced the same thing?

Indeed nosotros own got in addition to the ground has go increasingly obvious. In the yesteryear 10 years or so, at that spot has been a concerted endeavour inwards some quarters of the Austrian economic science movement to

deny Rothbard his exactly due equally a prodigiously productive scholar in addition to equally Mises’s pre-eminent follower whose operate inspired the modern revival of Austrian economics.1 The floor according to the Rothbard deniers goes something equally follows. “Yes, yes,” they grudgingly admit, Rothbard wrote some foundational industrial plant on Austrian economical theory in addition to history, including: Man, Economy in addition to State; America’s Great Depression; The Panic of 1819, and Power in addition to Market. But that was agency dorsum inwards the 1960s. By the 1970s he had “disengaged” from economic science in addition to the mainstream economic science profession in addition to began to focus on libertarian political philosophy in addition to social theory. Apparently, for the Rothbard deniers, at that spot is no greater intellectual failure so to turn down to engage mathematical in addition to positivist economists inwards endless in addition to fruitless “conversation” in addition to to instead concentrate on advancing the Misesian praxeological paradigm. By the 1980s, this tale continues, Rothbard abandoned serious academic pursuits altogether in addition to became a political activist in addition to propagandist for libertarian ideas. By intermingling politics in addition to economical theory, the deniers allege, Rothbard shunted Austrian economic science onto the incorrect rails in addition to abandoned the tradition of Menger, Böhm-Bawerk, Mises in addition to Hayek.

Well, permit us lay the 2 primal claims of the deniers’ narrative to the test. To assess the claim that Rothbard abandoned scholarly pursuits afterwards 1980 I listing his major articles, monographs, treatises, in addition to volumes of essays published since 1980:

Articles

• “The Myth of Neutral Taxation” (1981)
• “Law, Property Rights, in addition to Air Pollution” (1982)
• “The Federal Reserve equally Cartelization Device” (1984)
• The Case for the Genuine Gold Dollar” (1985)
• “The End of Socialism in addition to the Calculation Debate Revisited” (1991)

Books

• The Ethics of Liberty (1982)
• The Mystery of Banking (1983)
• Ludwig von Mises: Scholar, Creator, Hero (1988)
• The Case against the Fed (1994)
• Making Economic Sense (1995)
• An Austrian Perspective on the History of Economic Thought (two volumes, 1995)

In fact, Rothbard’s scholarly industrial plant own got continued to pour forth to this real day, over twenty-two years afterwards his untimely death. His latest book, The Progressive Era, a 500-page tome expertly edited yesteryear Professor Patrick Newman, was exactly published this calendar month yesteryear the Mises Institute.2 This operate bids fair to live the definitive study of the political in addition to economical origins in addition to consequences of that tragic epoch inwards American history. But permit us non forget the overflowing of other posthumous books yesteryear Rothbard, which include The Logic of Action (two volumes, 1997); The Irrepressible Rothbard: The Rothbard-Rockwell Essays of Murray N. Rothbard (2000); A History of Money in addition to Banking inwards the United States (2002); Betrayal of the American Right (2007) Strictly Confidential: The Private Volker Fund Memos of Murray N. Rothbard (2010); and Science, Technology, in addition to Government (2015). Stay tuned because at that spot are to a greater extent than industrial plant to come upwards from the treasure trove of unpublished manuscripts inwards the Rothbard archives at the Mises Institute.3

This brief survey of Rothbard’s academic writings demolishes the foolish allegation of the deniers that Rothbard dropped out of the scholarly “conversation” altogether afterwards 1980 inwards fellowship to churn out nonacademic propaganda pamphlets equally a political activist. In fact Rothbard’s steady current of contributions from 1962 to 1995 in addition to beyond inwards economical theory, the history of economical thought, political economy, in addition to economical history, I believe, marks him equally the greatest economist of the yesteryear 50 years. What of the deniers’ assertion that the content of Rothbard’s writings disqualify him equally a truthful heir to the Misesian tradition? This reveals a stunning lack of familiarity amongst the history of the Austrian economics. Indeed it would live intelligence to Mises himself equally good equally to his closest disciples in addition to boyfriend travelers, such equally Henry Hazlitt in addition to Friedrich A. Hayek. 

