Preface

Murray Rothbard’s massive Man, Economy, and State with Power and Market is the best single book for a fairly complete exposition of the modern Austro-libertarian worldview. Although Rothbard’s prose is characteristically crystal clear, even so the book’s daunting size intimidated many newcomers, leading to the regrettable situation where many self-identified Austrians hadn’t read one of the most important books in the tradition. To address this grave condition, the Ludwig von Mises Institute commissioned me to write a study guide for MES.

The MES study guide was a success. It allowed new readers to test the waters before diving in, and at the same time it was a useful reference for experienced readers. I personally would use the guide whenever I prepared a lecture touching on some aspect of Rothbard’s treatise.

The Mises Institute now hopes to do the same with the present study guide to Ludwig von Mises’s Human Action. I will not here give a history or description of Mises’s magnum opus, for those tasks are performed much more ably in the “Introduction to the Scholar’s Edition” by Jeffrey M. Herbener, Hans-Hermann Hoppe, and Joseph T. Salerno. Suffice it to say, one cannot really claim to be an Austrian economist—certainly not a Misesian!—without reading Human Action. (And yes, you really need to read it cover to cover. It’s all good.)

The format of this study guide is straightforward. Each chapter starts with a summary that follows the numbered section headings and italicized subheadings as they appear in Mises’s text. Then it provides an explanation of “Why It Matters,” giving historical context and/or explaining the role that the chapter serves in the book. (One of the joys of writing this study guide was my discovery that there was a very systematic arrangement of the chapters and parts of the book, which I had not noticed during prior readings.) The next section provides “Technical Notes,” which address difficulties in Mises’s arguments, and clarifies subtle points. When relevant, this section also relates Mises’s work to mainstream economics, for the benefit of graduate students or professors.

Finally, each chapter ends with a detailed list of “Study Questions,” the bulk of which had been independently prepared by Amadeus Gabriel. I was very pleased to learn of Mr. Gabriel’s efforts, because his questions ensure that the reader is grasping the essential points (some of which had to be ignored in the summary section), but also because his contribution allowed the completion of this study guide much sooner than would otherwise have been possible. (And as we all know, a present study guide is preferred to a future study guide.)

I hope the present guide encourages more people to read what is arguably one of the most important books written in the 20th century.

ROBERT P. MURPHY
Nashville, Tennessee
December 2008