This speech was delivered at the Mises Institute, September 14, 1999, the date on which Human Action was published 50 years earlier. The Mises Institute has just published the pocket paperback edition.
In a 1949 memo circulated within Yale University Press, the publicity department expressed astonishment at the rapid sales of Ludwig von Mises's Human Action. How could such a dense tome, expensive by the standards of the day, written by an economist without a prestigious teaching position or any notable reputation at all in the United States, published against the advice of many on Yale's academic advisory board, sell so quickly that a second and third printing would be necessary in only a matter of months?
Imagine how shocked these same people would be to find that the first edition, reissued 50 years later as the Scholar's Edition of Human Action, would sell so quickly again.
How can we account for the continuing interest in this book? It is unquestionably the single most important scientific treatise on human affairs to appear in this century. But given the state of the social sciences, and the timelessness of Mises's approach to economics, I believe it will have an even greater impact on the next century. Indeed, it is increasingly clear that this is a book for the ages.