Mises, Hayek and Corruption
MENDELU Working Papers in Business and Economics No. 34/2013
15 Pages Posted: 30 Jan 2013 Last revised: 11 Mar 2013
Date Written: January 29, 2013
Using the arguments of Ludwig von Mises and Friedrich August von Hayek, I argue that private ownership solves the economic problem of corruption. Since private ownership discourages entrepreneurs from rent-seeking, and privately owned media provide objective and unbiased information to citizens, any legal reform establishing and enforcement of private ownership also solves the corruption problem.
Keywords: Austrian school, corruption, economic calculation, rent-seeking
JEL Classification: B25, D73, D83, K43, P16
Suggested Citation: Suggested Citation