- Words: 1141
- Sentences: 52
20th centuries. It was founded by Austrian economist Ludwig von Mises
(1881-1973}. He believed that all social phenomena are spontaneous, “unplanned
outcomes” of choices made by rational individuals, However, in making choices,
the individuals encounters social necessities, as when the division of labor
increases productivity and makes social cooperation because they are in the
person’s rightly understood self-interest – obedience to law allows maximum
individual freedom, and the pursuit of rightly understood self-interest also
assures the highest attainable degree of the “General Welfare”.
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