Mises reviewed Rothbard’s magnum opus on economical theory, Man, Economy, and State and enthusiastically endorsed it. He lauded Rothbard’s operate equally an “epochal contribution to the full general scientific discipline of human action.” He so went on to declare: “Henceforth, all essential studies inwards these branches of knowledge volition own got to own got total employment organisation human relationship of the theories in addition to criticisms expounded yesteryear Dr. Rothbard.”4 Anyone who is at all familiar amongst Mises’s writings tin attest to the fact that Mises was rarely lavish inwards his praise of the industrial plant of other authors. Indeed Mises 1 time remarked: “There never lived at the same fourth dimension to a greater extent than than a score of men whose operate contributed anything essential to economics.5 Yet Mises extravagantly lauded Rothbard’s treatise despite the fact that parts of the mass were intended to correct, amend upon, in addition to create total the gaps inwards the organisation of economical theory that Mises had presented inwards his ain treatise, Human Action. Given this context, Mises’s review of Rothbard’s treatise sounds for the all the globe similar an older scholar at the terminate of his career passing the torch to someone he considered his closest protégé.

This interpretation is reinforced when nosotros examine Mises’s reaction to the most notable instance inwards which Rothbard explicitly rejected 1 of Mises’s doctrines. I am, of course, referring to the theory of monopoly price. Mises had conceded that the formation of a monopoly cost higher upwards the competitive cost was theoretically conceivable inwards an unhampered market, although highly unlikely to occur inwards practice. Rothbard argued, to the contrary, that the distinction betwixt a monopoly in addition to a competitive cost was conceptually meaningless inwards a gratis marketplace seat economy. Now Mises was 1 time asked his take in of Rothbard’s disagreement amongst his theory of monopoly cost yesteryear Joaquin Reig, the Castilian translator of Human Action. This occurred at the Mont Pelerin Society coming together inwards 1965. Mrs. Mises, who witnessed the exchange, said that her hubby had replied: “Whatever Rothbard has written inwards this operate is of the greatest importance.”6 However, the Castilian economist Jesús Huerta de Soto has reported that when Reig himself used to recount this incident he would quote Mises’s reply as: “I handle amongst every word Professor Rothbard has written on the subject.”7 Whichever employment organisation human relationship of the incident is to a greater extent than accurate, the indicate is that Mises clearly viewed Rothbard equally an economist who substantially advanced his ain operate inwards the patch of economical theory. 

Henry Hazlitt was a follower in addition to unopen associate of Mises, in addition to an eminent Austrian economist inwards his ain right. In his review of Man, Economy, in addition to State, Hazlitt affirms Rothbard’s description of the method he used inwards creating his construction of economical theory.8 Hazlitt writes, it was “the method of the ‘Austrian’ economists. It is the method of Ludwig von Mises. In fact, Rothbard, a one-time pupil of Mises, frankly takes off from Human Action. . . .” Hazlitt concurs amongst the several contributions that Rothbard himself identifies equally having made to the Misesian system, including his novel theory of monopoly. But Hazlitt questions whether Rothbard “has done total jurist to his [i.e., Rothbard’s] ain contribution.” Hazlitt so goes on to listing 7 or 8 other “major points” inwards which Rothbard “contributes lucidity in addition to light,” including in addition to particularly presenting “so total a recognition to the inherent in addition to omnipresent (but neglected) purpose of time, non only inwards the explanation of interest, but inwards all economical activity.” 

