Governments’ encroachments on liberties and privacy have become the norm. The way governments responded to Covid was not an accident. It was the manifestation of a mindset that has taken root in practically all societies on the political level. The essence of this mindset is this: “We know what is good for society, and we have the right to enforce it using all means necessary.” It is this belief that practically all politicians are basing their actions on – at least in some areas. The result is what we are seeing now – a society where politicians don’t care about individual rights anymore. W ..read more

Left-wing intellectuals have discovered that a ‘thought collective’ named the Mont Pelerin Society has been quietly influential for the last few decades. They are now publishing one book after another about it, blaming the success of what they call ‘neoliberalism’ on it. Perhaps they exaggerate the Society’s influence. John Maynard Keynes claimed too much when he famously wrote: ‘The ideas of economists and political philosophers, both when they are right and when they are wrong are more powerful than is commonly understood. Indeed, the world is ruled by little else. Practical men, who belie ..read more

Celebrating its 80th anniversary since initial publication, “The Road to Serfdom” continues to remain relevant in today’s discourse when it comes to economic freedom and political governance. This year, the Austrian Economic Center, through its annual Free Market Road Show (FMRS), has collaborated with universities to distribute a translated version of the cartoon booklet summarizing Hayek’s ideas from “The Road to Serfdom” in a number of foreign languages. This booklet tells the story of a community coping with wartime economic decline and the emergence of authoritarianism, showing how cont ..read more

In the course of modern history, many economic tragedies have occurred. While one can argue when stating which one of them was the worst, Argentina emerges as the clear winner when it comes to being named as one of the most profound economic failures along the way. Once ranked among the top 10 wealthiest nations globally, ever since Peronism, Argentina has faced a spiraling economic downturn, with ongoing financial imbalances and three digit inflation rates contributing to its economic instability – but only until recently. President Javier Milei has come to the rescue of Argentina, fighting ..read more

Today, there is a core – and somewhat philosophical – division when talking about health costs, healthcare systems, and in general policymaking. On the one hand, some believe that people should be forced to make the “right” decision. Whether that right decision is actually correct, science-based, and data-driven is of secondary importance to this group. Creating what is nothing short of a tautological monster, the decision is correct because it comes from a higher authority. Given the authority of the state (or of other institutions), they believe, the “ignorant” population should follow it ..read more

Carl Menger, born into a middle-class family in 1840 in Neu-Sandez, now located in present-day Poland, was a figure of immense intellectual breadth and influence. His early life in a family with strong professional roots—his father a lawyer and his mother from a wealthy merchant background—set the stage for a journey that would see Menger not only delve into economics but also make significant contributions to literature and journalism. Menger’s academic journey began with studies in law and government science, first in Prague and then in Vienna, at a time when the University of Vienna was ..read more

You can read our annual report here! 2023 was an eventful year for the Austrian Economics Center. We ran the 16th Free Market Roadshow (FMRS), which toured through Europe and the US under the motto “Is the new standard worth striving for”. At the FMRS Vienna event, organized in cooperation with the Hayek Institut, our experts from Austria and abroad focused on the challenges the insurance industry is facing and analyzed the lack of sustainability in the pension system as well as the future prospects of the Z and Alpha generations. The European Resource Bank Meeting celebrated its 20th an ..read more

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Who was Hayek? On the occasion of the 30th anniversary of the Friedrich A. v. Hayek Institute, a panel discussion took place on November 27 at the premises of the Oesterreichische Nationalbank. OeNB Governor Prof. Dr. Robert Holzmann and the two Hayek biographers Prof. Bruce Caldwell and Prof. Hansjörg Klausinger discussed with Dr. Barbara Kolm, President of the Hayek Institute, the significance of well-known and some lesser-known facts about the life and work of the Nobel Prize winner. Before discussing key aspects of Hayek’s theories, Professor Klausinger provided fascinating insights i ..read more

The Hayek Lifetime Achievement Awards 2023 go to… After the panel discussion between OeNB Governor Robert Holzmann and Hayek biographers Bruce Caldwell and Hansjörg Klausinger in the afternoon, part 2 of the 30th anniversary celebration of the Friedrich A. v. Hayek Institute took place in the evening of November 27: The Hayek Lifetime Achievement Awards were presented during a festive dinner at the Haus der Industrie on Schwarzenbergplatz. IV Secretary General Christoph Neumayer welcomed the prominent guests, members and board members of the Hayek Institute. Eamonn Butler The remarkable c ..read more