ABSTRACT
In paying tribute to the memory of an inspiring teacher and towering scholar and thinker, it seems eminently appropriate to draw attention to the major intellectual “vision” which sparked and sustained the master’s contributions to his science. To those who knew him, Ludwig Mises was, in the face of shocking neglect by so many of his contemporaries, a living exemplar of incorruptible intellectual integrity, a model of passionate, relentless scholarship and dedication. It will not be easy to forget these stern lessons which he so courageously personified. But what will surely live on even longer in future histories of economic thought will be those distinctive elements of Mises’ extraordinary contribution which set it so clearly apart from the dominant economics of his age. It was into the enunciation of these elements that Mises poured a lifetime of what can almost be called intellectual martyrdom. It is for the brief exposition of one of these brilliantly seminal ideas-the perception of the market exclusively in process terms-that these lines are set down.
