As one who often shares Mises Institute articles here in the Forum, I’m fascinated by the prospect of a “Mises Caucus” in Virginia and national politics. From what I have seen the “Mises people” are the only political faction in America that actively seeks to educate the public on basic principles of economics. Republicans don’t try very hard to teach the economics they believe in, and Democrats don’t know enough economics to teach. So, we are fortunate that someone is making an effort.
My only caveat to approval of a Mises caucus would be that economics itself is changing beneath our feet. I wrote recently in the Forum, for example, that the laws of supply and demand are completely invalidated in light of current knowledge.
Something new will take the place of supply-and-demand theory in economics. Let us hope that the Austrian school libertarians have the agility to bring the new science to the public as they have done with the old.