At its core, liberalism advocates for individual freedom, equality, and the rule of law. It champions civil liberties such as freedom of speech, religion, and assembly, laying the foundation for democratic governance and fostering pluralism and tolerance within societies.

Subjective Theory of Value: This theory emphasizes that value is determined by individual preferences, not inherent qualities of goods.

Business Cycle Theory: Mises argued that business cycles were caused by government manipulation of the money supply, particularly through central banks.

Although the modern version of this theory was developed independently and simultaneously by William Stanley Jones, Leon Walras and Karl Menger in the late 19th century, it was actually advanced in the Middle Ages and the Renaissance, but it was not widely accepted at that time. Was not.