DEFINITION of 'Ludwig von Mises'
One of the most influential Austrian economists of all time. Born in Austria-Hungary in 1881, Mises was an advocate of laissez-faire economics and a staunch opponent of all forms of socialism and interventionism. He also wrote extensively on monetary economics and inflation. Mises taught at the University of Vienna and later New York University, and published his most renowned work, Human Action, in 1949. A libertarian academic organization, the Ludwig von Mises Institute, is named in his honor.
BREAKING DOWN 'Ludwig von Mises'
Mises was influenced by fellow Austrian economists Eugen von Böhm-Bawerk and Carl Menger. In turn, Mises' work has influenced numerous other well-known and highly regarded economists, including F. A. Hayek, Henry Hazlitt, Israel Kirzner, Hans Sennholz and Murray Rothbard. He also served as an economic advisor to the Austrian Chamber of Commerce and was a founding member of the Mont Pelerin Society, an intellectual organization of prominent classical liberals.