Perhaps the weightiest endorsement of Rothbard equally Mises’s truthful heir comes from Friedrich Hayek, who enjoyed an intellectually intimate but subtly conflicted human relationship amongst Mises. Hayek was also a distinguished historian of economical thought in addition to particularly understood the intricate human relationship betwixt the 2 parallel but distinct branches that constituted the Austrian schoolhouse of economics. Although both traditions were ultimately rooted inwards the writings of the founder of the Austrian school, Carl Menger, they stemmed from 2 different and, on several key issues, conflicting theoretical systems developed yesteryear Menger’s 2 leading followers, Eugen von Bohm-Bawerk in addition to Friedrich von Wieser.9 Hayek agreed amongst most of Mises’s analytical in addition to policy conclusions in addition to vigorously defended in addition to promoted them. However, Hayek explained, he had theoretical differences amongst Mises because he was brought upwards inwards the Wieserian tradition spell Mises was an adherent of the competition Bohm-Bawerkian tradition:

Although I create owe [Mises] a decisive stimulus at a crucial indicate of my intellectual development, in addition to continuous inspiration through a decade, I maybe most profited from his didactics because I was non initially his pupil at the university, an innocent immature adult man who took his word for gospel, but came to him equally a trained economist, trained inwards a parallel branch of Austrian economic science from which he gradually, but never completely won me over. Though I learned that he was commonly right inwards his conclusions, I was non ever satisfied yesteryear his arguments, in addition to retained to the terminate a sure critical mental attitude which sometimes forced me to build different constructions, which however, to my bully pleasure, commonly led to the same conclusions.10

As belatedly equally 1977, Hayek admitted, somewhat ruefully, that the tradition that Mises represented had eclipsed the tradition he was raised in. He so noted, “Today’s active Austrian school, almost alone inwards the United States, is actually the followers of Mises, based on the tradition of Böhm-Bawerk. . . .”11 And at that spot is potent testify that Hayek considered Rothbard a leading follower of Mises. Thus, for example, inwards the instant mass of his magnum opus on political economy, Law, Legislation, in addition to Liberty, Hayek cited the parallel arguments of Mises in addition to Rothbard denying the beingness inwards a marketplace seat economic scheme of a procedure of distribution split from the processes of production in addition to exchange.12 And inwards the tertiary mass of the same work, Hayek cited Rothbard’s book Power in addition to Market at the showtime of his chapter on authorities intervention inwards the market, noting that it was 1 of several books (including books yesteryear Dominick Armentano in addition to “especially” State of Israel Kirzner) “which own got substantially developed the conceptions hither sketched.”13

Perhaps the clearest declaration of Hayek’s take in of Rothbard equally the leading Misesian economist of the fourth dimension tin live found inwards Hayek’s Foreword to Rothbard’s booklet, Individualism in addition to the Philosophy of the Social Scienceswhich was published inwards 1979 in addition to contains 2 of Rothbard’s essays on the methodology of the social sciences, particularly economics. Hayek treated Rothbard equally his intellectual peer inwards the projection to translate in addition to extend Mises’s praxeological approach to economic science in addition to the social sciences. According to Hayek,

Among the thinkers who own got made outstanding contributions to the peculiar problems raised yesteryear the scientific discipline of human action, Ludwig von Mises has likely been the most acuate in addition to the most master copy thinker of modern times. Professor Murray N. Rothbard has been profoundly influenced yesteryear his operate inwards this field. Both of us has been trying to develop it further, in addition to if this has sometimes led us to modify Mises’s conclusions, maybe fifty-fifty inwards different directions. I am sure this is what Mises would own got expected in addition to fifty-fifty desired. . . . That the acquaint terra firma of this tradition, established yesteryear the large, systematic treatises that Mises completed from the tertiary to the 7th decade of this century, should live made accessible to readers of the 9th inwards a condensed shape yesteryear 1 of his best authorized disciples is certainly to live much welcomed.14

Hayek’s characterization of Rothbard equally someone who “has been profoundly influenced” yesteryear Mises’s methodological seat in addition to equally 1 of Mises’s “best authorized disciples,” along amongst the admiration for Rothbard’s operate expressed yesteryear Hazlitt in addition to Mises himself sure as shooting is sufficient ground to reject the bizarre in addition to vacuous claims made yesteryear the Rothbard deniers. Murray Rothbard was a truthful heir to the Misesian tradition whose voluminous in addition to profound enquiry in addition to scholarship greatly advanced Austrian economic science in addition to go along to inspire novel generations of immature economists today.

