The School Is A Political Prize Of

There Is In The Universe Something For The Description And Analysis Of Which The Natural Sciences Cannot Contribute Anything. There Are Events Beyond The Range Of Those Events That The Procedures Of The Natural Sciences Are Fit To Observe And Describe. There Is Human Action.

The Market Economy As Such Does Not Respect Political Frontiers. Its Field Is The World.

True, Governments Can Reduce The Rate Of Interest In The Short Run. They Can Issue Additional Paper Money. They Can Open The Way To Credit Expansion By The Banks. They Can Thus Create An Artificial Boom And The Appearance Of Prosperity. But Such A Boom Is Bound To Collapse Soon Or Late And To Bring About A Depression.

Economics Is A Theoretical Science And As Such Abstains From Any Judgement Of Value. It Is Not Its Task To Tell People What Ends They Should Aim At. It Is A Science Of The Means To Be Applied For Attainment Of Ends Chosen, Not, To Be Sure, A Science Of The Choosing Of Ends. Ultimate Decisions, The Valuations And The Choosing Of Ends, Are Beyond The Scope Of Any Science. Science Never Tells A Man How He Should Act; It Merely Shows How A Man Must Act If He Wants To Attain Definite Ends.

As The Liberal Sees It, The Task Of The State Consists Solely And Exclusively In Guaranteeing The Protection Of Life, Health, Liberty, And Private Property Against Violent Attacks. Everything That Goes Beyond This Is An Evil. A Government That, Instead Of Fulfilling Its Task, Sought To Go So Far As Actually To Infringe On Personal Security Of Life And Health, Freedom, And Property Would, Of Course, Be Altogether Bad.