Ludwig von Mises (1881–1973) is the best-known representative of and widely considered the most important theorist in the Austrian tradition of economics. He made major contributions to (a) monetary and business cycle theory, where he presented the microeconomic foundations of macroeconomic theorizing; (b) the socialist calculation debate, where he highlighted the institutional prerequisites for the efficient allocation of scarce resources; and (c) economic methodology, where he argued that economic behavior is a subset of universal features of human action.

Shortly after completing his studies at the University of Vienna in 1906, Mises began working as an economic advisor and policy analyst for the Vienna Chamber of Commerce. When Adolf Hitler became the German chancellor in 1933, Mises, who was Jewish, decided to leave Austria. He accepted ...