Theory and History

The profound methodological foundation of Austrian economics: In Theory and History, Ludwig von Mises delivers a powerful critique of Karl Marx, historical materialism, and the alleged inevitability of socialism.

Purposive Human Action versus Historical Materialism

While Marx attributes the evolution of economic structures to undefined “material productive forces,” Mises rejects this view. He demonstrates that tools, machines, and social institutions are the results of individuals acting on the basis of ideas. This fundamental work clearly distinguishes between the theory of economics — the study of purposive human action — and history, which remains the unique record of past human choices.

This edition features a foreword by Bettina Bien Greaves, providing valuable context on the development of Mises' methodological masterpiece.

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