• 1.For Rothbard’s primal purpose inwards the rebirth of Austrian economics, reckon Joseph T. Salerno, “The Rebirth of Austrian Economics—in Light of Austrian Economics, “The Quarterly Journal of Austrian Economics,“ Vol. 5, No. four (Winter 2002): 111–28. https://mises.org/system/tdf/qjae5_4_8.pdf?file=1&type=document
• 2.Murray N. Rothbard, The Progressive Era, ed. Patrick Newman, Mises Institute, Auburn, AL, 2017.
• 3.For an overview of Rothbard’s thought, which includes a 53-page bibliography of his industrial plant through 2005, reckon David Gordon, The Essential Rothbard, Mises Institute, Auburn, AL, 2007. . Also reckon the annotated bibliography of Rothbard’s writings through 1985, compiled yesteryear Carl Watner amongst annotations in addition to a bibliographical essay yesteryear David Gordon, Murray N. Rothbard: Influenza A virus subtype H5N1 Scholar inwards Defense of Freedom, Mises Institute, Auburn, AL, 1986.
• 4.Ludwig von Mises, “Man, Economy in addition to State: Influenza A virus subtype H5N1 New Treatise on Economics,” inwards idem, Economic Freedom in addition to Interventionism: An Anthology of Articles in addition to Essays, ed. Bettina Bien Greaves, The Foundation for Economic Education, Inc. , Irvington-on-Hudson, NY, pp. 156-57. https://mises.org/library/economic-freedom-and-interventionism/html
• 5.Ludwig von Mises, Human Action: Influenza A virus subtype H5N1 Treatise on Economics, Scholar’s Edition, Mises Institute, Auburn AL, 1998, p. 869. https://mises.org/sites/default/files/Human%20Action_3.pdf.
• 6.Margit von Mises, My Years amongst Ludwig von Mises, Arlington House Publishers, New Rochelle, NY, 1976, p. 160.
• 7.“The Castilian Roots of the Austrian School: An Interview with Jesús Huerta de Soto.” Austrian Economics Newsletter, vol. 17, no.2 (Summer 1997), p. 1.
• 8.Hazlitt on Rothbard’s Man, Economy, in addition to State, Mises Wire (January 2, 2007) .
• 9.For a thorough de-homogenization of these 2 traditions, reckon Joseph T. Salerno, “Friedrich von Wieser in addition to Friedrich A. Hayek: The General Equilibrium Tradition inwards Austrian Economics,” Journal des Economistes et des Etudes Humaines, 2002, vol. 12, no. 2, 1-24; Salerno, “The Place of Mises’s Human Action In the Development of Modern Economic Thought,” The Quarterly Journal of Austrian Economics vol. 2, no. 1 (Spring1999).
• 10.F. A. Hayek, “Coping amongst Ignorance.” In Friedrich A. Hayek, Knowledge, Evolution in addition to Society, The Adam Smith Institute, London, p. 18..
• 11.The Collected Works of F. A. Hayek, Vol. 4: The Fortunes of Liberalism: Essays on Austrian Economics in addition to the Ideal of Freedom, eEd. Peter G. Klein, University of Chicago Press, Chicago, p. 157.
• 12.F. A. Hayek, Law Legislation in addition to Liberty: Influenza A virus subtype H5N1 New Statement of the Liberal Principles of Justice in addition to Political Economy, Vol. 2: The Mirage of Social Justice, University of Chicago Press, Chicago, 1976, p. 157, n. 12.
• 13.Hazlitt on Rothbard’s Man, Economy, in addition to State, Mises Wire (January 2, 2007) .
• 14.F. A. Hayek, Foreword inwards Murray N. Rothbard, Individualism in addition to the Philosophy of the Social Sciences, Cato Institue, San Francisco, 1979, pp. ix-x.

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Joseph Salerno is academic vice president of the Mises Institute, professor of economic science at Pace University, in addition to editor of the Quarterly Journal of Austrian Economics.

The higher upwards originally appeared at Mises.org.

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