Understanding the Real Model for Capitalism

Understanding the Real Model for Capitalism
The cover of "Austrian School for Investors" on the left and one of its biggest scholars, Ludwig von Mises, on the right. Mises.at
Valentin Schmid
Updated:

Capitalism for most people means people and corporations make the most money they can and accumulate as much wealth as they can.

This is wrong, at least according to the Austrian school of economics taught and practiced at the beginning of the last century by Carl Menger and Ludwig von Mises in Vienna, Austria—hence, the name. And that idea of capitalism was even mainstream up until the 1950s.

Today few universities teach it and neoclassical economics, monetarism, and Keynesianism take precedence in practice.

Correctly understood, saving, as well as correctly understood consumption, are oriented toward life.
From 'Austrian School for Investors'
Valentin Schmid
Valentin Schmid
Author
Valentin Schmid is a former business editor for the Epoch Times. His areas of expertise include global macroeconomic trends and financial markets, China, and Bitcoin. Before joining the paper in 2012, he worked as a portfolio manager for BNP Paribas in Amsterdam, London, Paris, and Hong Kong.
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